Paper receipts from business travellers are one of the biggest hindrances that any finance or accounting team can face. The receipts are hard to track, manage, and retrieve when needed, making it one of the main reasons why companies struggle to become audit-ready on time.
It is worth mentioning that failing to produce the relevant receipts during tax audits can land the company in serious trouble. In addition, it can further signal to investors and regulatory bodies that your company has something to hide.
To avoid these hassles, companies need to use an expense management solution, like ExpenseOut, with advanced receipt management capabilities that you need to be audit-ready at all times.
Here, we look at why this is the case, given the shortcomings of traditional methods of receipt management.
How traditional receipt management hinders audit readiness
Paper receipts are notoriously easy to misplace, manipulate, or even duplicate. This poses a severe threat to both the finance team and the employees. For the employees, poor receipt management means delayed reimbursements. On the other hand, the finance team runs the risk of not being audit ready when they most need to.
Most of these challenges are due to the disadvantages of the traditional means of receipt management, which are:
- Inability to keep track of the countless paper receipts in circulation
- Inability to retrieve receipts as and when needed due to the sheer volume
- The ease with which paper receipts can be lost or tampered with
ExpenseOut to the rescue: How the cloud-based, automated expense management solution can help companies stay audit-ready all through the year
Speed up expense reporting like never before
Usually, expense reporting involves the employees filling out spreadsheets, elaborate forms, or emailing the finance team screenshots of paper receipts.
ExpenseOut puts an end to all this: the moment an employee makes an expense, they can scan the receipt using OCR and have it automatically uploaded to the cloud. Instantly, the manager or admin is notified of the expense, and the receipt is stored safely on the cloud with all the relevant details that can be used to retrieve it when needed.
Notably, upon uploading the expense, the system also automatically checks for policy violations, meaning that the approval stage of expense reporting takes no more than a few seconds.
Seamlessly view and track all your business expenses in one secure location
As your company grows and you have numerous invoices, receipts, and corresponding expense reports, it will become challenging to track everything and retrieve the information you want.
With the right expense management solution, organizations will maintain all their financial statements and receipts in a unified platform, where the information is safe and easy to reach.
Further, the company can filter out expenses based on location, department, employee name, expense category, date of spending, etc. Besides, the information can be reviewed/ approved seamlessly in the same window.
Secure all your receipts with cloud storage
When employees submit paper receipts to the finance team, it can be a nightmare to verify if they are policy compliant and authentic and store them for reimbursement and expense report generation.
With a solution like ExpenseOut, organizations can hold all their employees’ receipts in a digital vault powered by cloud technology after the employees use the app with OCR functionality to scan the paper receipt.
This system of storing receipts in ExpenseOut’s unlimited cloud storage is much better because paper receipts can be misfiled, mishandled, or lost. Another great benefit of leveraging cloud technology is that anyone can conveniently access the information they want from the device of choice.
As you can see, ExpenseOut ensures that the whole process of organizing, managing, viewing, and tracking receipts is pain-free at all levels of the organization. Also, the cloud storage capabilities and automatic report generation in real-time for all the tracked receipts make the solution a must-have that will save your organization tons of resources and time.
Switch to ExpenseOut today. Reach us at email@example.com for more details.