Travel and expense management is one of the significant areas where businesses must tread a fine line between spending efficiently and cut back on expenses. This work usually falls to the finance team. They are entirely responsible for making the expense management process better, minimize mistakes and control expenses that can otherwise prove costly. Traditional […]
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Today, businesses are simply tired of manual accounts payable processes and they want to do something about it. It is estimated that over the next two years, 85 percent of businesses will plan to minimize the number of paper invoices they get from vendors by 25 percent, per the Institute of Finance Management. A majority
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Monitoring expenses and ensuring that they are submitted, reviewed, and approved on time can be quite challenging. When a large number of employees hired by your organization need to work remotely, it becomes more difficult. Maybe your business is copywriting, and authors work from home, or maybe you employ people who hot desk in workplaces
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Today, many employees have admitted that they still submit expenses manually- filling their pockets, wallets, and briefcases with receipts. These rolled up pieces of paper later get stapled to printed Excel spreadsheets that should be typed, and mailed to the accounting team. In this age where a majority of business operations have been automated, expenses
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Managing business travel expenses using spreadsheets is a pain for many organizations and their employees. If controlling travel expenses is one of your top priorities, investing in a mobile expense management app can be the best choice you have ever made. The solution helps you easily handle the employee incurred expenses during corporate travel and
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Reviewing and approving expense reports manually are quite challenging. The finance department is swamped with expense reimbursement requests when employees return after their client meetings, sales conventions, and more. Expense reports done manually are error-prone and inaccurate. It is extremely difficult to gather, review, authenticate, and approve reimbursement claims manually without slipping down somewhere in
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Paying bills can be annoying, especially when you are running a business with many expenses coming from multiple suppliers, vendors, and providers. As the number of invoices increases, it becomes harder for you to keep a track and stay on top of things. Automating the accounts payable process can bring a difference to your organization.
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Multi-entity accounting practices are primarily related to complex businesses which operate as a parent company, conglomerate, or a holding company with multiple subsidiaries. But businesses that work as a single entity may comprise of segmented teams and regional offices, treated as separate units by the accounts department. Businesses can also move quickly from one to
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Travel and entertainment expenses are difficult to manage. T & E spending is the key expense to measure and control. But, most organizations fail to achieve this and the reasons for this are many. The following are some reasons why businesses are holding back to control employee expenses: Most SMEs are Run by Manual Processes
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In many organizations, on-time payments remain mysterious in their procurement process. Although significant investments in technology implementation and process digitization, businesses find that manual processes persist due to exceptions and country-specific processes. There a few common problems that the businesses come across when transforming their procurement function. While a few of these issues are process
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