A simple process that could hide many pitfalls.
Ninety-two percent of companies - according to a 2019 Captio study - struggle with expense reports. This may seem like a simple process, but it is often complex and difficult to manage.
In fact, expense report management is a major concern for many areas of the company:
- Employees - somewhere between 1% and 20% - spend some of their time, about an hour during working hours for 80% of cases, filling out the expense report.
- The administrative departments spend time reconciling them with the corresponding invoices and correcting erroneous expense reports.
The overall process is very complex and involves employees and administration, who often make mistakes and fail to comply with company policy.
Paper or digital expense reports?
Expense reports in a company can be completed and managed in two ways: paper in 55% of companies or digital in 45% of companies.
The paper-based process uses the paper format throughout, while the digital mode uses technology tools to record, oversee and approve expenses.
Paper expense report
Paper-based expense report processing, however, raises a number of frequent problems:
- Expense report processing takes time (one hour per month on average per employee) that is taken away from other work.
- The quality of this work does not add value to the company's productivity.
- The errors that can be made during the compilation process take a long time to be detected and corrected. Often, however, many errors go unnoticed and inaccurate expense reports end up being approved.
Digital Expense Reports
The digital approach, therefore, helps increase the efficiency of the process and has numerous benefits:
- Digital: our software allows you to read receipts to extract key data and automatically generate the expense report.
- Flexible: it adapts to your needs, with flexible templates and customized fields.
- Transparent: the revision status can always be monitored in real time.