{"id":23050,"date":"2023-04-03T15:22:10","date_gmt":"2023-04-03T15:22:10","guid":{"rendered":"https:\/\/envoice.eu\/?p=23050"},"modified":"2024-01-31T09:15:05","modified_gmt":"2024-01-31T09:15:05","slug":"expense-management-automation-best-practices-and-how-to-actually-do-it","status":"publish","type":"post","link":"https:\/\/envoice.eu\/en\/blog\/expense-management-automation-best-practices-and-how-to-actually-do-it\/","title":{"rendered":"Expense Management Automation – Best Practices and How to Actually Do It?"},"content":{"rendered":"

With new ways of working, about a quarter of employees (28%) plan to take a \u201cflexcation\u201d – booking longer stays to mix work and play [1]. But many employees hate one part of business trips \u2013 expense reports.<\/span><\/p>\n

Six out of ten employees consider turning in expenses as their least favorite part of traveling for work.[2]<\/span><\/p>\n

Unfortunately, this problem doesn’t only exist for business travel expenses. Employees who purchase items for work often procrastinate sending their expense reports, causing delays and other issues in financial reporting.<\/span><\/p>\n

If you are:<\/span><\/p>\n

\u00a0<\/span> Looking for a solution to missing receipts and late expense reports<\/span><\/p>\n

\u00a0<\/span> Searching for a better way to approve expenses sent for approval<\/span><\/p>\n

\u00a0<\/span> Restructuring existing processes to reduce preparation time for financial statements<\/span><\/p>\n

\u00a0<\/span> Planning to improve operational efficiencies to improve productivity<\/span><\/p>\n

Read on to learn <\/span>how automation solves many of your expense management pain points.<\/b><\/p>\n

How Much Do Employees Hate Expense Reports?<\/b><\/h2>\n

Many employees would rather experience a delayed flight than complete their expense reports. Often, employees wait until the last minute or until the accounting team demands their expense report before submitting the document for approval.<\/span><\/p>\n

Expense reports may not be hard to create but they take too much time and effort.\u00a0<\/span><\/p>\n

According to the Global Business Travel Association, 59% of business travelers have to submit an expense report with an itemized list by type. [3]\u00a0<\/span><\/p>\n

While some employees have no issues processing expense reports, some find it too troublesome to make a detailed list of travel expenses they spend weeks prior. 35% of travel expense processors and 52% of business travelers have an adverse reaction to the existing expense management process for their company. [2]<\/span><\/p>\n

\"expense<\/p>\n

Source: <\/span><\/i>Getty for Canva<\/span><\/i><\/p>\n

Rather than sticking to broken ways for expense reporting and forcing employees to be more compliant, businesses should consider modernizing and investing in automated expense management systems.<\/span><\/p>\n

Expense Management Automation Explained<\/b><\/h2>\n

Companies incur expenses as part of their regular operations. Most businesses pay for expenses in two ways:<\/span><\/p>\n