Digital transformation has been a hot topic of discussion among business owners for quite some time now. Expense management is an integral component when the context is about digitalizing your business processes. Most organizations out there have the tools to substitute hybrid paper-related approaches with digital ones. But when it comes to expense management, a lot of organizations face various types of issues with its proper implementation.
The increasing proliferation of automation and software platforms has seamlessly enabled modern-day organizations to operate in the digital domain. Interestingly, the concept of expense management has been one of the most enduring elements of the competitive world. Organizations facing difficulties in implementing expense management software should be aware of the pitfalls related to its implementation.
Uncertainty around the legality of expense management software is often a hindrance to its adoption among organizations. Keeping these aspects in mind, let’s take a glance at the common pitfalls to avoid while deploying expense management software.
Pitfalls to avoid while deploying Expense Management Software
There is no denying that the global market related to expense management has been registering massive growth over the past few decades. Quite interestingly, this was an ideal year for the expense management software industry. With organizations closed and employees working from remote locations amidst lockdowns, it was expense management software that fine-tuned operational efficiency.
What’s more impressive is the fact that organizations are now starting to realize the potential of expense management software. For instance, the wide-scale adoption of expense management software has played a crucial role in eliminating fraud and enhancing data integrity.
However, challenges remain in the implementation phase of expense management software. So, if you are someone who is considering the implementation of expense management software in your organization, take a look at some of the below-mentioned pitfalls.
Integration of Expense management Software with Other Departments
It is important to note that the expense management software solution usually integrates with third-party applications. If your organization has departments like HR and CRM, you should opt for expense management software that integrates with these departments. Also, it should easily integrate with your day-to-day proprietary software solutions.
For instance, you should opt for expense management software which you can use with Microsoft Office, Google Drive, NetSuite, Oracle, etc. Apart from a collection of integration features, the expense management software should provide your organization with customized features. For instance, it should come with a broad range of integrations and API opportunities.
Implementing Expense Management with a High Level of Security
It is imperative to deploy expense management platforms to eliminate any chances of fraud and breaches of data. Enterprises are looking forward to more advanced authentication options so that the identity of the participants can be easily validated. To ensure that your organization has a transparent environment, it is vital that the expense management platform complies with the necessary security measures.
Moreover, it is equally important to opt for a software vendor who can provide your organizational employees with proper training during the onboarding process. Also, check whether or not the expense management software includes an audit trail. Also, ensure that the expense management software solution comes equipped with a SOC 2 Type 2 certification. This would help encrypt your precious organizational data from falling prey to malicious elements.
Increased Ease of Implementation
The implementation process of expense management platforms should be simple and easy. It is quite normal that you wouldn’t want a software provider who would ask you to tweak significant changes so that the expense management software can be implemented. Also, the modern-day organization expects good ROI after deploying expense management as it eliminates lengthy manual processes.
Well, the expense management software solution you are implementing should support cross-platform devices. This is because most of your employees should have the freedom to sign documents anywhere and from any device. In this scenario, it becomes necessary to choose expense management software that can seamlessly integrate with smartphones, tablets, and laptops.
Like any other software deployed in your organization, it is vital that expense management software also has a comprehensive onboarding process. And in case you don’t know, an onboarding process helps your employees to discover the features of a particular software solution. Note that not all software solutions are the same in the market.