- Manual expense reporting can cost companies hundreds of hours and thousands of dollars every year.
- With expense report automation, employees can eliminate manual reports and submit expenses and receipts in minutes via mobile.
- Automated expense reporting streamlines reconciliation to save time and money, and close monthly books faster.
How manual reporting is impeding your growth
Inefficient manual processes for expense reporting and reconciliation are some of the top challenges for many companies. Whether spending out-of-pocket or using a company card, employees may use a card for an array of expenses, including non-business-related purchases. Capturing every charge and receipt in a report is a time-consuming hassle and drains focus away from strategic work.
For the finance team, expense reporting can be an even bigger burden. Manually processing 1,000 expense reports a year can take 400 hours of work on average –and it costs an average of nearly $60 to process each report. Next, consider that about 20% of those reports have errors, and the time spent fixing them adds about $50, so handling a single expense report could cost you $110. Multiplied across many employees, the cost of manual reporting could be thousands in overhead. And it’s all avoidable with automation.
Build expense report automation into your card spend
Automating expense reporting doesn’t require complex, costly IT resources. You can gain advanced capabilities with an SVB commercial card solution that includes a robust spend management platform.
No more time wasted compiling reports. With automated expense reporting, each time an employee uses their SVB card, an AI-powered mobile app prompts them to report it and makes it easy to submit details and a photo of the receipt in a few taps. Done! And if they’re using a customized virtual card, the system automatically controls their spending based on the allowed budget and other policies that you put in place.
Expense report automation is also a win for your finance team. They get a steady stream of real-time reporting, making it easier to manage cash flow and close monthly books faster. Transactions can be auto categorized, and data seamlessly syncs to your ERP or accounting system.
When you consider that one-third of finance teams say their biggest reconciliation challenge is mistakes from manual processes – it’s not surprising that automated expense reporting can have a transformative impact. It can be your ticket to saving time and money that helps drive growth.
As the bank for the innovation economy, we support your success with SVB Commercial Cards tailored to your needs at every stage.