The idea of automating your processes tends to scare people away, more importantly, employees, and the reason is that analysts are saying that robots will replace human beings in the workforce, in other words, automation is killing jobs. However, other people are debating that automation will only eliminate the unnecessary workload that employees are asked to do. Take for example a company that is encouraging their employees to fill out their expense report manually vs a company using an automated expense management solution such as SAP Concur, which allows businesses to track and reimburse expenses in a seamless, painless, and simple process.
Below are some of the characteristics a company will benefit from by deploying an expense management solution
The fundamental aspect of having a system is to ensure that employees are compliant to the company’s policy and eliminate the need for bookkeepers to enter the data into your accounting system. This whole process of going back and forth is eliminated with an automated system. Employees using SAP Concur enters the data you want to capture for each expense item, and the system will perform a hard stop to any item that violates company policy giving you accurate data.
Numerous articles are comparing data as the new oil because data is necessary to make the right business decisions. By capturing what is being spent, where it is being spent and by whom, policymakers will gain a comparative advantage over suppliers like airline companies to negotiate a better deal.
Employees are required to gather their receipts and fill their expense reports manually, however a report by the Global Business Travel Association (GBTA) states, that a single night hotel stay takes on average 20 min to complete. Using SAP Concur, employees will receive a free mobile application with each subscription to capture the receipt, attach it to an expense report, and allocate that report to a cost object such as a project or department before sending it for approval. By providing a system, you are significantly reducing the time spent.
Time is money isn’t it? According to the report by the GBTA, $58 is the average cost of processing one expense report. An automated expense solution can reduce this number to just $7 per report. A business will save 88% by investing in an automated expense solution.
So, switching to an automated expense solution will not kill jobs but reinvent them. Your employees will spend less time on their expense reports, your accounting staff will no longer spend hours reentering the data and best of all they will be reimbursed faster.
If you wish to know more about our Expense Management Solution, don’t hesitate to contact us