COVID-19 has forced many companies to focus on improving internal efficiencies while developing strategies for their external growth. Now, finance chiefs are looking to technology to redefine accounting management. This will free their team of manual tasks, so they can pay more attention to analytics and reporting. One such manual task is expense management, which is still paper based for many businesses.
Accounting staff have to check piles of paper receipts, check reports, and copy documents, which can take up valuable time each month. This can be particularly frustrating because according to research
With such challenges, more companies are automating their expense management to make the process smooth and efficient, not only for accounting teams, but also for employees.
What Expense Automation Does for Your Business
It can take up to eight days to complete an expense claim when it is manually processed. Automation can reduce this time approximately
AP automation software like Beanworks allows accounting teams to manage expenses through the web and mobile. Employees can take a photo of the receipt and send it for approval. Managers can accept or decline the claim online or through the mobile application. Payments can also be made electronically, making the entire course simple and fast.