6 Reasons Clients Need Expense Management Software
Working with expenses as you do, you also know managing business expenses via spreadsheets is like using a tiny saw to cut down a tree.
Sure, it can be done but how long would you take? Many of you probably already know the pain of expense management and may even look forward to it like a necessary root canal each month.
Given this friendly picture, and the realities of manually managing expenses, I have complied six major reasons as to why organizations need to implement expense management systems and what benefits automation could leave them with.
1.) Driving Cost Efficiencies: Are you like others worried about the high cost of software and project implementation or thinking about all those already stretched internal resources? Well then the good news here is that for an automated expense management system the price model would be based on the actual usage and without being an upfront fee. The implementation here could be quickly done through an online wizard through the support of the providers as needed without adding a burden on the IT or operational team.
2.) Driving Ongoing Savings: Taking intelligent business decisions without having the required data related to the organization is difficult. And having an access to the centralised information would make it simple not just for the employees but even the organization to report on the multitude performance indicators. While developing and supporting the expense policies the organizations here could identify and know where they could be a victim of fraud or where it could be a breaching statutory compliance. This could also help you reveal where the corporate entertainment budgets could fall fouls of the government laws and acts.
3.) Effectiveness of Automation: Mitigating the risks of managing business expenses is the most challenging process. And when using a cloud based risk management solution the risk is more with the provider when compared to the customer. Using an effective and accurate solution would allow businesses to integrate the company policy giving them a clear insight to report quickly and easily on the travel and expense data, effectively reducing the risks of operating outside the regulatory framework. Giving employees the opportunity to travel and manage their expenses from a single platform would not only offer them greater control, but also help them manage the risks within the organization.
4.) Chasing Paper Wastes Time: Many business organizations these days are turning towards an automated expense management system, in order to create and have a nearly paperless approval routine and expense management system. This automated expense management system provide for invoice approvals and workflow, processing the company purchases tracking down the PO approvals managing their travel and expense management system.
5.) Fraud Minimization: Accuracy of data is the key to effective expense management. Having an integrated expense management software system not only removes the need for of manual entry of expense claims, but also helps mitigate fraud. Automated expense management systems would ensure fair and consistent rules that could be applied within the organization, and the employees would not have any chance of entering the wrong data or out of policy claims.
6.) Saving Time and Money: Business expenses are often waiting in the office for a sales manager to come in for the day and approve them, followed by the sales team who are getting anxious waiting for the payments and last, but not least, the finance department sending emails to managers in order to get things approved. And with everything being online including the electronic receipts of the expenses being made, the managers could easily access the business receipts from any computer saving time and reducing the pain on employees.
This is just a small list of the potential reasons to begin automating expense management, preferably through a collaborative, cloud-based expense management system. Feel free to add your own or any anecdotal evidence of your (or your clients) use of such systems.
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Ashly is a freelancer and a Marketing Operations Manager in India. As a marketing operations manager she focuses on growing expense management software as an open source product, and communicates the value of identity to customers, partners, and the larger community by...