Moving to an Expense Management System can greatly reduce the time it takes to process expenses
How many hours each year do your employees spend fumbling around with receipts and filling in spreadsheets? Whether its printer cartridges, booking flights, or a three-course meal with clients – outdated systems and manual processes for monitoring and processing spend can be overly time-consuming.
Smart companies are taking advantage of the opportunity to transition to modern solutions for expense management – and reaping the rewards. The good news for these companies is that tracking expenses in a faster and smarter way also means that you can stay on top of your overall business spend.
Pursuing greater efficiency
Everybody wants to shrink their admin tasks, and achieving greater efficiency on time-consuming tasks, like logging expenses, can offer important savings for companies of all sizes. By streamlining the expense process and minimising manual data entry your business could achieve a time saving of as much as eight days every month.
By adopting a modern web-based system for expense management, fewer staff resources are allocated to necessary, but time-consuming, bureaucratic activities, and the hands-on administrative burden for any remaining staff is significantly reduced.
Why waste the skills and talents of a team or department on tasks that a technology solution could do faster and more accurately? Expense solutions now provide you with the ability to take a photo of your receipt and upload it straight into their system. The software can also automatically enter the required data, not only so that the staff member doesn’t have to, but to eliminate user errors with the wrong dates or amounts being entered.
With real-time insights, expense management solutions enable key stakeholders to assess spend quickly, seamlessly and at a moment’s notice. Greater visibility means more control of your business spend.
By centralising all the company expenses in one place you know what is being spent by whom and on what and when. This level of transparency has many benefits such as making sure that any spend is in line with business policies and pre-approved limits.
These systems should also integrate to your core finance and HR business tools so information doesn’t have to be entered on multiple occasions, once again reducing the risk of user error. Spend can also be automatically applied to the relevant cost centre for even further improved budgeting and forecasting
Simplified methods of tracking expenses offer an important opportunity for companies to gain not only transparency on what is being spent, but also to cut down the admin hours that stop staff from doing their actual day jobs. Utilising an Expense Management Solution also means that when staff do run up expenses on a personal card they get reimbursed a lot quicker too.