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Expense Reporting: Web Apps Gain on Spreadsheets

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
Finance and Accounting groups tend to experience expense reporting as time consuming and costly. Employees tend to dislike it because of the extra time involved when on a trip, attending a convention, or simply taking a client to lunch.

Yet tracking receipts, entering data and and reporting are critical factors that support accurate and timely financial statements, costing initiatives and compliance.

This article compares and contrasts spreadsheets with web-based expense reporting solutions that can deliver substantial savings in time and effort for both employees and their organizations.

Reviewed are a recent report and a white paper that show an increase in the number of companies using automated solutions - primarily due to dramatic cost savings associated with T&E processes and reporting. Also addressed is the increasing prominence of smartphone expense tracking apps that can allow employees to photograph receipts for translation into data via optical character recognition.

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