Transforming Business Expense Management in the Digital Era

expense management software

Businesses have managed corporate expenses through paper, spreadsheets, and emails for years. Today, this approach no longer makes sense. Infact, manual expense management is a drain on businesses due to slow reimbursement process that consumes a lot of time. Therefore, finance leaders should consider moving to a cloud-based expense management software that streamlines workflow, enforce reimbursement policies and delivers accurate and up-to-date expense information.

Increased Pressure on Staff

Increased time-to-market pressures and productivity expectations are forcing workers to get more work done in less time. Employees can’t spend days in writing expense reports and managers don’t have time to review expense reports. Also, finance team doesn’t have time to manually analyze business expenses as expense volume grows constantly.

Highly Mobile Workforce

Spreadsheet-based expense management works when people were closely bound to the office. Today, employees have become highly mobile and they work remotely. So, sitting in the office and sharing paper receipts do not work for this millennial generation.

Dynamic Expense Management System

Employees should be reimbursed for travel, entertainment and other expenses they paid out-of-pocket. Expense management has become more challenging, there is an increase in both volume and variety of the expenses employees submit. In today’s dynamic business environment, expense codes change quickly as project timelines get compressed and reorganization can be done more often. Finance departments need more granular insight into growing expenses. They have to understand who is spending what and why? Ultimately, you should have a clear understanding of what’s going on with expense management.

So, what does the expense management should look like? What specific attributes should finance leaders look for in ad hoc spending while taking the hassle out of expense management workflows?

While there are many solutions, there are three attributes you should be particular about:

Cloud-based Solutions

Cloud-based expense report solutions offer various advantages over spreadsheet-based solutions. This solution will replace multiple spreadsheets with a single and centralized repository of expense-related data. Another reason is cloud-based solutions are mobile, meaning business managers and accounting department can log in from anywhere, anytime.

Rule-based Workflow

The SutiExpense solution allows the accounting department to build policies and processes right into the system. Instead of making the accounting department rely on spreadsheets manually to validate and evaluate claims, the system does this work automatically. The system alerts claimants if a particular category spending for a month exceeds a definite limit or if the expense code was entered incorrectly.

Expense report software will also generate alerts, reports, and dashboards that provide stakeholders with visibility into trends, and policies.

Intuitive and Configurable

Despite featuring comprehensive features, expense management solutions should be intuitive and user-friendly to use. Ideally, the expense report system should make it easier for the accounting department to modify policies, workflows, expense codes and other parameters.

Why is this important?

Accounting systems should realize the benefits of modernized expense management system to take advantage of technology:

Benefits to Users

Users will be able to easily submit expenses and corresponding receipts anytime, anywhere. Automatic alerts will be sent if they make a data entry error, submit an out-of-policy expense claim and make a duplicate claim. Most importantly, the automated workflow is another key feature that helps claimants get reimbursed quickly.

Benefits to Managers

Allow managers to simply approve or reject expense reports from their desktop, tablet, or phone whenever they find convenient. Also, track current spending by any parameter and modify expense policies when needed. This makes claims approval fast, easy, and convenient. Expense report software helps business managers better accomplish their objectives by minimizing the time their teams have to spend on expense reports.

Benefits to Accounts Department

Getting timely, accurate and completely documented claims alleviates the need to chase people for late submissions or spend time explaining policies to employees. With cloud-based expense report software system, decision-makers gain unprecedented visibility into what’s driving expenses and where they can deduct the costs. Validating expense claims and managing it all from a single interface make it much easier for accountants to integrate expenses into accounting systems.

Fortunately, expense report solutions empower accounting departments to eliminate fraud while validating every expense claim enterprise-wide. In this way, expense report solution would expedite the reimbursement process while making it easy for the users and accountants to walk through the entire process.

Similar Articles

The Ultimate Guide to Starting a Thriving Lash Studio

In the ever-evolving beauty industry, the demand for specialized services like eyelash extensions has seen a significant uptick. Starting a lash studio is an exciting venture for beauty professionals looking to capitalize on this trend and carve out a niche for themselves

Stickеrs, Vibrant Cosmеtic Packaging, Appеaling Products

In thе world of cosmеtics, how you prеsеnt your products matters a lot. In a highly compеtitivе industry, whеrе products fight for consumеr attеntion, packaging is likе thе facе of your cosmеtics, catching thе еyеs of thе shoppеr.

local businesses

Mastering local SEO strategies is essential for businesses aiming to thrive in their local communities. Local SEO refers to the practice of optimizing a website to rank higher in local search engine results pages (SERPs). Such SEO services an effective way for businesses to increase their visibility to potential customers in their area.

How to Find a CPA for Small Business

You're running a profitable small business. You are helping your consumers, and they are rewarding you with the one thing that every business requires to thrive - money.  

Small businesses play a crucial role in the economy, creating jobs and contributing to the development of local communities. An essential aspect of the successful operation of any enterprise, regardless of its size, is accounting. In this article, we'll look at the basic principles and strategies for effective accounting for small businesses. 1. Defining accounting goals Before you begin accounting, you need to define the goals of this process clearly. Effective accounting helps you comply with laws and pro

Small businesses play a crucial role in the economy, creating jobs and contributing to the development of local communities. An essential aspect of the successful operation of any enterprise, regardless of its size, is accounting.

Is Online Printing Overtaking Traditional Methods?

In the ever-evolving landscape of the printing industry, a significant shift has been observed in recent years. The advent of online printing services has sparked a debate on whether these modern methods are overtaking traditional printing techniques. 

Enhancing Construction Site Safety through Rental Equipment

Construction sites are inherently hazardous environments, and prioritizing safety is crucial to protect workers and minimize the risk of accidents. Rental equipment from reputable construction equipment rental companies can play a significant role in enhancing construction site safety.

Silicone Edge Graphics

Silicone Edge Graphics, commonly abbreviated as SEG, have actually changed the world of visual communication and also marketing. These sophisticated graphics incorporate the versatility of fabric with the crispness of printed graphics

Ultimate Guide to CNC Foam Machining

CNC machining is a process that utilizes computer numerical control (CNC) technology. It is used to cut foam and other materials into complex 3D shapes. CNC Machining is used in a wide range of industries such as aerospace, automotive and medical industries to manufacture custom parts and components.