Integrating Automation in Employee Expense tracking to save time and cut cost
After the Pandemic situation and economical downfall, most businesses are discussing expense management automation as a result of the creation of new expense categories, a greater emphasis on cost savings.
Having end-to-end data visibility on spending across the enterprise allows you to pinpoint places where the majority of wasteful spending occurs, identify overspending teams, and plug cost leaks. A decent spending management software will display all of this information on a unique dashboard, allowing you to gain deeper insights. With this information, you can determine the return on investment (ROI) for each dollar spent and take remedial action as needed, anticipate spending, allocate budgets, and make well-informed business decisions.
For example; every business needs a field visit. Along with that creates a pile of Conveyance bills and expenses. Now if an employee spends 20 minutes per day writing the documents manually, 5 minutes to submit, 10 minutes waiting for approval, 15 minutes chatting while making that…
That is an accumulation of 50 minutes per day! Almost 1/8th of proper working hours. Now think about 100 employees of a company doing it. And the massive productivity killer.
There has been a long debate about the automation process of everything, increasing efficiency, marginal error rate, and most importantly training costs. All that can be reduced if the employees can input the data with a few simple clicks under a minute and the HR, Accounting & Finance Team can work promptly.
The finance teams will always have organization-wide visibility on spending if companies combine expense solutions. They'll know how much each team has spent, which teams have spent through their budget, who has traveled but hasn't reported, how many unfiled costs there are, and more. All of these will aid in provisioning accuracy. Not only that, but the system itself can deliver clever nudges. This saves them countless hours of chasing down staff for reimbursements.
In addition, sBusiness (a part of Sheba Platform Limited) has brought an excellent top-notch HR solution named digiGO. With digGO HR Software, employees can submit their expenses with just a few taps. It reduces employees' expenses by tracking efficiently. Multiple cost categories to prepare a report makes it easy to use for everyone. You can download the expense report at anytime.
To request for a free demo dial 01833309555 or visit https://www.sbusiness.xyz/digigo