If you are a small cell phone repair business, you may not be aware of all of the great tools available to you. Running your own business in and of itself can be a challenging task, never mind learning new software at the same time.
By not using available software, however, you can end up costing you and your company a lot of time, energy, and money that could be better spent on other areas of your business. Travel and expense management is the second largest operational cost to businesses (second only to payroll).
Therefore, utilizing expense report software for small business needs can save you money and make your employees happy, leading to a long-lasting and productive company in the long run.
What is Expense Report Software?
Before you can fully appreciate the benefits of expense report software, however, you should first understand what this software is. After all, small businesses must often keep up with so many different technologies and tools.
To put it simply, expense report software is designed specifically to assist with keeping track of business and travel expenses. With this software, you can define limits and spending policies, adopt company-wide expense practices, and capture receipts from smartphones.
This software is beneficial to businesses of all sizes, whether you have 10 employees or 10,000. Here are key ways you can make expense report software work for your small business:
The most important thing your expense report software will do for your business is to improve your expense processes by reducing the chance of human error and increasing employee compliance.
Implementation of expense report software for your small cell phone repair business can drastically increase compliance of both your employees and yourself—since out-policy-claims approved by managers amount to nearly 10%. This can be a costly mistake. In fact, companies spend more than USD$2 billion annually for approving fraudulent expense reports.
With expense report software equipped, however, the proper policy will be enforced before any violations occur, and any violations will be flagged. You will no longer have to worry about manually approving each request or overspending on your company’s dime.
Another key benefit of expense report software is its ability to improve operations within small businesses. Expense report software is phenomenal at improving productivity, reducing processing time, and cutting processing costs.
For one, expense report software can save your cell phone repair shop significant time in the long-term. It typically costs more than USD$26 to manually submit, process, and reimburse a single expense report; however, with a fully automated system, that expense goes down to just USD$7. That’s saving you over 50% for each expense report!
With this much money and time saved from expense reports alone, you can expect to see greater profits and improved productivity, both of which are even easier to track with this user-friendly expense report software.
Promotes Company Morale
Believe it or not, implementing expense report software can significantly boost morale among employees. For one thing, expense report software takes away the administrative toll of manually filling out and submitting paperwork. Additionally, software-based expense reporting has an exponentially faster turnaround time. Employees can submit their expenses with less hassle while also receiving their reimbursement in half the time.
Employees who can trust that a company will compensate them fairly and quickly for their time and expenses are more likely to work harder for longer than employees who constantly wonder if that check will come or not.
Promotes Overall Financial Health
In addition to day-to-day expense report management, most expense report software keep extremely detailed records of a company’s translation history. Not only does the software compile this data, but it also organizes it and presents it in a clear, concise manner.
Having a centralized database of expenses, where money is going, and where that money is coming from, can be an invaluable tool in determining holes in the budget or where funds could be more effectively allocated (even saved).
Finally, being able to access this information from anywhere at any time allows companies to ensure financial health both in the long and short term.
Builds a Stronger Company
Essentially, expense report software is an invaluable tool for a company for three reasons:
It improves efficiency and overall productivity
It promotes a happier and healthier work environment for employees and employers alike
It strengthens a company financially
Expense report software can lift a weighty administrative burden from a company and complete work more efficiently and accurately than the average person. It also has the ability to promote goodwill among employees, not to mention it can also promote financial stability, which is essential to any company’s long-term health.
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