Paperwork is an inherent aspect for any business to document the work sheets, tallying accounts, processing profits/loss statements annually and in fact, almost every task of the business involves it. The traditional receipt management methods included filing, manually including the information daily and retrieving whenever required. These age-old methods are trustworthy but needs additional team, budget and burdens the company with expenses to maintain and keep the business running smoothly.
What all aspects of business are at stake with paperwork?
- Employee data
- Salaries
- Cash Management
- Receipts of cash inflow/outflow
- Company’s financial dealings with business partners
The Biggest Challenge of Paperwork
Paperwork has been the long-standing way of maintaining receipts and accounts but has its own setbacks. Traditional receipts have higher risk of:
- Loss of paper receipts
- Possibility of fraud- security concerns
- Higher rate of human errors and accuracy issues
- Management approaches
When the company grows over time, the volume of paperwork naturally increases. This leads to increased troubles with traditional receipt methods and with Covid-19 pandemic in the loose, the norm of social distancing has also impacted the way receipt systems function. Even with some countries opening the offices and getting back to normalcy, health concerns are keeping people wary about paper receipts and encouraging digital receipts instead.
The Best Solution?
With the advent of digital technology and computers over the past decades, the emergence of Expense Management Software (EMS) has come to the rescue. Instead of manual entering, Zaggle EMS makes use of Optical Character Recognition (OCR) technology in which the employees can automatically click a snapshot of their entries and get it approved in a go. Zaggle EMS remarkably reduces the employee reimbursement cycle time by automating manual tasks.
The Zaggle EMS Advantage
With the reduced use of paperwork, and manual receipts, EMS keeps better track of employees work productivity, the number of hours worked, reporting of leaves and at a higher managerial level. Zaggle EMS’s Business Expense Tracker also can be used for a higher understanding of the company’s annual growth.
By blending technology and effective database management systems, Zaggle EMS’s Business Expense Tracker is reliable for the finance teams of the company to track the inflow/outflow quite easily.
Get Hassle-Free Receipt Maintenance with Zaggle EMS
Zaggle’s EMS Expense Tracker aims to keep the receipt transfers stress-free and seamless. It is the one-stop solution for all the expense-related tracking and the company can completely rely on the robust and trustworthy system. Schedule a demo today to know more.
