Harvest
Expenses
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Expense Management Tool

Harvest empowers teams to track and invoice project-based expenses efficiently, addressing the common issue of manual errors that affect 19% of reports.

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  • Attach receipts to projects & tasks
  • Turn tracked expenses into client invoices
  • Free 30-day trial, no credit card needed

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The Need for Automated Expense Management

In today's fast-paced business environment, automated expense management is more crucial than ever. Traditional manual processes, such as spreadsheets and paper receipts, are not only time-consuming but also prone to errors. Notably, 19% of manual reports contain errors, requiring an additional 18 minutes and $52 to correct each one. These inefficiencies can significantly impact a company's bottom line and productivity.

Automated solutions can reduce processing costs by 30% and cut approval times by 50%, allowing businesses to redirect resources to more strategic initiatives. Harvest offers a streamlined approach to tracking project-based expenses, enabling teams to efficiently manage and invoice expenses without the complexities of traditional systems. With Harvest, businesses can ensure that their expense management processes are both efficient and compliant.

Harnessing Technology for Expense Tracking

Advancements in technology, particularly mobile applications, have reshaped the landscape of expense management. In 2021, 54% of expense report submissions were made via mobile apps, and this is expected to increase to 75% by 2025. This shift is driven by the rise of remote work and the need for real-time financial visibility.

Harvest provides robust mobile app functionality, allowing employees to capture and submit expenses on the go. While some tools offer automated receipt processing using optical character recognition (OCR), Harvest focuses on manual expense entry, ensuring precise input and control over data. This approach is suited for teams that prioritize accuracy and oversight in their project-based expense tracking.

Ensuring Compliance and Reducing Fraud

Compliance with financial regulations is a top priority for businesses seeking to protect their assets and maintain accountability. Automated expense management tools play a vital role in embedding corporate spending policies and reducing fraud. Companies lose up to 5% of revenue annually due to expense fraud, highlighting the importance of effective management strategies.

Harvest enables teams to maintain compliance by supporting manual expense entry and tracking, offering a clear audit trail of submissions. While Harvest does not provide automatic policy enforcement, it allows for thorough human review of expenses, reducing the likelihood of policy violations and fraud. This manual oversight complements automated processes by ensuring that every expense is carefully evaluated.

Optimizing Expense Management for Maximum Efficiency

Effective expense management requires a strategic approach to maximize efficiency and minimize costs. Businesses that automate their processes can achieve over 40 hours of weekly savings and a 65% reduction in error rates. These savings translate into enhanced productivity and cost control.

With Harvest, teams can track expenses with precision and ease, ensuring that all project-related costs are accounted for and billed accurately. The tool's simplicity and focus on manual input make it ideal for organizations that need to keep a close eye on project expenses without getting bogged down by complex features. By leveraging Harvest's capabilities, businesses can streamline their expense management processes and focus on strategic growth initiatives.

Streamline Expense Management with Harvest

Harvest's expense management tool simplifies project-based expense tracking, ensuring accurate billing and efficient processes.

Screenshot of Harvest's expense management tool interface showing project-based expense tracking.

Expense Management Tool FAQs

  • Automated expense management tools can reduce processing costs by 30% and cut approval times by 50%. They eliminate the need for manual data entry, reducing errors by 65% and saving over 40 hours of work weekly.

  • Mobile functionality allows employees to submit expenses on the go, which is crucial for remote and hybrid work environments. In 2021, 54% of expense reports were submitted via mobile apps, a trend that is rising.

  • Expense management tools help ensure compliance by embedding spending policies into the process, reducing fraud risks. For instance, companies can lose up to 5% of revenue annually due to expense fraud.

  • Harvest provides a straightforward way to track project-based expenses, focusing on accuracy with manual input. This approach ensures that all expenses are properly accounted for in client invoices.

  • While Harvest allows receipt uploads, it requires users to manually enter expense details, as it does not have OCR capabilities. This ensures precise data entry and control over expense tracking.

  • Automated expense management can save businesses an average of $75 per report and reduce the cost of processing an expense report, which can be approximately $58 manually.

  • Reducing errors in expense reports can save time and money. On average, correcting a report error takes an additional 18 minutes and costs $52, making error reduction a significant efficiency gain.