The management of expenses is an inevitable component of organizations to enhance their overall profitability. As part of expense management, they need to keep a tab on the cost of every business activity. Moreover, the employees must submit expense reports for reimbursements. So as you can see, all these things can be pretty complex in the presence of a manual expense management platform.
For instance, in a manual expense management platform, the managers have to provide approvals of the expense reports. In short, the reimbursement process is quite hectic and long, resulting in dissatisfaction among the employees. This is exactly where companies may feel the need to deploy an automated expense management software solution.
The use of automated expense reporting, enterprises can build theirs by simplifying the corporate travel operations and boosting the overall productivity of the employees. With automated expense management software, the employees would be able to upload scanned copies of the receipts to claim faster reimbursement.
The entire reimbursement process is expedited, and money is credited back to the employee’s accounts which exude practicality. Here are some ways in which expense management software simplifies corporate travel to a great extent.
Streamlines the Entire Process of Receipt Management
With an expense management software solution, you would be able to streamline the entire process of receipt management. Employees usually submit expense reports with receipts as proof of the expense. These receipts may either be e-receipts or paper receipts. But, with the implementation of expense management software, you would be to fine-tune the entire process of management of receipts. An expense management software platform comes with unlimited cloud storage.
Using expense management software, the receipts would be accessible from anywhere with any device. This would greatly help in expediting the entire process of management of bills. Moreover, your company’s finance teams can view all the actions for a particular expense report from a centralized expense management dashboard.
Expense Management Software comes with Versatile Features
It is worth mentioning here that expense management software comes equipped with versatile features. They are as follows:
- Custom Rules: This feature can help implement policies and share expenses for approval. Moreover, you would be able to automatically approve repeated expense reports and recognize the mistakes with the help of this feature.
- Dashboards: The dashboard offers managers an overall view of the expenses. With an expense management software platform, you would be able to access a centralized dashboard which would help keep a tab on all the expenditures. The dashboard will provide you with insights into the present status of the agency. Furthermore, dashboards also help finance teams to prepare policies and budgets for the following year.
- Custom Reports: With custom reports, you will have access to the details of the expenses. For instance, your finance team will have a 360-degree view of the overall expenses incurred by your employees. Moreover, you will be able to assess the categories on which money is being spent and also the details of the person who made the transactions. As you can see, custom reports in expense management software significantly boost transparency.
- Compliance: With expense management software, you would be able to comply with the rules and regulations formulated by the authorities. This is a great feature to have, especially when you want to depict your company as a responsible one.
Improved Efficiency in Operations
When you bill expenses, the employee reports must be timely and precise. Automated expense management software comes with real-time policy engines which ensure that there are no policy violations.
In case of violation, the employee and the approver would be notified immediately. What makes expense management software impressive is that it leaves an audit trail which records all the activities related to corporate expenses. In short, you would be able to minimize fraud in corporate travel expenses to a great extent with the help of expense management software.
Addressing the common challenges associated with corporate travel can significantly help your employees to be productive. Moreover, you can stay rest assured to witness a spike in your organization’s employee morale. Select expense management software today to streamline the overall process of corporate travel.