For most business expenses, the IRS and corporations require purchasers to file tedious paperwork that involves manual processes such as uploading receipts and obtaining approvals. On average, processing just one expense report costs an organization $40 in labor (and that’s based on the assumption that the report is processed correctly the first time, which is not always the case). Due to a loss in productivity, human error, and other factors, the expense and reimbursement process can be costly.
However, Banyan reduces productivity loss and costs by enabling organizations to automatically connect permission-based item and SKU-level detail to expense transactions. This results in a more efficient and precise reconciliation process, which saves countless hours of manual work.