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Expense Report Software Saves Banks Time and Money

By January 27, 2015June 29th, 2021No Comments

Expense report

While many of the Accounting and Finance Department’s duties remain debatable as to whether they represent cost or revenue centers in the banking industry­­ and others. Mention expense report tasks to a bank executive and witness a painful

Although, you could argue that expense reports offer a) a legitimate tax deduction and b) an indirect contribution to the bottom line, generated by direct increases to loan portfolios or fees, most executives would agree the Accounting Department expends non revenue producing time and money processing expense reports and authorizing reimbursements.

Software Advantages

There is little debate that examining expense reports, authorizing and ensuring timely reimbursements, and verifying said reimbursements is time consuming when done manually. State­of the­art software, such as available from BankTEL, eliminates much of the time and wasted money having talented accounting staff complete this task manually.

Submitting, tracking and evaluating expense reports using cutting-edge software accelerates the process and goes further. After submission, approved reports transfer directly into Accounts Payable, to ensure timely reimbursement.

There is an added advantage for banks’ using outstanding expense report software. Banks enjoy compliance and internal policy adherence benefits. One result is assured: Your accounting staff and executives will spend less productive time analyzing expense reports, less time matching employee receipts, authorizing reimbursements, and ensuring timely payments.

While up-­to­-date­-software is not the solution to every bank issue, expense report apps that work answer many questions, controlling costs and increasing money ­saving efficiency. There is little, if any, debate about the value of expense report software pros and cons. The pros are many; the cons few or possibly, non­existent.

Expense Report Software Benefits Translate to Bottom Line Increases

While expense report software may not be a direct revenue generator, like higher loan interest rates or other income increasing strategies, top software often contributes positively to a bank’s  bottom line. By controlling wasteful costs, the resulting effect is an increasing bank profit picture.

The larger the bank, with more employees, the greater the benefit of expense report software. However, the percentage increase of benefits to the bottom line often is higher with smaller community banks. In all situations, the bank is the beneficiary of the cost savings when using state­-of­-the­-art software to manage employee expense reports.

By recording receipts as they are submitted, the possibility of losing or misplacing expense receipts is eliminated. Among the benefits, evaluating legitimacy of claimed expenses is a predominant feature. There should be no further troubling questions when claimed allowable expenses lack third party evidence.

Mouse Clicks Instead of Time Consuming Investigation

Digitizing receipts and expense reports eliminate the need for tedious manual investigation to validate expense report data. The efficiency of mouse clicks in lieu of tedious manual evaluation and/or matching physical receipts to submitted expense amounts is unquestioned.

Analyzing even routine expense reports takes time. Eliminating most of this expensive time, while ensuring the legitimacy of report contents, improves the accuracy of expense reports. Saving time with mouse clicks instead of tedious manual investigation delivers significant benefits to financial institution management. Keystrokes and mouse clicks accelerate the process of examining, verifying and authorizing expense reports. Many apps also create the accounting records necessary to properly document the accuracy and disposition of expense reports. Replacing time consuming accounting entry creation with a few mouse clicks is an invaluable aid to cost control and time saving action, indirectly impacting banks’ bottom lines.

As all experienced bank executives are painfully aware, despite common headlines decrying banks’ obscene profits, financial institutions typically face serious challenges to increase revenue. Shrinking bottom lines can be positively impacted by lowering expenses. Using top expense report software accomplishes the goal of reducing expenses, which gives bank bottom lines their needed boost.