You have to spend money to make money. If you are running a business, it’s a saying you have probably heard. And if you have been running a business for some time, there is a good chance that you have experienced this first hand. But spending is just one side of the proverbial coin, the other side is record keeping. And with all the expenses needed to keep a business going, one will need to have an expense report.
What is an expense report?
Just to address the elephant in the room, an expense report is a detailed account which tracks business expenditures. It can include anything from gas, parking, meals, accommodations and even the occasional bottle of vintage. Reports are usually generated on a daily, weekly, monthly, quarterly and yearly basis.
A typical expense report contains a plethora of information about a given transaction. Normally it would include the date of the transaction, where and what was purchased, what/where/whom it was used for, and on occasion, have some accompanying notes to explain the expenditure.
Expense reports have been an invaluable analytical tool for finance departments and an indispensable instrument for verifying company expenditures. It can be used to analyze how certain departments utilize their budget and during lean times, the data can be used to pinpoint which expenditures to reduce or remove in order to gain profit.
Time equals money
And since we are on the subject of spending money, having your sales reps perform administrative duties is akin to wasting money. Imagine the time they would spend consolidating all that information, entering it into a spreadsheet or filling out fields in a CRM system; time that can be used to make money either by closing a sale or following-up on a lead.
Now, imagine a system where they can just simply dictate information into their mobile devices each time an expense is incurred, and that’s it! The system automatically populates the report with the pertinent information with speed and accuracy. This is the power of Hey DAN, a voice-to-CRM system that literally takes tedious admin work off of your sales agents hands. With its unique combination of technology and intelligence, HeyDan achieves fast and accurate data parsing for your chosen CRM system, effectively giving your agents more time for what they do best – selling.
Efficiency equals more profit
Streamlined expense reports are a boon to any business. It tracks your company’s spending while providing you with a bird’s eye view of your expenditures. A voice-to-CRM system that frees more time for your sales reps and provides fast and accurate data for your expense reports is a definite win-win by any measure.
Spending on the right technology that increases overall efficiency and profitability can be the next big step for a growing business. Accurate data, happy employees, more profit – what’s not to like?