Some of the most overlooked aspects of corporate management and operational processes are often the best-suited to automation software, especially when those components include an extensive and repetitive level of data entry. From decreased inaccuracies and errors to stronger efficiency within the ebb and flow of operational management, automation can significantly improve performance among virtually all businesses.
One of the less spoken-about aspects of accounting that is apparent in a wide range of companies consists of expense reports and travel-related recording, which can be relatively arduous and ripe with opportunities for error. Expense report automation can quickly reduce the amount of errors that take place in these processes, while simultaneously improving engagement among employees who are tasked with handling this form of data entry.
Demand is rising
PYMNTS recently reported that a new survey released by Forrester Research revealed that there is a lot of room for improvement in the travel and expense recording arenas, especially as so many firms have not begun to automate these procedures. According to the news provider, the survey included responses from 350 finance professionals, of whom eight out of every 10 stated that they are manually entering this data.
One of the specific notes to remember here is that this indicates they are entering the data after the expense was actually sent out, the source noted, falling into the category of delayed entry. Rather than falling victim to the issues that come with manual entry for these procedures, as well as others that are arduous and data entry-heavy, companies can use automation solutions to refine their practices proactively.
PYMNTS noted that this continued reliance upon manual entry has caused other issues as well, such as the inability to maintain transparent and centralized management over travel and expense reporting.
Automation for all
As mentioned, the potential applications of automation software are relatively boundless, and organizations would be hard-pressed to not identify at least one core operational process or activity that would not be bettered through the use of these tools. As competition increases and companies work at a faster pace amid the digital revolution, a complete lack of automation can represent a significant competitive disadvantage.
Automation software for data entry and relatively mundane procedures has been found to also strengthen employee retention given the higher levels of engagement following their release from these tasks.
