We live in an era wherein we get our pizza delivered at the doorstep, and soon, one can expect drone delivery from their favourite e-commerce website.
One can also instruct the AI in their phone to play their favourite music or any random way back from their teenage time. Technology has been drastically adapted in our day-to-day life, and almost all of our tasks are now tech-dependent on or the other way.
One might wonder why a company depends upon manual expense and reports on printed spreadsheets?
Manual expense recording is an old school technique.
Not all old school techniques are beneficial in the longer run. We need to move with the technology-driven world to save time and effort.
An expense automation app can save time and help you manage your business expenses smartly. Moreover, you can always have your data stored in the cloud, which can be operated anytime from anywhere in the world.
10 Manual reporting disadvantages for SMEs and freelancers
Following are a few of the top factors why you need to move to the modern-day with a mobile-first & best invoice estimate app to do away with your expense automation solution.
Just like expense tracking benefits are a chapter to disclose, the manual expense disadvantages should also be discussed for taking a proper decision about expense management.
1. Non-productive for travellers
Saving receipts and then filling spreadsheets, attaching them to your internal mail system. Starting from purchase to reimbursement is complex, and online invoicing takes away the hassle.
2. Tedious for the finance team
If your finance team is not aware and not in the loop with travel policy, in such instances, they’ll have to verify reports to be compliant. Manually feeding the data into the finance system takes time and makes it more error-prone.
3. Data under one roof
Companies find it challenging to analyze spend data when it is mentioned in the spreadsheet with all the necessary information scattered, which directly affects the efficiency.
4. Hard to put it into practice
With an expense automation app, it is easier to collaborate your travel expense, even if out-of-policy or not, in pre-approval format with the help of booking tool integration. This is not possible with the manual process.
If your staff cannot perform expenses on the go with their smart devices, they’ll have to stay back in the office to feed the entries manually. This will clock in additional time in the office due to not optimizing the process with a small business billing app.
6. Keep a tab on everything
The online invoicing application offers you a wide range of benefits. You can keep a tab on inventory, track time, mobile sync, reports & insights, import/export & print, etc. Nevertheless, an online invoicing app also offers expense tracking benefits.
7. Prevent fraud and error
As such, the accounting department has lots on their table with expense reports to review & approve; it becomes challenging to identify if the expense has been submitted before or by mistake, someone mixed up personal or business expense. An offline invoice software can take away all these woes.
8. Keeping in check with tax regulations
Again, calculating and filing tax as per the manual operation may incur errors. However, a centralized expense automation app can help you comply with tax regulations and avoid penalties. Moreover, it also helps you if your business is tied up with performing global operations.
9. On-time reporting
Quarter-end and other critical financial reports must be submitted on time with accurate data and information. A professional invoice generator can take away the headache of long-pending expense reports stuck in the system.
10. A tiring task
One more expense manual reporting disadvantage is that no one likes to do invoicing, expense reports, track insights etc., and especially it becomes a mundane task if it has to be done manually.
How to overcome the manual reporting disadvantages?
To overcome the drawbacks of manual expense recording, businesses must allow the automation feature to take over a lot of tedious tasks, including the expense recording. Using an expense automation app can prove quite beneficial for businesses.
Moon Invoice’s expense recording app helps the user eliminate manual errors and paperwork, improves the overall policy compliance, prevents any expense related frauds, and delivers quick expense reimbursements.
Moon Invoice has developed a comprehensive online accounting & billing solution that connects small businesses to their accountants, bookkeepers, banks and other online business software. Over the years, we have successfully paved the way for our customers to directly connect with their customers and suppliers or vendors to carry all the invoicing related business operations, including expense tracking benefits.
There are many other handy advantages of Moon Invoice mentioned below:
- Bill in any currency
- Multiple payment methods
- Taxes and discounts
- Manage credits easily
- On-time payment, every time
Additionally, Moon Invoice lets your business be on top of the competition with Instant Invoicing & Billing, Easy track of Payment & Notifications, Accurate Insights & Reporting Data. A few excellent add-ons of our expense automation app are that you can add & “Manage Multiple Businesses”, “22+ Professional PDF Templates”, “Import/Export & Print Utility”, and data backup “iCloud sync & MoonSync support”.