If you’re a small or medium-sized business owner, you know just how much of a hassle it can be to keep up with paper and ink expenses. Gratuitous paper use hurts the environment and can be very costly. And speaking of that, I’ll just refer you to this internet-famous graph to the right to tell you what you already know: printer ink is incredibly expensive.
But never fear, 21st century technology, as it often does, has provided a solution to cut down on paper and ink expenses: mobile and online time and expense reporting. Besides the financial boost, your company will experience a host of benefits by investing in automated time and expense solutions:
1. Financial savings
Studies indicate automated expense reporting costs an average of 78% less than traditional reporting systems. And this doesn’t even include the savings from employees, who won’t have to spend hours toiling through receipts and can instead focus on productive work.
2. Time savings
As I just mentioned, the time savings provided by automated reporting might be its most important benefit. The days of spending hours going through files to pick out receipts and processing reports are over. You, your employees and your accounting team will have more time for more productive tasks.
3. Prevent and uncover fraud
With automated reporting, you’ll be able compile massive amounts of data and look for trends. These trends, which could be over time or from employee to employee, will give you valuable insight into what changes need to be made to your reporting process and even uncover fraud. ACFE claims it takes two years to detect expense reporting fraud, but with automated reporting, you’ll be able to track expenses in real time.
4. Keep employees happy with faster reimbursement and easy reporting
Employees will no longer need to waste time and worry about gathering receipts and putting together reports. And even better, with the streamlined automated reporting process, they’ll get reimbursed faster.