Expense management software is a sort of business expense tracking and administration software. These solutions use automation to aid in the expense submission, tracking, and reporting processes for both employees and managers, streamlining the process and cutting down on both labor costs and human error.
In the past, companies have relied on workers to keep track of their own costs until a certain date. After the worker turned in their expenditure report, the administrator had to go over each expense, verify its accuracy with the original paper receipt, and then either approve or reject it.
Despite the obvious advantages of adopting expenditure monitoring software or an expense management system, many businesses continue to rely on this manual method. In addition to speeding up the reimbursement process, cost management software can help limit wasteful spending on corporate travel and activities.
Consider the following ways in which your company can benefit from investing in Expense Management Software.
1. Saves Time
A manual expense report will take around 15 minutes to complete. Time spent on this process can be cut in half with automation. In addition to providing instantaneous verification of submitted receipts, expense management software also allows for the accurate verification of non-conforming receipts and the quick generation of expenditure reports.
Using these functions, you will not have to go back and sift through employee receipts or scour spreadsheets in search of an error or a lapse in policy on a previously recorded expense.
2. Automation of the approval process
Employees often submit their expense spreadsheets and supporting documentation to finance for review and approval. The accounting department verifies all payments, processes claim for approval or denial, and keeps records for future audits, all of which require manual verification of receipts. Especially when workers try to get money back for things that are not covered by corporate policy, this can be a time-consuming and laborious process.
The procedure of following to the company's spending policy is also automated by an expense management solution. Artificial intelligence is used to verify and reject fraudulent or non-compliant claims while rapidly approving legitimate reimbursement claims.
3. Quick imbursements
Reporting and reimbursement manually typically take more than seven days, which results in a significant increase in employee unhappiness. The process of compensation can be sped up with the help of an automatic reporting system, which ensures claims are authorized in a matter of seconds.
4. Tracks out-of-control expenditures
By using expense management software, not only can you save time by eliminating manual processes, but you will also be able to see the big picture of how your business is handling its finances in general. In order to prevent spending from spiraling out of control, it is important to keep careful track on it. You may even find that you can cut back on some of your outgoings altogether, such as a subscription charge for a service that you only use roughly once a month. Changing the pricing structure of a subscription can have a dramatic effect in many cases.
5. Easier Corporate Travels
Travel and expense tracking apps for mobile devices make it easier to manage your finances on the go. This facilitates the creation and submission of expenses by travelling personnel, as they may take photos of receipts and upload them directly to the expense report. Managers may now accept claims on the go, thanks to mobile apps that allow them to do so from their cell phones. Since less time is wasted worrying about finances, more may be spent actually running the business.
Reports can be processed in the background by automated systems while you focus on more pressing matters for your organization in the foreground without ever needing a break.
Whether or not you agree, expenditure management is a crucial but frequently overlooked technology. KentroBox will process and keep track of costs easier, cheaper, and less stressful manner. What's more, it can aid in the development of better methods for managing personnel resources. To request a demo, please visit: CONTACT | Digikentro