Paper Expenses and the World That Time Forgot

A decade can feel like a lifetime in tech – especially as so many business processes have changed radically, almost overnight. Ten years ago, finance leaders might have wondered: What is expense management automation? But today, agile businesses would struggle without it. So what’s happened to expenses? Let’s take a look. 

Quiet Revolution

It’s remarkable how life has transformed over the past decade. So often, it’s the everyday tech advances that we’re inclined to take for granted, from video doorbells and smart speakers, to fitness wearables and in-car apps.

At the same time, important workplace innovations have arrived with less of a fanfare. They’ve triggered a quiet revolution – adding automation, handling integration and taking the drudgery out of countless routine tasks.

Expense software is a great example worth exploring. The switch from paper-based processes to end-to-end digital management has helped many businesses in profound ways, thanks to automation and the future of work altering at speed.

Let’s look at five questions where life has changed for many finance teams.

Building a Business Case for Expense Management Automation

Automating your finance processes can be a pivotal move for your company’s financial and overall health, but change takes time and buy-in. Check out the talking points on the benefits of expense management automation.

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1) Can You Submit Expenses from Anywhere in Real-Time?

Back in the day, many of us staggered around with wallets and pockets fluttering with receipts. We faced the peril of losing them down the sides of car seats, finding them ripped in half, or discovering they’d been turned into papier-mâché by accidental spins in the washing machine.

The lucky ones that made it to the office intact were logged and submitted, sometimes involving scanning. Early attempts to digitise the process typically involved an obstacle course of screens, drop-down lists, tables and spend codes to remember. Get something wrong and the system might grind to a halt.

Today, expense software is dramatically different. Submitting receipts can be a click-and-go experience that happens in real-time. Simply snap a photo of your dinner receipt using an app and it’s added to the system immediately. Your ride to the restaurant – using a service like Uber for Business – is on there too, because your app is integrated with key providers. And that also goes for the hotel you booked. It all feels effortless with expense automation. 

2) How Can People Get Expenses Reimbursed Faster?

Finding yourself out-of-pocket due to company expenses can be stressful, especially if reimbursement is painfully slow. That was a common problem a decade ago, as people waited for managers to find the spare time to check and authorise payments using clunky systems.

Today, it’s super-streamlined. Behind the scenes, automated expense reporting speeds up reviewing and processing. Notifications arrive swiftly with managers and they can click to approve payments in moments. Meanwhile, employees can check anytime within the app to see when funds will hit their accounts. The outcome? Reimbursement can be an estimated 67% faster.

3) How Can Decision-Makers Rely on Accurate Expense Data?

Years ago, expense information was foggy. Many finance managers were never entirely sure about the bundles of receipts accruing in people’s back pockets – only to appear suddenly in the system. This could lead to nervousness around budget levels, cash flow and spending decisions.

However, the best of today’s expense software systems work in near real-time, enabling finance teams to manage expenses and budgets more effectively. It’s easy to track all expense payments in the system and also get visibility of receipts awaiting approval. Expense automation tools also help you to assess spending across departments. 

4) How Can Expense Software Boost Compliance?

Today, there’s more regulation than a decade ago. Non-compliance can lead to hefty fines, lost business and damage to a brand’s reputation.

Fortunately, the latest expense software management tools have kept up with legislation. End-to-end systems can provide increased visibility into spending and help reduce fraud and errors. They also offer an accurate audit trail that protects your business.

In addition, you can easily change and enforce new spending policies. It’s quick to apply rules consistently across your business, boosting your ability to react to new laws or evolving business priorities. 

5) What’s Key to Deploying Expense Solutions Quickly?

A decade ago, implementing a new expense management system could take what felt like an eternity, cost a small fortune and require extensive training. 

Today, expense automation solutions can be launched quickly with cloud technology – and then deployed at speed via intuitive mobile apps. That means a faster return on investment as well as a giant step towards a paperless office.

What’s more, the system can grow and move with you. You can scale easily with the cloud and add new functionality to keep pace with business needs. 

What About the Next Decade?

Cost reduction will prove a huge driver as more organisations target future automation and switch from legacy expense processes to modern solutions using cloud technology. 

For many finance teams, there’s a fair way to go. Research from SAP Concur and Oxford Economics found that only 31% of executives say that capturing and tracking employee spending is completely optimised and only 25% see themselves as effective at cost control in general. 

But significant savings are within reach. The cost of processing expense claims can be reduced by as much as 78% per transaction once you connect sources of expense data and reduce the need for manual data entry. Smart expense software can also ensure that corporate card payments are made on time to maximise rebates and minimise late fees.

Looking ahead, the biggest winners will be companies that think beyond stand-alone expense systems and focus on future automation using cloud technology. They’ll discover that connecting their solutions with other automated processes across the business can really tune up visibility, control, and performance. A single platform encompassing your ERP, CRM, HR, and accounting systems can prove a game-changer. 

The humble receipt can be your entry ticket – to something much greater. 

Take a look at How to Build a Business Case for Expense Management Automation. This helpful e-book provides valuable advice if you’re wondering: What is expense management automation and what are the key benefits for me?