6 Ways Old-Fashioned Expense Reports Are Hurting Your Business
Let’s take a glance backwards to see all the ways that the old-fashioned expense report quietly hindered businesses at every turn—and how TripActions Liquid has solved for even the smallest hurdle they created.
Here are 6 ways that the old-fashioned expense report hurt businesses:
1. Employee Morale
Manually entering expenses is annoying at best—just ask any employee who’s gotten behind on expenses, lost a receipt, or unwittingly paid for something ineligible for reimbursement. Your policy can be a beautiful document, but if it’s not built into the expense process itself, you run the risk of it going unnoticed or unheeded.
With modern spend management, however, employees can track expenses and book travel all in one easy-to-use program. And finance leaders can build their company’s spend policy directly into the program—avoiding any potential employee disgruntlement.
2. Missed Optimization Opportunities
Manual expense reports can result in lost or late spend data, making it impossible to use the information to quickly and efficiently inform business and policy decisions.
With modern spend management, finance leaders can access real-time data and insights in a personalized dashboard. Plus, they can instantly create policy rules that are enforced immediately in the spend and travel-booking program.
3. Decreased Productivity for New Hires
Spend-management onboarding can be a thing of the past, thanks to state-of-the-art spend-management programs that are intuitive and easy-to-use. With TripActions spend and travel management, for example, employees book travel in 6 minutes or less, on average.
TripActions also offers 24/7 global travel agents so your employees can get help logging expenses or booking travel right in the app, anytime they need it. That way, the rest of your staff can focus on what matters most to the business.
4. Decreased Productivity for HR, Program, and Finance Managers
Any emails or meeting time spent on expense reports is too much. It’s completely avoidable when you can set all of your expectations in one simple, easy-to-use program—empowering your employees to access everything they need as soon as they log in.
Do it right once and you won’t have to deal with it again later. A high-performance modern spend-management program will scale limitlessly with your growing business.
5. Decreased Productivity for Anyone Booking Travel or Logging Expenses
The more time employees spend tracking expenses, the less time they spend doing their jobs. It’s that simple.
TripActions Liquid cuts down on this time with an easy-to-use interface and machine-learning algorithms that show most relevant options first, based on employee and company preferences.
6. Your Expense Reports are Location-Locked
Many employees are waiting to get back to the office to organize and submit their expenses. Old-fashioned expense reports encourage that behavior, because they’re not easy (sometimes even impossible) to use when you’re not at your computer. TripActions Liquid is cloud-based and has an interface that’s as easy to use on-the-go as it is at your desk.
Unleash the power of easy-to-use interface, instant data, and big-picture insights with TripActions Liquid. Reserve a free demo today to see how we can customize this innovative program for your business.