If you are stuck managing day-to-day operations of a growing business, you will fall behind in spotting industry trends and predicting corporate travel trends. Business leaders should carefully monitor the upcoming trends to get out of any surprises and to ensure that the business is best prepared to navigate in 2018. This is something applicable to expense management and especially companies that are scaling-up and have to deal with growing workforce and complex hierarchies.
Here are some of the challenges your expense system would likely experience in the upcoming days:
Growing Compliance Requirements
Organizations have to know how the latest business trends will negatively impact the compliance with expenses. In order to handle this, expense management systems are increasingly becoming a necessity. With expense data being automatically tracked and logged, data can be accessed immediately allowing finance departments to access the compliance reports required.
The combination of cloud-technology and handheld devices has driven the workforce toward mobile devices. This means employees can easily access the tools and resources they need from wherever they are, provided they have an online connection.
This works well for a growing business, allowing employees to access the data wherever they want and when they operate. Your expense report system should not just handle the volume but also the complexity. The system should be able to differentiate legitimate business expenses from personal purchases. Expense systems should be future-proofed to handle employees easily managing expenses through a smartphone.
Thousands of paper receipts are issued in the US every year but physical receipts are a thing of the past. Other digital alternatives are receipts or texts or in-store apps. This means that your expense app should be able to deal with any receipt format. Also, the solution should handle traditional paper receipts with a smartphone app, capture the data and convert it into a digital format.
Digital expense report system provides the core efficiency and flexibility that is required to overcome the challenges in 2018. As companies scale up they get stuck due to increasing administrative processes, so your expense report system should be able to control and streamline the complicated tasks.
An online expense report system such as SutiExpense provides businesses with tools they need to handle the challenges of a growing business environment.