Manual expense management can suffocate CPAs and their clients. Between processing expenses and reconciling mountains of client reports, the wasted resources for such a simple task can be crippling. 

The Power of Automation

Data indicates that the average report costs a staggering $58, takes 20 minutes to complete manually, and consumes 30% of an accountant's valuable time. Automating expense and business credit card management represents a strategic solution to this scenario. 

Here's how automated expense management can benefit your firm:

• Increased profitability: Reduced overhead costs free up resources for growth. Invest in new talent, expand your service offerings, or simply breathe easier with a healthier bottom line.
• Happier clients: Faster turnaround time on expense reports leads to higher satisfaction. Clients appreciate a streamlined process that doesn't disrupt their workflow.
• Enhanced compliance: Automated controls and audit trails minimize risk. You don’t need to manually verify whether your firm adheres to accounting regulations.

As well, automation unlocks a world of benefits that empower both your firm and your clients:

• Effortless expense reporting: Clients submit reports from their phones, with automatic receipt capture and data extraction. This eliminates manual entry and lost receipts, and you can say goodbye to chasing clients and employees for expense receipts. 
• Real-time visibility: Gain instant insights into client spending, enabling better financial advisory services. Identify spending patterns, optimize budgets, and offer more informed financial guidance.
• Reduced risk and improved compliance: Automated fraud detection, policy checks, and digital audit trails provide peace of mind. Reduce the risk of human error and ensure that all transactions comply with IRS and company policies.

Choosing the Right Expense Management Software

In today’s tech-forward environment, the array of automation options is hard to ignore. With numerous solutions available, selecting the right fit is crucial.

Here are key features to consider:

• Easy expense reporting: Seamless client report submission using everyday apps. Clients should be able to submit reports quickly and conveniently without needing extensive training.
• Seamless integration: Ensure compatibility with accounting platforms that you already use. Avoid the hassle of integrating disjointed systems and simplify your workflow.
• Automated workflows: Look for features that minimize manual tasks such as pre-approvals and auto-coding. Automating repetitive tasks frees up your team's time for more strategic activities.
• Robust reporting and analytics: Generate customized reports for deeper client expense insights. Gain a deeper understanding of client spending patterns to offer tailored financial advice.
• Security and compliance: Data security and adherence to accounting regulations are paramount. Choose a solution with robust security measures and compliance features to protect sensitive financial information.
• Scalability and flexibility: The solution should adapt to your firm's growth and diverse client needs. A scalable solution ensures that you can manage a growing client base without limitations.

It’s Time to Stop Drowning in Receipts

The COCPA has partnered with Fyle to automate expense management and free up your time and resources to focus on what matters most: growing your business and exceeding client expectations.

Find a special offer from Fyle in the COCPA Member Savings Center.