DocLink Cuts the Cost of Expense Report and Credit Card Statement Processing
Organizations — and their employees — experience numerous challenges when managing expense reports and corporate credit cards. Most of those challenges can be attributed at least in part to dated, manual processes and procedures. These include spreadsheets and physical routing of paper expense reports, lengthy approval and reimbursement cycles, lack of visibility into spend, and difficulties enforcing corporate spend policies.
DocLink can help resolve those challenges with efficient, paperless processes and automated workflows. Here’s how.
Expense Processing Costs More Than You Think
It takes on average between 10 to 20 minutes for an average employee to complete an expense report. A large portion of those reports will contain errors that adds time and cost to the overall process due to corrections. The back and forth communication between the submitter and approver(s) regarding the reimbursements also adds a significant amount of time and expense to the process. Once approved, accountants then process the reimbursement into the accounting system and that also adds time and expense to the overall process. Consider the time and rate for each employee in the process and you’ll be surprised how costly this process is.
DocLink Cuts the Cost
With a DocLink Smart Form, employees can fill in the expense report electronically on their computer or a web browser. There are fewer errors with DocLink since the Smart Form includes defined drop-down menus for each field that can be pre-validated and submission not possible until all required fields are completed. Employees can take pictures of receipts using DocLink Mobile which later can be easily attached to and expense report, making it faster and easier to complete the report with no need to keep up with the paper copy. When employees submit the form, DocLink can automatically route the expense report to the designated approver without human intervention. DocLink will also alert the approver immediately when a report comes into their workflow for approval.
How much can you save with DocLink? By speeding the time it takes for an employee to create an expense report, attach their receipts reducing input errors by eliminating a large amount of manual touches, you’ll likely cut processing time in half — if not by more. This could yield potential savings of tens of thousands of dollars annually.
Corporate Credit Card Statements Can Be Very Complicated to Unravel
Corporate credit card statement processing is another expensive and time-consuming task. Receipts need to be collected and matched to each transaction line and code each charge appropriately. Many time you must get employees and their manager to review and or approve each detail line. Though there are no current published statistics about how much time this activity takes, if you’re involved in this process, you know it can be onerous.
DocLink Simplifies the Process
Here again, DocLink Smart Forms provides a complete solution. You can create a Credit Card Smart Form and configure DocLink to import credit card CSV data provided by your bank and transform that data into individual statements for each cardholder on the account. DocLink will immediately index and parse those into individual statements which are then routed to each user or department head for coding and approval. Once approved, the transaction data can be automatically imported into your accounting application.
Would you like to learn more about how DocLink can streamline expense report and credit card statement processing, saving your organization time and money? Register for our free webinar: Expediting the Expense and Credit Card Process with DocLink.