Top Ways to Reduce Time Spent on Your Expense Report Management

What would you do with more hours in a day? Does your list include anything related to your business’s expense report management? 

Likely not.

Expense report management has a bad rap because traditional methods are typically mundane, administratively heavy and inefficient. These methods tend to include manual data entry, scrounging for missing receipts and dealing with delayed approvals. Unclear expense reporting policies often make matters worse.

The result?

Wasted time and friction for both employees and departments.

However, staying on top of your expenses is critical. According to a recent Canadian Federation of Independent Business survey, financial concerns are the most reported pressing issue small business owners face. Among mid-sized companies, employee productivity is the most significant leadership concern. Modern expense report management can help mitigate both issues. We’ll walk through six expense management strategies to save you time on expense reporting so that you can focus on your strategic priorities as a business owner or finance leader. While we won’t promise you’ll ever use words like thrilling or dreamy to describe expense report management, we can help ensure it’s no longer slow or clunky.

6 proven strategies to cut expense report processing time

Streamlining expense report management may seem complicated (ever tried to balance your budget after a surprise team lunch—in Vegas?). Still, with these best practices, it can actually be pretty straightforward.

Here’s how you can reduce the time you spend processing expense reports to drive efficiency, gain better visibility into your business’s financial health, and experience less frustration.

1. Automate workflows

2. Establish and enforce clear policies

3. Implement real-time expense tracking

4. Streamline approvals

5. Ensure integration across existing internal systems

6. Leverage data to identify bottlenecks

 Let’s take a deeper dive into each of them.
 

1. Automate expense reporting workflows

You can leverage modern accounting software to automate administrative tasks like receipt collection and report generation. If you choose a solution with a mobile app, you’ll get the benefit of real-time receipt capture.

Automating expense reporting workflows means your employees no longer need to safeguard paper receipts or manually enter or upload them. As an added bonus, eliminating manual data entry means less human error. 

Tip: Selecting a system with built-in localization features, such as country-specific tax codes, will help you automate receipt categorization.

2. Establish and enforce clear policies

One of the best ways to ensure proper expense report management is to establish clear policies and communicate them throughout the organization. Key components of an expense policy should include:

• Eligible expenses (client lunch) vs. non-eligible expenses (birthday gift for your kid)
• How often expenses should be submitted (monthly vs. whenever you feel like it)
• How expenses should be paid (petty cash vs. corporate cards vs. personal cards)
• Spending limits (auto-approved vs. all spend requires managerial approval)
• Dispute resolution steps (if something is not approved or is flagged as requiring more details, what happens next) 

Tip: Check out our comprehensive guide on developing an expense policy, which includes a downloadable template to get you started.

3. Implement real-time tracking with smart corporate cards

Corporate cards are invaluable because they give managers and finance teams instant visibility into expenses and spending as it happens. Look for a corporate card with features like customized and individual spending limits, plus virtual card and payment options.

The end result?

Improved cash flow visibility and fewer end-of-month scrambles.

Best business credit cards

Compare top options, fees and benefits for

Canadian companies.

Find your card now

Tip: Look for credit cards that provide cashback rewards so you earn even more.

4. Streamline expense report approvals

Eliminate bottlenecks in your expense report process by adding auto-approvals for smaller amounts and identifying default approvers when managers are away for corporate travel or vacation. If possible, take advantage of tools and apps that enable mobile approvals.

Tip: Faster reimbursement leads to higher employee satisfaction, driving better productivity.

5. Ensure integration across existing internal systems

Seamless data flow requires synchronization between your accounting system and your company’s key software solutions. So, find an expense management platform that integrates seamlessly with your other tools. 

Integrating software will help you minimize manual data entry and allow you to generate reports, complete monthly reconciliations faster, and ensure your business is prepared for audit requests.

Tip: Talk to your team to find out which tech solutions they use that may need to integrate with your accounting system.

6. Leverage data to identify bottlenecks

Access to real-time data can also help you streamline your expense reporting process by providing important feedback. You can start by tracking data such as approval turnaround time, reimbursement cycles by department, and submission errors or flags at the individual or team level.

These insights can help you make data-driven decisions and push for policy or system changes.

Tip: Flag repeat offenders or teams with low compliance and consider training options to help bring them up to speed.

‘Set it and forget it’ with streamlined expense report processes

Reducing the time you spend processing expense reports means you’ll free up precious hours and resources for your team to focus on high-value activities. They’ll have more time for building vendor relationships, risk planning, budgeting, and developing investment strategies.

The best part? You don’t have to settle for a one-size-fits-all solution. Modern expense management solutions feature a wide range of options. These systems allow for customization and flexibility, so you can ensure your business requirements and goals are met.

In addition to improved visibility into your finances and greater operational efficiency, other benefits of automating your expense reporting process include:

• Strengthened financial and regulatory compliance: A fully integrated expense management platform designed by Canadians for Canadian businesses means that tax codes and other localization features are built in. It also includes receipt tracking and consistent documentation that is quickly accessible to be audit-ready.
• Increased employee satisfaction: Employees feel empowered when they feel less burdened with mundane administrative tasks and can focus on the work they want and were hired to do. Clear policies, processes, and expectations related to their roles and responsibilities build trust and increase job satisfaction. And that’s essential for recruiting and retaining talent.
  

Make expense management even easier

Streamline your business spending with automation tools built right into Float.

Learn More

Ready to speed up expense reporting?

Forget tracking down expenses or trying to identify and fix errors. With a modern, automated expense management process, you can see how much money is being spent, by whom, and for what purpose. And now you know exactly how to reduce the time spent processing your company’s expense reports—talk about bottom line impact.

When you’re ready to take advantage of the benefits of streamlining expense management, we can help. We offer an integrated solution in a single platform that includes:

• Localized features designed specifically for Canadian businesses
• Comprehensive tools and services
• Features specifically designed to enable savings and earnings
• Access to fast and flexible capital
• Scalable and customizable options to match every stage of business

Get ready to accelerate your company’s momentum with better cash flow visibility, real-time insights on financial health, and improved efficiency. Contact Float for a demo today.

---

Written by