In many enterprises, HR, marketing, and other departments have benefited from cloud technology but finance departments are stuck with old methods. So, how do you digitize finance departments? Modernizing organization’s travel and expense systems is one of the best ways through which you can revolutionize your business processes. Leveraging technological advancements such as capturing receipts with machine learning technology can add value to the business.
The following are three questions every CIO should consider to transform the finance department by revolutionizing their travel and expense systems:
Is your Organization Using Outdated Processes to Manage Employee Expenses?
Some companies are still using the ERP or a home-grown system to manage their employee expenses. Maintaining these systems can lead to huge resource and system integration costs. See whether employee reimbursement requests cannot be addressed in a reasonable amount of time? Using old-fashioned methods will make it difficult for companies to gain an insight on employee spending, they will lose the ability to make financial decisions. Using SaaS software with integrated travel gives the company an end-to-end view of business spending.
Are you Keeping Up With Employees Expectations?
Policy enforcement is equally important as user experience. Today’s workforce has changed expectations on how work gets done and the tools businesses need to use at work. Not just millennials – all generations are now accustomed to simple methods at work. Employees expect the same capabilities from their employers and want to work digitally in managing their corporate travel expenses. Furthermore, they expect to do work on the go rather than relying on spreadsheet systems.
Do you Manage Business Expenses in a Centralized Location?
Not managing your business spending in a centralized location will increase the chances of fraud. Finance department loses control and visibility into where and how dollars are being spent. Organizations should have the ability to proactively monitor, report, and analyze spend to make better forecasts.
Expense report software can help companies capture spend and easily reconcile expense claims while negotiating with suppliers.