We live in an era wherein we get our pizza delivered at the doorstep, and soon, one can expect drone delivery from their favorite e-commerce website. 

One can also instruct the AI on their phone to play their favorite music or any random way back from their teenage time. This is because technology has been drastically adapted to 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 expenses and reports on printed spreadsheets rather than getting an expense automation app?         

Manual expense recording is an old-school technique. 

Not all old-school techniques are beneficial in the longer run. Instead, 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. 

Expense automation app: 10 Manual reporting disadvantages

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 management automation

Just like expense tracking benefits are a chapter to disclose, the manual expense disadvantages should also be discussed for making a proper decision about expense management. 

1. Non-productive for travelers

Saving receipts and then filling spreadsheets and attaching them to your internal mail system. Starting from purchase to reimbursement is complex, and an online invoicing and expense management app takes away the hassle.

Travelers can save time as well as effort by managing all the expense data with the help of an expense management automation app. 

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.

An expense automation app helps the finance team to quickly file the expenses and all the data is stored digitally overcoming the manual reporting disadvantages. 

3. Data under one roof

Data under one roof-expense automation app

Companies find it challenging to analyze spending data when it is mentioned in the spreadsheet with all the necessary information, which directly affects 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.

5. Time-consuming

Time-consuming-expense automation app

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. For example, 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. 

Benefits of Expense Tracking for Businesses

7. Prevent fraud and error

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 expenses. 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

On-time reporting-expense automation app

Quarter-end and other critical financial reports must be submitted on time with accurate data and information. A professional expense management automation app 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. 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 overall policy compliance, prevents any expense-related frauds, and delivers quick expense reimbursements. 

Also Read: Top Reasons on How Does Expense Tracking Help The Company?

Summary

Moon Invoice, expense management automation, 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 out all the invoicing-related business operations, including expense tracking benefits.

Other benefits of our expense automation app:

  • 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,” “66+ Professional PDF Templates”, “Import/Export & Print Utility,” and data backup “iCloud sync & MoonSync support.”

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