As expense management and the various processes associated with it have changed over the years, so has the technology that organizations use to make their expense management functions, and today, expense software solutions do so much more than their predecessors over the years.
Today, vendors are able to squeeze in many new features that make the solution go that extra mile in making expense management simpler and more effective for practitioners. This article talks about some of those.
Expense management using mobile devices has been in practice for a while but today, mobile applications can do a lot more. From creating the expense report to approving the report to analytics, mobile expense management applications have come a long way and allow organizations unprecedented convenience in expense reporting. Also, mobile devices ensure that all the taska re done in time and in an organizzed manner.
Take the case of mobile reporting as mentioned above. It is not compulsory that there is an internet connection all the time. Employees might be in the field and would probably want to digitize a receipt immediately but not have a data connection. In such cases, instead of postponing the task, employees are allowed offline reporting, which allows them to complete the expense report and save it, just as they normally would, and submit it once they have access to internet. That way, te work will not stop just for the want of an internet connection.
Today, expense management applications can do a lot more than the solutions of before. But, all these tasks are about expense management. However, in the course of expense management, there might be other business processes that employees might have to interact with, and in such cases, why use different interfaces?
Why not let clients know their staff can complete all their tasks from the same interface and save them the trouble of toggling multiple interfaces? Also, such a way of working will allow for more synchronization and timeliness in business processes. Expense software applications can be integrated with companion applications like travel booking, GPS tracking, and so on, not to mention with other important business process management solutions like human resource software and CRM software.
Sometimes, employees might not be available to complete their tasks on time. Instead of allowing the time to waste away, these tasks can be delegated to others so that the dependent processes are completed in time too. Take the case of an approver. Even if the traveling employee submits the expense report on time, and even if it is completely free of errors, the expense report cannot be sent to the finance team for reimbursement unless the approver signs off on it. Now, let's say that the approver is on leave for a couple of weeks. Does this mean that the expense report will have to be waiting in the processing queue for all this time? Not if you have expense software and use the delegations feature.
This feature allows approvers to delegate their authority to someone elso from a similar level in the hierarchy. This ensures that work is done immediately and through the system.
Finally, mention has to be made of analytics if we are talking about what expense report software can do for organizations. Analytics can form the foundation for an expense management process that is efficient and streamlined, yet easy for all the participants. Analytics give the complete lowdown in the exact manner that organizations need. These insights will really help with making the expense process streamlined and effective.