Expense Reporting: A Key Pain-Point for Finance Managers

Expense Reporting: A Key Pain-Point for Finance Managers

It's time to give credit where credit is due. For decades, finance managers have been the key backbone to the expense reporting process. And sure, it's worked great. But now, with the advances in technology and software today, the once tedious job of the finance manager can be streamlined and made more efficient with an automated T&E expense management system.

For years, managers in control of a company's finances have had to handle the most frustrating situations. You know what we mean; late submissions, incorrect data, incomplete reports, policy violations, yeah, those nightmares. In fact, a GBTA-HRS partnered survey found that on average, companies spend almost half a million dollars and 3,000 hours correcting expense reports each year. Sound familiar? Many of you reading this might cringe, but to the company finance manager, this probably comes as no surprise.

So, while employees losing paper receipts showed to be the biggest pain point for finance managers in Certify's Expense Management Trends Report, consider some of the other aspects of expense reporting that could give anyone a headache:

  • Manual review is slow: Finance managers can sympathize with the sluggish expense reporting process that usually ends up bottle necked due to the sheer amount of reports. Additionally, these report-reviewers usually find themselves overwhelmed around the end of each quarter, when the volume of reports amplifies.
  • Denying is uncomfortable: Being in the position to approve or deny an expense can be extremely awkward and can make anyone feel uneasy. Fortunately, with an automated system, any out-of-policy reports will automatically be flagged, without being on the shoulders of the finance manager.
  • Late submissions: Certify's Expense Management Trends study found that 45% of respondents believed that the biggest pain point in the T&E expense process was employees failure to submit reports on time. But luckily, automation gives those tardy employees the little nudge that they need. With automated reminders and notifications, late reports are seen few and far between.
  • Errors. Lots and lots of errors: 78% of GBTA-HRS survey respondents claimed that missing documentation or incorrect information were the biggest headaches when it came to expense reporting. When a report is missing important information, finance managers must chase down employees for a follow-up; not literally of course, well… maybe.

Expense reporting has come a long way, and we can hear the finance managers rejoicing. With the new world of automation, the once burdensome task of expense management reporting has become a lot more bearable for finance professionals. Certify's expense management software saves your finance manager from both wasted time and a headache. Ready to learn more? Request a free demo today or contact a representative for more information.