If it ain’t broke, don’t fix it.
It’s a grammatically incorrect sentence, yet it’s an unwritten rule many leaders in the business world follow.
On some level it makes sense. If something is not causing a problem, there’s no need to waste the time and resources to correct it. While you could argue the merits of that statement, this same ideology undercuts any potential or growth for a specific sector of business.
To underscore this, let’s take a look at accounts payable.
It’s 2019, not 1920, there’s no reason for 43 percent of all companies to rely on manual processes and paper systems to track invoice and spending (that number jumps to 84 percent when talking about small businesses). While some may be comfortable with their outdated system, doing things the hard way is also the expensive way.
Researchers with the Institute of Management & Administration (IOMA) discovered companies employing little to no automation spent almost 250% more per invoice compared to a company who decided to automate their AP departments with a cloud-based solution. Those companies saw a cost of $6.31 per invoice, compared to $15.70 per invoice for those still stuck in the past.
Now that’s if the report is picture perfect, but that’s not always the case. A couple years back, the Global Business Travel Association found that 19% of all expense reports contained an error. In order to fix the report, it would cost a company $52. That’s on top of the $58 price tag to create the original report.
By switching to an automated process companies put the control back into their hands by setting corporate spend policies that will be enforced by the solution. With software powered by state-of-the-art technologies like Optical Character Recognition (OCR) and Artificial Intelligence (AI) these solutions generate a 100% accurate report that eliminates fraud caused by estimates and guesses from the human touch.
Web and mobile solutions with receipt matching and validation technology end the practice of employees hoarding receipts or digging through their car in search of a missing sales slip, instead they can take of a picture, scan or email the receipt to the solution and file a report with just one click. One click has never been so powerful. It turns a 20+ minute process into less than a couple minutes, freeing employees to focus on more pressing matters.
That’s not the only reason employees will support the shift to automation. They’ll also see greater visibility into why their reimbursement is stuck in limbo. Not only do modern solutions allow employees to see where their report is in the approval process at any given time, they also will see a quicker reimbursement, thus lessening the burden of out-of-pocket expenses.
With automation on their side, companies can confidently operate with reliable and streamlined expense data. Removing unnecessary steps, such as printing out documents and manually filling out information, will not only benefit today’s processes but multiply in value as they grow and change.
For a complimentary consultation to determine which of our cloud-based solutions may be best for you, click here, or give us a call at 412-858-1111.
It’s never too late to change for the better.
Take Five Star Quality Care for example. They are a national healthcare and senior living services provider with more than 200 facilities across 30 states. As part of their duties, many employees at Five-Star have to frequently travel to make sure their services are providing five-star quality care.
Unfortunately, the product Five Star was using to automate their manual expense management process had plenty of bugs. It was too slow, lacked intuitive design and wasn’t flexible enough to accommodate company policy.
After three years of headaches, Five-Star turned to ExpenseAnywhere and instantly saw improvement.
“The switch to ExpenseAnywhere was in the interest of improving both user experience and auditing/compliance capability,” said Zehra Abid-Wood, senior project manager of Five Star Quality Care. “The responsiveness of ExpenseAnywhere’s implementation team ensured on-time delivery of the customized solution, and rollout occurred smoothly and on schedule.”
ExpenseAnywhere created a completely customizable expense management for Five-Star that reduced turnaround time for the reconciliation of credit cards from 120 days, to less than 30 days.
Receipt imaging and intelligent receipt matching technology helped further eliminate manual handling of receipts. Additionally, automatic matching of transactions to their respective receipts provided a significantly increased ROI. Same goes for ExpenseAnywhere’s integration with MapQuest for exact mileage computation, thus eliminating “leakage” caused by estimates and guesses from employees.
The savings didn’t stop there. The extensive reporting capability of ExpenseAnywhere provided in-depth spend visibility, providing Five Star a real-time comparison of actual spend verses the budgeted and highlighting opportunities for further cost savings.
End your headache now, and let ExpenseAnywhere take control of your expense management process.
Schedule a demo today by calling 412-858-1111 or click on over to expenseanywhere.com.
At Expense Anywhere, our mission is to empower clients to spend with confidence while providing complete visibility into corporate spend.
Our team of developers are leaders in the world of Corporate Spend Management automation with products available to fit any need. Constantly sparking new ideas, we are shaping the software that saves you time and money.
By combining travel, expense and invoice spend management into a single, easy-to-use application, we’ve streamlined business solutions that fit in the palm of your hand.
Gone are the days of employees wasting precious time on the mundane work of tracking and hoarding receipts. Now, they can focus on the bottom line, customer satisfaction and net new clients.
We believe the stat us quo sucks. That’s we work around the clock, delivering tomorrow’s technology today. Powered by the cloud, with cutting-edge artificial intelligence and machine learning technology.
This provides transparency to your business, allowing administrators to track use of financial resources in real-time and unleashing ultimate operating efficiency that reduces processing costs by up to 70 percent.
Need more proof of our success? We serve as trusted ad visors to businesses around the globe, creating customizable products that understand multiple currency and languages.
It’s time to experience excellence.
It’s time to join ExpenseAnywhere.
ExpenseAnywhere took over the Empire State last week. With the bright lights of Broadway as a backdrop, we hosted a lunch and learn session in the heart of New York City.
More than 40 business leaders from the Big Apple joined us and ITS at Del Frisco’s to learn how to break up the status quo of travel, expense and invoice management by leveraging overall spend management into a single platform.
Global business travel spending reached $1.3 trillion in 2018. That’s up nearly 6 percent compares to 2017.
Fast forward to 2019, where more and more businesses are putting purchasing power in their employees’ hands, forecasters are predicting another 7 percent jump in spending. By 2022 these same experts say spending will reach $1.7 trillion.
With all this money flying around, it’s important to unify corporate travel bookings, policies and data in one place so you can better view and manage your travel program.
That’s where ExpenseAnywhere comes in.
With easy-to-use, cloud-based solutions our products are unleashing ultimate operating efficiency, automating mundane manual processes, and helping businesses to control and manage their spending while moving them to more cashless, card-based operations that reduce operating costs, mitigate risk of fraud and abuse, and ensure that company spend is visible and manageable.
All of the ExpenseAnywhere solutions capture vital spend data that is presented in easy-to-use dashboards and reports so that our customers’ accounting and finance leaders can more quickly and easily see how, where, by whom, and with whom their money is being spent. This makes for more informed tracking against budgets, and provides the information they need to make better informed financial decisions.
Want to learn more?
Join us at one of our upcoming learn and learn sessions:
Date & Time: Thursday, September 5th | 11:30 am – 1:30 pm
Location: Del Frisco’s, 5061 Westheimer Rd., Suite 8060, Houston, TX 77056
Date & Time: Wednesday, October 23rd | 11:30 am – 1:30 pm
Location: Del Frisco’s, 1428-1432 Chestnut St, Philadelphia, PA 19102