The dangers of continued reliance on spreadsheet based solutions are significant and could have a huge impact on a business's’ bottom line.

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3 reasons you shouldn't use
Excel for Expense Management

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Spreadsheets are fantastic tools for basic data
analysis, presentation and storage but they were
never designed to manage business critical
processes such as expense management.

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The dangers of continued reliance on spreadsheet based solutions are significant and
could have a huge impact on a business's’ bottom line. This article explores why
managing expenses “the way we have always done it”, is a risk in the digital age.
Introduction
Fraud and
Manual Errors
Data security
and backup
Bottlenecks and
wasted time

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Increased risk of expense
fraud and manual error

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Spreadsheet based solutions require a significant amount of manual input.
As the amount of manual input increases so does the margin for error.
Incorrectly entered merchant details, purchase amounts and tax codes will
increase the Finance team's workload and in some cases could delay
reimbursement of expenses as errors are rectified.
Increased risk of expense
fraud and manual error

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Spreadsheets put a business more at risk to expense fraud, both intentional and
accidental.
Search ‘fake receipt creator’ and the ease in which an unscrupulous employee
could commit expense fraud without proper receipt screening and checking is
alarming.
Increased risk of expense
fraud and manual error

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Leading expense management solutions feature transaction matching technology
meaning purchases can be matched to card transactions.
In addition to transaction matching duplicate detection means expenses can only
be submitted once.
Combined the possibility of expense fraud dramatically reduces.
Increased risk of expense
fraud and manual error

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Data security
and backup

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The mass storage, speed and ease in which large data sets can now be analysed has
revolutionised business. The safe storage, backup and protection of data is essential.
How are your business's expense spreadsheets backed up and secured? The
majority of businesses using spreadsheet solutions often rely on unencrypted email or
basic password protected content.
Data security
and backup

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Bottlenecks, manual
processes and wasted time

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Submitting expenses is often an unwanted (but necessary) task at the end of every
month, the manual data input and repetitive tasks involved with logging expenses
via spreadsheets often mean employees wait right up until the deadline before
submitting.
If submission deadlines are missed this can mean a delay in reimbursement which
can lead to disgruntled employees.
Bottlenecks, manual
processes and wasted time

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Waiting until the last moment can create bottlenecks in the Finance team's
workflow as expenses company wide are submitted at the same time.
This may seem like a problem with little impact for a small business, but consider
hundreds of expenses being submitted at the same time as you continue to grow.
Bottlenecks, manual
processes and wasted time

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Consider the Finance teams other core responsibilities that are often due at the
end of the month; payroll, end of month accounts etc.
Create a more efficient process for all parties involved by encouraging real time
submission, approval and reporting of employee expenses.
Bottlenecks, manual
processes and wasted time

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Leading expense solutions allow employees to scan receipts and submit for approval
right away via their smart phone. Submitted expenses can then be approved, with the
data sent to your company’s accounting software for reporting and analysis.
Eliminating bottlenecks and creating an efficient process for key tasks reduces the
margin for error in addition to keeping employees motivated.
Bottlenecks, manual
processes and wasted time

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