Importance of Gaining Insights into Business Expense Reporting
Getting more insight into submitted expenses can help you make informed decisions in a timely manner. Automated expense report solution can help you get a quick view of business spending. Gaining insights is a powerful way to drill down your expense data and analyze the data. Featuring intuitive dashboards will help you know how money is being spent in your organization.
How can insights into expense data help you?
Visualize Travel Spend By Vendor
By gaining visibility into corporate travel spend you can get details like what vendors your employees are choosing for airfare, hotels, car rentals, and other services. Also, you will get to know what kinds of discounts, rewards, and incentives you are receiving so you can better negotiate with vendors and lower costs.
Analyze Department Spend to Prepare Accurate Budgets
Gaining insights into business spending will let you understand how much each employee, department, and business unit is spending. You can review departmental spend to spot out trends, anomalies, and other indicators. You can see your employee spending habits, preferred vendors, know the frequency of business trips and plan accordingly.
Compare spend across multiple projects and drill down into data to optimize costs by creating a purchasing strategy and establishing vendor relationships. Summarize spending by the client, cost center, and other criteria to export detailed reports. Summarizing spending helps you to know where every penny is going, which gives you a clear and complete picture of corporate spend.
Catch Employee Fraud
Gaining visibility into detailed spending will help you know how much employees are spending on each business trip. You can also identify the patterns of employee spending and find out the reasons behind out-of-policy expenses. Therefore, you will get to understand why non-compliance expenses are occurring and figure out expense fraud.
Getting valuable insights empowers the finance department and turns them into a strategic business unit. Giving employees enterprise-level visibility will help businesses grow while leveraging business unit.
Request a free demo to know how SutiExpense can help your business.