Why is receipt management not just important, but essential?

Why is receipt management not just important, but essential?

Receipts are necessary for the management of a company’s finances. Without proper proof, companies often can’t audit their expenses. Receipts also act as organizational records, which is why businesses have systems to collect and store them for future reference and reconciliation.

Every expense, including credit card purchases and company expenses, should be accurately accounted for before closing the books on any financial period. This will make sure the books are always balanced and the organization has sufficient cash flow.

Business receipt management can help you spot unauthorised expenses and watch out for cases where an employee is spending too much. If something doesn’t seem right, you can identify it, talk to the employee about it and make sure that it never happens again.

Since managing business expenses is an important aspect of running a company, every company wants to make the process efficient. But receipt management methods typically only waste time and resources.

Slow approval and payment process

Typically, business finance teams have a fixed time during the month where they do all their reimbursements. For example, if an employee submits receipts before the next month starts, they won’t get reimbursed until the next month. This process is long and usually employees are out of pocket for a period of time.

Lost or faded paper receipts

Not only a huge hassle/headache for your employees but also for your finance department. Your employees might misplace or lose the receipt before ever reaching the finance department, and overtime they can fade, making it almost impossible to reimburse.

If an expense was made by an employee using their personal funds, obtaining reimbursement can and take months for the employee to get their money credited back.

Time expensive

The most time-consuming aspect of reconciling accounts is sorting through a huge stack of receipts and trying to find the one that corresponds with what’s on your credit card statements. If your company is large, this process can take weeks to months.

Fraudulent activity happens whether intentional or not

Many companies have opted for receipt management software to minimise and safeguard against fraudulent activity. The traditional process of manual receipt management allows for fraud to slip through whether it’s intentional or not.

Manual data entry is prone to errors, as they are much more difficult to spot and correct. Not only that, but duplicate transactions or unnecessary expenses can slip through the complexity of a manual receipt process. Many fraudulent transactions may not seem significant individually, but over time they could add up to an enormous cost for your company.

Limited accuracy

Even a simple mistake in the amount of a receipt can lead to countless problems. With traditional receipt management, a finance person or tax professional must check, enter, and reconcile all data. Furthermore more, most receipts aren’t scanned until they’re entered into the system. So, you then need create a spreadsheet from scratch.

Receipts pose a risk of being miscounted, especially if they are just scanned to do a rough reconciliation. If receipts are being checked for reimbursement, the transaction could end up with the wrong amount or that the right amount is being entered and more money is actually being sent. This means that when accountants reconcile and find discrepancies, they’ll have to check every single expense-receipt to see where and how the error occurred.

 

Why should you use a receipt app

Auditing

When receipts are submitted by employees using a receipt management app, there is more transparency across the business and all stakeholders. Employees can easily submit their receipts and categorise them as per the company’s policies, so there’s no need to do it manually.

The financial controller can quickly match up transactions and receipts in the electronic system, which makes the reconciliation and auditing process so much quicker. No more spending hours sorting through piles of paper receipts looking for the right expense report.

Expense reporting made easy

Now, instead of waiting until the end of each month to submit your expense report, you can get an instant spreadsheet organised and collated with receipt images embedded. Simply take or attach a photo and submit it digitally.

Crunchr processes transactions through our mobile app, every time an employee makes a purchase, they can simply submit it in seconds. Plus, they never have to worry about forgetting or losing their receipts.

Open access and easy to use

When it comes to a business receipt management system, ease of use is critical. It should be intuitive and simple for the employee who uses it and for the members of the company who are part of the flow.

Crunchr is an simple, yet powerful business expense management software that in the near future shall include a web dashboard and mobile app. Any employee with access to company funds can be added as a member, making business expenses easy.

Reduce manual, time-consuming efforts

When you install the digital receipt management software from Crunchr, your finance team will be let out a sigh of relief. The traditional approach involved bookkeepers and finance departments doing a lot of manual work. Collecting, sorting, and then matching expenses was all done manually until Crunchr was launched.

The expense process is now a breeze with receipt management software. Employees can simply take a photo and upload their receipts directly, and then Crunchr recognises the details and generates the expense report forautomatic reconciliation.

More rapid reimbursement

Without requiring employees to submit expense reports with all their receipts only at the end of the month, they can now receive faster reimbursements. Having the receipts uploaded directly onto the platform where expenses are recorded makes it easy for financial controllers or admins to process reimbursements immediately.

Our app caters to the needs of the office, and our easy-to-use interface means workflow efficiency for finance teams and employees.

Saying that an online receipt management system makes your finance team’s job easier would be an understatement. It literally makes their life easier. From receiving reimbursements to reconciling credit statements, everything a business needs to do with expense report becomes a streamlined process with little-to-no friction involved.

We save you time and money by doing the work you don’t have time for, so that you can focus on making your business successful.

Employees can submit their receipts via the app, which saves them time spent sitting around and compiling expense reports at the end of each month. Automated collection and sorting of receipts save considerable time for the finance team.

Automation means that accountants and finance departments no longer need to spend all their time managing manual tasks. They’ve instead got more time to check and verify the legitimacy of different expenses, which would be an immediate tip-off to any potential problems, giving them the chance to fix them straight away and potentially save the business significant money.

Automate your work

In the past, accountants had to complete tedious steps like filing receipts and retrieving lost receipts from customers. Now, with help from Crunchr, these tasks are now automated.

You can export reports to a variety of popular accounting software like MYOB, QuickBooks Online, Xero, and more. Crunchr can in many cases generally be used with your accounting software even if it doesn’t allow for integration.

Managing your expenses online is vital to your company’s success. Our platform and receipt app gives you the ability to integrate every expense with your accounting software, so you can sync them directly with your company’s ledger, and quickly close the books each month.

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