MANUFACTURING EXPENSE MANAGEMENT

Going paperless means faster reports, less processing time, and faster reimbursement time. Both finance teams and employees on the road directly benefit from evolving to a paperless system. Teams like Pharmacists Mutual Companies have even saved ~ $2,000 a year in postage costs by eliminating manual processing. Paperless systems also better support distributed workforces. Having a cloud-based tool allows finance teams in multiple locations to quickly and easily access company spend. Switching to user-friendly expense reporting software makes everything simpler.

It's easy for employees to misplace a receipt while on the road. Look for expense reporting software that allows for receipt capture with a smartphone camera, so employees can capture receipts immediately and not worry about losing or misplacing them. Emburse software also auto-populates information from the receipt. That means that neither employees nor finance team members will have to add receipt information line by line, saving everyone time.

Submitting mileage through manual processes is inaccurate at the very best of times. Find expense management software that allows employees to track their mileage through Google Maps. This feature will allow you to get a more accurate report and prevents employees from having to log their miles manually. Mileage tracking also helps finance teams control fraud in case employees log extra miles to receive additional money. Having a built-in feature helps eliminate this problem.

Manufacturing companies should look for software with a mobile app that enables their employees who are on the go and not always near a computer. Employees who can create quick and easy expense reports on mobile will have less reason to delay their expense reporting. Take VitaPlus, for example, an agricultural food manufacturer that now reimburses employees 14 days sooner after switching to Emburse. Mobile expense reports mean finance teams can process and approve those reports faster, while employees will be happy to have cash back in their pockets sooner than before.

Virtual cards allow employees access to a company card without actually needing the physical card itself. Financial administrators can create and fund virtual cards on demand, which are accessible through a mobile app. This allows finance teams to distribute cards based on the company's T&E policy, allowing better control over spend. That means it's easier for employees to purchase compliant expenses on the company card and easier for finance teams to issue them.

Manufacturing organisations have to source supplies from new partners when supply disruptions occur. With manual expense reporting handled in separate systems, there's no way to keep track of new requisitions and partners. Finance teams can have more control and oversight with a single purchase requisition system. Switching to an automated system also gives employees peace of mind, knowing their purchasing from an approved vendor won't be out of policy compliance later.