{"id":7373,"date":"2019-07-17T12:19:30","date_gmt":"2019-07-17T12:19:30","guid":{"rendered":"https:\/\/www.mooninvoice.com\/blog\/?p=7373"},"modified":"2020-09-29T12:28:31","modified_gmt":"2020-09-29T12:28:31","slug":"drawbacks-of-manual-expense-reporting","status":"publish","type":"post","link":"https:\/\/beta.mooninvoice.com\/blog\/drawbacks-of-manual-expense-reporting\/","title":{"rendered":"Drawbacks of Manual Expense Reporting"},"content":{"rendered":"

We are living in an era wherein we get auto pizza delivered at the doorstep and soon one can expect the drone delivery from their favorite e-commerce website. Technology has been drastically adapted in our day to day life and almost all of our tasks are now tech-dependent on or the other way. One can also instruct the AI in his\/her phone to play their favorite music or any random one way back from your teenage time. In this age, one might wonder for what reasons a company is depended upon manual expense and reports on printed spreadsheets?<\/span><\/p>\n

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Following are a few of the top factors why you need to move to the modern-day with a mobile-first & best\u00a0<\/span>invoice estimate app<\/b><\/a> to do away with your expense automation solution.\u00a0<\/span><\/p>\n

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1) Non-productive for travelers<\/strong><\/p>\n

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Saving receipts and then filling spreadsheets, attaching them to your internal mail system. Starting from purchase to reimbursement is a complex process and online invoicing takes away the hassle out of it.<\/span><\/p>\n

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2) Tedious for the finance team<\/strong><\/p>\n

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If your finance team is not aware and not in the loop with travel policy, in such instances, they\u2019ll have to verify reports to be compliant. Manually feeding the data into the finance system takes time as well as makes it more error-prone.<\/span><\/p>\n

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3) Data under one roof<\/strong><\/p>\n

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Companies find it difficult to analyze spend data when it is mentioned in the spreadsheet with all the necessary information scattered which directly affects the efficiency.<\/span><\/p>\n

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4) Hard to put it into practice<\/strong><\/p>\n

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With expense automation solution it is easier to collaborate your travel expense even if out-of-policy or not in pre-approval format with the help of booking tool integration. This is not possible with the manual process.<\/span><\/p>\n

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5) Time-consuming<\/strong><\/p>\n

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If your staff isn\u2019t able to perform expense on-the-go with their smart devices, then they\u2019ll have to stay back in the office to feed the entries manually. This will clock-in additional time in the office due to not optimizing the process with <\/span>small business billing app<\/b><\/a>.<\/b><\/p>\n

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6) Keep a tab on everything<\/strong><\/p>\n

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\u00a0The <\/span>online invoicing application<\/b><\/a> offers you a wide range of benefits. You can keep a tab on inventory, track time, mobile sync, reports & insights, import\/export & print, etc.<\/span><\/p>\n

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7) Prevent fraud and error<\/strong><\/p>\n

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As such the account department have lots on their table with expense reports to review & approve, it becomes challenging to identify if the expense has been submitted before or by mistake someone mixed up personal or business expense. An <\/span>offline invoice software can take away all these woes.<\/span><\/p>\n

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8) Keeping in check with tax regulations<\/strong><\/p>\n

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Again, calculating and filing tax as per the manual operation may incur errors. However, a centralized expense management solution can help you keep in line with tax regulations and avoid any penalty. Moreover, it also helps you if your business is tied up with performing global operations.<\/span><\/p>\n

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9) On-time reporting<\/strong><\/p>\n

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Quarter-end and other important financial reports have to be submitted on-time with accurate data and information. A <\/span>professional invoice generator<\/b><\/a> can take away the headache of long-pending expense reports stuck in the system.<\/span><\/p>\n

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10) A tiring task<\/strong><\/p>\n

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It is obvious that no one like to do invoicing, expense reports, track insights, etc and especially it becomes mundane task if it has to be done manually.<\/span><\/p>\n

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Summary:<\/b><\/p>\n

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Moon Invoice has come up with the comprehensive online accounting & billing solution that connects small businesses to their accountants, Bookkeepers, banks and other online business software. Over the years, Moon Invoice is successfully able to pave the way for our customers to directly connect with their customers and suppliers or vendors so as to carry all the invoicing related business operations seamlessly.<\/span><\/p>\n

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There are many other handy advantages of Moon Invoice mentioned below:<\/strong><\/p>\n

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