It’s no secret that expense reporting is a necessary process to keep a company profitable. When organizations understand where the revenue goes, they can work to optimize it.
While expense reporting can be a little overwhelming, it’s a worthy investment that your company will benefit from for years. One way to maximize the time spent setting up your expense reporting processes is to automate it. There are several benefits to automation your expense reporting procedures. Here are a few of them:
Ease of Tax Filing
One of the biggest reasons that businesses meticulously track their expenses is that they are necessary when trying to reduce costs incurred from taxation. Being audited by governments is a stressful experience for any business in every country, but it doesn’t have to be a nightmare.
When expense reports are automated, the tracked expenses are more accurate, and they are also easier to investigate when there are any anomalies. Automated expense filing lets business leaders easily locate important supporting documents such as receipts and documents that may be necessary during an audit.
From government compliance to proper storage, there are dozens of tax filling benefits to having an automated expense reporting system. By keeping a consistent, well-managed expense system, you can avoid any unnecessary stress.
Increase Team Morale
Sales teams have endless task lists that keep them busy every single day. There’s seldom a dull moment with salespeople. When they’re not answering calls, they’re sending emails to prospective clients or meeting them on the road.
However, that’s not always a good thing. Other than the core sales function, they often have many administrative tasks that happen in between meeting clients. Expense reporting is one of those things that many salespeople wish they didn’t have to do.
Unfortunately, expense reporting is necessary to reimburse salespeople for what they spend trying to close a deal. With automated expense software, you can make the process as quick and painless as possible. With this, salespeople can have better cashflow and can count on their companies to make sure they have the means to focus on what matters.
Improve your business decisions
While it doesn’t seem that necessary for small teams and single salespeople, it’s incredibly important to have a reliable expense reporting process as companies scale. Companies need to know where exactly their money is going before they can optimize for better profit.
It’s also a good tool to know how much budget is needed by salespeople to fulfill their roles. For expenses that happen regularly, companies can also seek to create strategic partnerships and discounts that can help alleviate recurring costs for things like hotels, flights, food and entertainment.
There are dozens of software you can utilize to do your expense reporting, SalesForce.com (SFDC) is one of the top CRMs to consider. They acknowledge the importance of voice integration with CRM software. Companies like Hey DAN with their Voice to CRM technology, your sales teams don’t have to worry about filing for expenses while they’re on the road. They can focus on the things that matter – closing sales.