The intricacies of manual processes and time utilised to close books and reconcile cards are identified red flags for 60% of the businesses presently existing in the ecosystem. The headaches and struggles can be wiped out by simply engaging with expense management software. Owing to the advent of technology, it is indeed the perfect time to switch to an efficient and business friendly system to manage your expenses.
Expense Management Software: An assistant you did not know you needed.
Simplification of procedure
Printing and submitting paper copies of invoices and receipts are slowly becoming a thing of the past, the reason being that the alternative- Expense Management Automation, appears to be completely hassle-free. It enables an enterprise to route not just invoices of the business for automatic approval but also, account payable reporting and reimbursements. The time and money saved in lieu of this system by the Accounting Department shall now be spent on more business centric, non-administrative tasks.
Accelerate Employee Reimbursement
Printing and submitting paper copies of invoices and receipts are slowly becoming a thing of the past, the reason being that the alternative- Expense Management Automation, appears to be completely hassle-free. It enables an enterprise to route not just invoices of the business for automatic approval but also, account payable reporting and reimbursements. The time and money saved in lieu of this system by the Accounting Department shall now be spent on more business centric, non-administrative tasks.
Banish Accounting Faults
The Expense Management Software possesses the ability to eliminate the fallacies made back when transcribing manual reports to spreadsheets were the norm. Employees can also use optical character recognition (OCR) to scan capture and submit their reports. These functions further maintain correctness in accounting procedures.
The erroneous approach of making duplicate entries, making overpayments and overlooking accounting errors can be put to an end by the adoption of the software.
Boost Operational Efficiency
The ability of the Expense Management System enables businesses to streamline expenses on account of their integration with Enterprise Resource Planning (ERP) Software. Thus, giving employees a wider headspace to prioritize their more value-added tasks to work towards enhancing the organization’s financial performance.
Eradicate Outdated Policy Expenses
By virtue of the dynamic nature of a business, policies are constantly aligned to its stance. Hence, employees may not always be in the know of latest policy changed with regards to its expense management. The existence of Automated Expense Management solutions aids the enterprise on this tangent. It not only categorizes and identifies employee expenses accurately in alignment with the company’s expense policy, but also assists the business in complying with local and state tax regulations.
Improved Financial Visibility
The foggy terrain encountered by Business Managers of not being able to confidentially make decisions is solved by the snap of a finger with the Expense Management Software. It quickly briefs the entity on metrics such as expense per employee and average report approval time. Refined data like such can aid the organisation with the power of making strong, informed decisions.
Identifying high spending employees, analysing trend of business expenses and ensuring expense policy is observed are on of the other few benefits.
Avoid Fraud
Losing 5% of your annual revenue is not a pretty image. Financials need to be in order and streamlined as much as possible. Because why make an error that can so easily be avoided!
Expense fiddling is an activity that is observed to be undertaken by employees to tinker around with expenses and getting the organisation to burden itself by getting it reimbursed to themselves.
The built-in mechanism of the Expense Management Automation system possesses the means to identify misleading and fraudulent claims. This prevents the running around behind employees for un-related expenses and facing troubles while undergoing financial audits.
Observe Tax Policy And Regulations
To maintain and hygienic expense audit trail instead of physical bills or hand-made spreadsheets, the organisation can subscribe to the Expense Management Automation system. To avoid non-compliant expenses or other such violations, it would be prudent to use technology that runs hand in hand with the organisation’s diligent aim to avoid financial scruples of any kind.
Make Business Travel Easier
The employee, on easier and comparatively smoother submission of expense report shall face an easier, less miss managed work structure. The mobile application can be used as well to review the employee’s expenses and such requests. In this case, both the employee and employer shall face an ease of mind while engaging in business travel.
Enhance Employee Productivity
The Expense Management System makes more comprehensible the activity of data reporting as well as reducing workload. The headache or carrying out and preserving reciepts by the employee shall be a thing of the past and accounting errors while clocking in such expenses or squinting to read the bills in case of faded out prints would be avoidable tasks.
Employees simply have to scan and submit receipts using OCR and the finance team such accept or reject such expenses based on whether it is in consonance with company policy.
Make the right decision and choose Myvay for a more efficient and effective business when it comes to managing expenses!
Therefore, if your organisation’s goal is to simplify expense management and all functions surrounding it- the only way is to use tools that aid you in these tasks. Using expense management software enables you to unlock the potential of your business manifold!
