For any business, the need for expense solution can go beyond travel & entertainment expense management to everyday expenses. Managing T & E expenses can have a significant impact on business when an audit is carried out.
SMEs Vs. Large Organization Expense Needs
The expense management needs of small and mid-sized businesses are different to that of large organizations. Most likely SME expenses tend to be broader when compared to large organizations. Ensuring that claims are valid and other legal issues are handled in the right way is a major concern.
Spreadsheets Works, but a Costly Approach to Manage Expenses
Data entry errors, fraud, lack of insight into data and the ability to report on expense trends are a few things that spreadsheets lack. Also, you don’t have the ability to check and consolidate expense claims in spreadsheets.
Expense Management is a Cost to the Business
Business expense management is always a costly process – carrying the process adds no real value to the business. So, you have to look for alternative ways that can minimize the cost of operating the processes.
Automation has to be done
Enabling employees to log expenses as they happen and reimbursing directly to the employee accounts can speed up the expense process, avoid errors in submission and reduces fraudulent claims.
On-premise Expense Management System
Using a system to automate expense reporting process will not only avoid the costs of a manual system but also enables better reporting and trend analysis. Managing the process with technology will reduce iterations between employers and employees and makes the processes more efficient.
Mobility & Integrity
As the technology continues to change every business process, the need to embrace mobility and integrity has increased for businesses. So, your automated online expense report software should support mobility and be able to directly integrate with other external applications. So, you should look for solution providers who demonstrate expertise in these areas.
Moving away from spreadsheets to an automated solution means that SMEs can see where expenses are accrued, gain faster insights and control what is happening – thereby minimizing costs and making faster approvals and reimbursements.