Transitioning to a Paperless System: How 1Point1 Solutions Can Help Automate Your Digital Reimbursement Solutions

With today's environmentally conscious world, companies are shifting more towards using digital platforms for replacing paper-based outdated systems, especially for the management of travel and expenses. Not only does it help reduce the carbon footprint of a company, but it also saves time for employees and prevents fatigue as they have to deal with paper receipts and file for expenses.

However, lost receipts is a major issue. Lost or missing receipts have such a significant impact on companies that a global study made this revelation. It states that 53% of small businesses, 49% of mid-sized companies, and 48% of large corporations are impacted when employees lose paper receipts or file expense reports with no receipts attached.

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Inefficient and Inconvenient

Paper receipts are extremely time-consuming and cumbersome to manage for employees. Submission, auditing, and processing reimbursements become slow and inefficient if paper documentation is used.

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Manual Checks and Poor Policy Compliance

The process of ensuring policy compliance is challenging when done manually. Errors are more probable in paper-based systems, which increases the risk of audit issues. Employees might submit non-compliant expenses unintentionally, causing financial discrepancies.

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Duplicate and Shady Claims

A paper-based system can't monitor duplicate claims as well. With this lack of oversight, the chance of shady claims slipping in and increasing costs is pretty high.

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Paper and Maintenance Expenses - Automated Reimbursement Process

A paper-based system has maintenance expenses, such as paper, toner, files, and storage. All these add up quickly, diverting precious resources from more productive business needs.

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Lack of Data for Analysis

A paper system can give little insight into analysis, and valuable information which might help in business decisions remains untapped, like trends in spend or violations of policy.

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The Solution: Automated Digital Expense Management

Embracing a digital, paperless system to capture and process receipts helps eliminate many of the pain points associated with manual processes. Employees do not have to spend hours managing receipts or creating reports using a digital platform. This means expense reports can be submitted in just minutes with fewer clicks to complete the entire process.

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Benefits of a Digital Paperless System

Saves Time

The digital 'capture and submit' system allows employees to easily capture images of receipts and submit their expenses while on the go. It has thus drastically reduced time spent in expense management.

Automated Policy Checks - Employee Expense Management

The digital platform can automatically check receipts for policy compliance. Flexi-fields allow businesses to capture any additional details required for auditing, thereby making receipts comply with company policies, and making sure non-compliant expenses are flagged.

Highlight Duplicate and Fraudulent Claims

Advanced technology within the digital system can easily detect duplicate or fraudulent claims. The system flags suspicious entries as they are submitted, preventing unnecessary financial loss.

Zero Paper and Maintenance Costs

With a digital system, companies can eliminate the costs associated with paper, toner, and physical storage. The degree of automation can reduce these costs to zero, improving operational efficiency and cutting down on waste.

Digital Copies

Digital receipts are kept safely and can be accessed at any time, so companies have all the documentation they need for auditing, tax purposes, and compliance.

Deeper Company Spend Insights

A digital system captures all data from all expenses, so companies get the insights they need to do proper financial analysis. This data helps optimize budgets, track spending patterns, and identify areas for improvement.

Mobility and Advanced OCR Technology

Mobile solutions armed with advanced Optical Character Recognition (OCR) technology make the process simple and intuitive. This way, employees can scan receipts directly from their smartphone, ensuring accuracy and ease in reporting.

Automated Expense Creation - Digital Expense Reporting

Automated expense creation means that no more manual inputting for employees. Receipts will be captured and automatically populated into expense reports, where non-compliant expenses will be flagged for review.

How One Point One Solutions Can Assist

One Point One Solutions specializes in offering businesses tools and technology that will allow them to manage T&E in a much more efficient manner. With our fully automated, paperless system, you are able to eliminate inefficiencies associated with manual processes, reduce errors, and gain valuable insights into your company's spending.

If you are willing to enhance your T&E system and reduce your carbon footprint, One Point One Solutions can help. Contact us today to learn how our digital platform can transform your expense management process, save you time, and improve compliance.

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