Organizations are leveraging technology in every part of their processes, so why should the accounts payable department continue working with outdated and time consuming activities all the time? And, why don’t you automate those old-fashioned practices and make the job of your AP department easy. You can transform your AP
Expense management breaks in the same few places at almost every company. The report comes in late. The coding is wrong. A policy violation surfaces a month after the money was spent. Finance closes the books a day behind because it is still chasing three people for receipts. These are
If your expense policy hasn’t been updated for years, perhaps you are doing something wrong. The way employees are spending money has changed over time and now you are more likely to see a digital receipt than a paper. Having an outdated expense policy will create frustration in employees, which
Business travelers and accountants have experienced the pain of travel and entertainment expense reporting. Most often, the systems used for expense report management rely on paper trails or homegrown legacy systems, neither of which overcomes the challenges of expense management in the modern workplace. Till today many organizations are struggling
SutiExpense software solution offers a centralized platform for employee communication and allows you to interact with peers in ways you never imagined. The solution offers many features that allow you to take control of T & E related costs. Some of the key features are as follows: Budget & Expense
Business travel has become a crucial factor in strategic corporate planning. With more than 70% of organizations viewing T & E expense management as a strategic function, it has become quite important to link the spending and ramifications of corporate travel with the goals and objectives of the organization. Top
You might be thinking your accounts department is doing well. However, if you are not able to measure the performance and profitability, especially when it comes to invoice approvals and payments, how can you tell? Today, productivity is a measure of success, so knowing how to evaluate the productivity throughout
Accounts payable departments have to spend many hours on data entry to manually input repetitive, high-volume business transactions such as invoice processing. The rise of automation is helping handle the long-held and archaic concerns associated with manual-driven expense and AP management. The advent of intelligent mobile receipt processing technology to
How the accounts payable department improves the business bottom line is a billion dollar question for business owners. Besides audits, fraud prevention, and vendor management, there are certain things that make organizations top performing. The following are the best AP practices that drive business bottom lines. Minimizing Over payment or
Automating business travel and expenses turns the complex and time-consuming process into a more efficient one. However, simply automating is not the only answer; you have to figure out the blind spots in your business expense management process. While most online expense report solutions track T & E purchases, the
In this competitive world, anything that helps run your business operations smoothly is worth paying attention to. Using online expense report software to manage employee expenses is something that has a tremendous effect on the company’s success. The reasons for investing in expense automation software are many; it’s not just
Travel industry is continuously evolving, and the changes within the industry will present both challenges and opportunities when you consider cost control. There are numerous options for business travelers for how to book the trips and which vendors to use. A business trip today will look completely different from that
Profit is the end goal for any company. Businesses try to spend as little as possible while managing operations. As business model splits into various divisions, one should have the right tools in place to achieve efficiency. Of all, accounts payable is one key function that needs to undergo huge
Expense management is the most crucial aspect in an organization. With companies spending more of their revenue on travel and entertainment expenses, following the best spend management practices will help streamline major spend challenges. Let’s take a look at few strategies that can be implemented by organizations across the world:
Invoice fraud is the most common type of fraud that takes place in the accounts payable department. The fraud generally happens when vendors issue duplicate invoices and when there is no proper matching system in place. To prevent fraud from happening, your accounts payable department has to match purchase order
Automation is ruling the accounts payable industry for years and this year, artificial intelligence and robotics will play a key role in AP. Artificial Intelligence (AI) The usage of artificial intelligence in accounts department may seem something like out of fiction, but that’s actually what going to happen in 2017.
Enterprise software has gone through various phases over the past years. Firstly, the software was hosted in servers, followed by moving to the cloud, being transformed to Software-as-a-Service applications allowing you to plug and play almost immediately. Today, three trends are driving the enterprise resource software industry: Data sharing between
Unfortunately, one can easily take advantage of accounts payable processes as they get buried in the mass of hundreds to thousands of invoice submissions. All these will make the accounting process more vulnerable to fraud and overtime and it can become quite a costly problem. Avoiding invoice fraud may not
If your accounts payable department is not adding value to your business, it is evident that you need to change the way it works. The fact is that the accounts department plays a key role in any business and to get the best value from the function, it is better
Managing business expenses manually gives you countless challenges. Cloud-based expense software makes it easy for small businesses to operate. With the help of an automated solution, you can quickly process transactions and complete them three times faster compared to doing them manually. Every business comes with different requirements and the
Technology is making a significant impact at various levels for businesses. Right from digital payments to business procedures, organizations are increasingly becoming more agile in nature. All departments including the finance and accounts payable have to keep up with the technology to pick up pace in the industry. Margins, profits,
There might be times when a particular business expense is associated with one or more client or project. So, how do you report such expenses in real-time? That’s why we have come up with the concept of splitting expenses by cost centers. Whether you have to split expenses by project,
With an intention to meet the needs of all businesses, we have integrated SutiExpense with yet another accounting system – NetSuite. We understand how difficult it is for you to manually input all the employee expenses into the accounting solution. That’s why we have integrated with the NetSuite accounting system
Gaining visibility over business processes is very important, especially when it comes to T&E spending. Usage of tools and technologies can help you gain insights and offers maximum visibility into any business functional area. The following are some key benefits that visibility brings to businesses: Spotting issues You can proactively
Setting a travel and expense or T&E budget that your employees will love is not that easy. But with the help of technology, T&E budgeting will become easy for both employees and administrators. The following are a few tips that help you plan an effective T&E budget: Make use of
Cloud technology will not only bring a host of benefits but lower operational costs and boost productivity at a corporate level. Technology can simplify time-consuming procedures, and so many business owners have recognized cloud technology as an inevitable transformation. Around 69% of businesses have at least one application in the
Finance teams are undergoing a rapid change in organizations of all sizes. With technology on the rise, automation takes the job of accounting & administration and finance leaders will work to set the business strategy. Today, the finance industry is recognized as a center of business intelligence. The following are
Reporting travel expenses has always been a most hectic task for employees. Currency conversion is a big headache for travelers as the values tend to fluctuate from one day to another. So, how do you manage currency conversion? Is doing everything in foreign currency and converting it based on daily
Corporate credit cards have become a good option for companies to combat expense fraud. Most companies use corporate cards to verify and validate business spend. As giving a card to each employee is expensive, SMEs are looking for cost-effective ways to manage employee spending. Probably, ghost card can replace corporate
Spend management, which involves sourcing goods and services, setting contracts and paying suppliers, impacts every employee in the company. As employees have to buy things that they need to do their jobs, they interact with every part of the spend management process. To maintain efficiency and agility, the spend management
