![]() ![]() This becomes a major headache when expense information is being shared across a growing business with multiple versions of out-of-sync datasets. If you have two versions of the same document and one is updated - the other becomes outdated. The information that’s contained within a spreadsheet document exists as a self-contained ‘silo’. Trying to adapt a template to the specific needs of a business is difficult and while finance professionals may be comfortable with using a spreadsheet, many employees find them awkward and unintuitive. This is why many companies will use one of the many expenses template documents that can be found online. Setting up anything but the most basic spreadsheet requires expert knowledge. It can often take weeks or even months for an approved claim to be reimbursed. This is a problem that increases as a business grows, and finance teams find themselves battling against a monthly flood of claims to process. A major contributor to this is the time that’s wasted by having to manually manage expense spreadsheets. This basic lack of connectivity causes a range of problems including: Problem 1: It's a time-consuming processĪ 2019 Webexpenses report showed that over a quarter (26%) of an office worker’s time is being lost to unnecessary and outdated administrative tasks. It also means there’s no simple way to share that expenses data. They are not designed to share information across different applications, and much of the data is handled manually.įor expense management, this means that the information contained within claim a form has to be transferred by hand - a slow and error-prone task. The fundamental problem with spreadsheet documents is that they lack digital connectivity. Problems with manual expenses and how to fix them For example, attaching paper receipts to a form before a finance team enters it into a spreadsheet, which can lead to wider issues. With this method, claimants and finance teams are required to follow a series of time-consuming steps. This manual, template or spreadsheet-based process remains a common method that’s used by finance teams across the globe to handle the out-of-office costs caused by business travel. Does your company still use spreadsheets to track, manage, and report employee expenses?Ī recent global study found that more than a third (38%) of businesses currently use manual and paper-based administrative processes.
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