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Spend Management

business expense management system

5-Steps for Successful Implementation of Expense Management Software

Expense Management, Spend Management /

In today’s technologically driven digital world, most enterprises are investing in expense management solutions to automate their business processes and enhance overall productivity. With an average of $1.3 trillion spent solely on corporate travel expenses worldwide last year, organizations are trying to gain full control over their expense budgets. The software streamlines tedious and time-consuming […]

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expense management software

Top 3 Challenges of Manual Expense Management Processes

Expense Management, Spend Management /

Whether a startup or a large enterprise, every penny counts in any kind of business. You must keep track of company expenses in order to control the finances and enhance profitability. Inaccurate data and miscalculated costs can have a negative effect on your business finances if not instantly resolved. If your organization is still managing

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DMS Software

Making Life Easier with Automated Expense Reporting

Expense Management, Spend Management /

For many employees, corporate travel has become a significant part of life. Today, more than 45% of organizations have a labor force that travels at least one week per year. The rest 28% of companies noted that their staff travels at least four weeks every year. With so many business-sponsored trips taking place, managers and

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AP Automation

4 Must-Have Features of AP Software for Automation

Spend Management /

It’s imperative for enterprises to track all financial data effectively in order to enhance business productivity. But, managing financial transactions with the age-old traditional processes is obscure, slow, and is prone to errors. Fortunately, many businesses are adopting account payable (AP) solutions to automate and streamline financials within the AP processes. With the increasing demand,

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Artificial Intelligence in Expense Management

Top Ways AI Helps Minimize Corporate Spending

Spend Management /

Today, many aspects can go wrong with a typical company’s audit spending procedures. Auditing supplier invoices manually with employee expense reports are tedious and time-consuming. Several organizations canceled conducting partial audits, which caught some discrepancies because of the time it took to complete one. However, it leaves your business at a higher risk for fraudulent

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Why Your Business Needs a Good Procure-to-Pay Software

Spend Management /

The Procure-to-Pay (P2P) process has gained a lot of importance over the past few years. CPOs, as well as CFOs, are continuously searching for new ways to minimize expenses and enhance savings via efficiency. Traditional paper-based P2P methods bring lots of challenges such as lack of visibility into spend management, lack of compliance with the

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Automate AP Tasks

Common AP Tasks Your Organization Should Automate Soon

Spend Management /

Accounts payable tasks can turn out to be time-consuming and ineffective in financial processes without automation. Today, many AP departments still need to key-in invoice data manually. They are spending valuable time printing paper checks, mailing payments, filling paper records, chasing down signatures, and more. Also, they must monitor and calculate the financial details include

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Automated Procurement Benefits

The Benefits of Automating Procurement Process

Spend Management /

The procurement process comes with a lot of chaos, and when automated workflows are not in place, the process is a mess. The procurement system comprises multiple workflows that require multiple people to do their job seamlessly. However, without transparent workflows in place, the process is challenging. Automation in procurement helps achieve efficiency. There are

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Expense Management Software Features

7 Features to Look for in Expense Management Software

Expense Management, Spend Management /

The manual process and legacy systems do not meet the needs of modern businesses. It is essential to track and record every expense to identify pitfalls, avoid unnecessary expenses, and cut down the costs. According to the Aberdeen Group, managing expense reports manually is costing $41.12, while an automated expense report would cost $7.17. Creating,

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