According to a recent survey 46% of the respondents confirmed that they still submit their expenses manually. They fill their wallets with wrinkled receipts, bunch up and staple it to a printed spreadsheet, that must be filled with all the details, and then mail this expense report to finance department for submission. The finance department audit these reports manually and reimburse the amount in employees bank account. Typically, it takes about 20 days to complete this cycle of reimbursement.
Expense management looks very simple but only the finance team understand the complexity and key challenges that exists in maintaining and managing the paperwork involved, and the endless hours spent in approving those paper-based expense reports.
Make expense reporting simple, fast and accurate.
In this digital era most business functions have automated their expense reports submission and reimbursement process. Nowadays, the entire process is performed with the use of the software. This helps the approvers in accepting or rejecting the claims on the go. This is like a boon for auditors as they do not have to go to each and every receipt to check for non-compliance. The software will raise a flag for all non-compliant claims, so auditors can just focus on those claims and save their time.
The use of software in expense management has made the process much easier and efficient. Rather than dealing with paper trail, which can potentially lead to over payment or loss of receipts and credit card statements, the entire expense reports are logged on a dedicated software.
SAP Concur Expense Management Solution.
SAP Concur is trying to address the challenges and pain areas of finance team through its Expense Management software solution. With SAP Concur, an employee can submit the expense report in less than a minute and their respective reporting managers can approve it on the go through Concur mobile app. On approval the employees get their reimbursements directly in their bank accounts. And all this happens without using any paper receipts.
Using Concur app you can integrate all the corporate credit cards for a seamless transaction, and employees will have a better user experience. As a process owner you will have the complete visibility on travel spend, with rich reporting features. Concur’s intuitive web and mobile application can help you complete your expense report quickly and accurately. The user interface is for Concur mobile app is as easy as using Facebook on your mobile devices.