Automate Invoice and Expense Submission for accurate Quarter-close Data.
As part of a finance team, you must be worried about presenting accurate quarter close figures at all times. Accuracy in incoming revenue and outgoing expenses is crucial. Quarter close reports are routine for all organizations, big or small. Data comes from automated systems like automated invoice management systems, CRMs, ledgers, expense management systems, etc.
Employees usually submit their expenses on time. But when it gets delayed, you do not have the complete data in your systems. Therefore, your quarter-close figures lack accuracy. Although the individual cost may be in hundreds, overall company expense would run into a huge figure considering the size. For example, sales executives and senior officials travel expense sums to thousands of dollars, and untimely submission of expense bills affects the quarter closing.
Employees can improve the efficiency of the expense process comprehensively by timely submission of expense reports. Errors, omissions, and lost receipts crop up when the submission of expense reports delays.
One of the crucial parts of any professional is the timely and meticulous closing of quarter reports. Professional staff is encouraged to present an accurate record of the expenses and present it to the concerned department. And irrespective of the company size and years in business, all professionals must conduct this duty. Accuracy of the quarter records reduces when employees submit expense bills late.
The biggest challenge employees cite of non-submission is the simple hassle of verifying and submitting the expense bills. Today’s digital software applications help to import invoices or other expense documents automatically from various sources. Digital accounting solutions help to present expense bills, track payment details, and manage employee expenses.
Accuracy of the close-quarter figures is affected by late submission of expense records, e.g., employee’s non-submission of $30 -70,0000 pending expenses depriving thousands of dollars. When employees use a company credit card for their expenses further delays the submission of expense records as there is no question of reimbursement from the company.
The appropriate solution to the above-said problem from late submission is developing a seamless, easy, and efficient expense compliance system. As soon as an online booking finishes, there should be a method to forward the expense bill to a software system. Firstly, employees should upload the billing statement to the expense software using scan options like OCR (Optical Character Recognition). Then, expense items are quickly created and submitted with no delays. Many digital software applications have mobile apps that help scan paper invoices and automatically sync to accounting systems. One can even map it to bank transactions by bank integration.
Digital applications help to establish central storage of invoices and manage expense bills in one place. An interactive and user-friendly expense application can provide an easy step solution to submit and receive expenses. Although submission of disbursement is solely employee-oriented, acceptance and expenditure submission to reimbursement is not employer responsibility.
Applications that are not user-friendly deter employees from submitting expenses on time and reduce user engagement. Employees would postpone expense submission too.
Challenges like these would again delay the submission leading to incorrect figures utilized in quarter-end metrics. Therefore, it is always better to use reliable and user-friendly invoice and expense management systems with an easy-to-use interface. This system helps the employee visit the software even after a delay in capturing and submitting expense documents. Mobile apps with scanning ability will speed up the process of submitting expenses or invoices.
Finance officials can implement a cut-off time for submitting expense records or delaying the reimbursement process once late submission dates lapse. Try user-friendly, on-the-go expense management solutions or invoice processing solutions to improve the efficiencies and gain accurate quarter-close records of your organization.
