The core benefits of going from paper-based expenses processing to an automated solution have been known for a long time.
Organizations who opt for a digitized system can save an average of 74% over those who use a manual equivalent for submitting, approving and reimbursing staff outlay, according to research analysts Levvel.
For a company with 2000 staff members and 30 percent of them submitting monthly expenses, this equates to potential savings of over $150,000 per year.
Cost savings may be the most obvious benefit of expense automation. The ROI from expense automation can be many times the cost of the software solution itself. But savings are far from the only benefit.
Others include:
- Actionable data insights
- Compliance controls
- Team productivity
CFOs and senior finance executives whose organizations continue to rely on manual or outdated expense solutions should consider the overall impact of an automated alternative across the business.
To find out how and what to consider when choosing a software partner, download the What Do CFOs Need to Know About Expense Management? report
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