Despite major advances in the world of accounting and expense reporting, some companies are still sticking to the traditional Excel spreadsheets – or even still using that archaic duo of pen and paper – to keep track of their finances. GetData research found that 36 percent of small businesses have yet to make the move to an accounting app. Perhaps not coincidentally, 38 percent of businesses admit to making spending mistakes on a monthly basis.
Accounting apps do much more than catch mistakes. They save companies an average of three hours per week in manpower, taking away the tedium, time and headaches spent manually balancing the books. Business2Community outlines the top five reasons your firm should make the move from traditional accounting to a streamlined, digital solution today.
No. 1: Automation
Billing and invoicing, managing travel expenses, tracking accounts payable and lots of other functions and transactions can be set up to automatically compute. This can save loads of time, eliminate tiresome data entry and greatly reduce the risk of human error.
No. 2: Data Integration
Many expense reporting and accounting apps can be easily integrated with other apps as well as third-party vendors. Here you can eliminate more data entry while providing an overview of company finances from various angles.
No. 3: Mobility
With many accounting apps, there is no need to be in an office environment to send or approve invoices, expense reports or other accounting information. Employees can do it from any remote location and device as long as they have an Internet connection.
No. 4: Fabulous Features
With advances in the field, accounting apps have become more versatile as well as affordable. You can now find specific apps to help with your company’s specific needs, whether it’s tracking employee expenses, billing customers, paying vendors or combining any of the above. As more apps enter the market, competitive pricing keeps the overall cost on the lower end of the scale, even with all the fabulous features.
No. 5: Security
Security remains a high priority across the board, especially for apps that grant access to sensitive accounting information. Providers are beefing up security measures with fortified data storage and retention techniques, strong access permissions and advanced encryption methods.
Companies still hanging onto to Excel or even more archaic accounting methods are missing out on the advantages, convenience and cost savings that automation can provide. Bring them to your company today with Chrome River’s expense management software.
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.