Managing company finances can be difficult. Accounting professionals often will be overwhelmed with where to begin. Getting accurate figures and useful reports are even harder to come by. Gaining visibility into your company’s finances is the key to your business success.
So, how do you improve your company’s visibility?
Capture Spend Easily
To get the data you need to make better financial decisions, you have to make sure your employees capture receipts and expenses as they incur. Making this process easy will encourage employees to submit expenses in a systematic manner. Capturing spend in real-time means you can monitor how cash flow is happening. Trying to analyze data across disparate spreadsheets is not only time-consuming but also makes cross-collaboration difficult for various departments. The finance department has to take proactive measures to gain better insights into spending. Saving data into spreadsheets will make it extremely difficult for you to interpret spending patterns. Having a cloud-based expense report solution allows you to capture and track expenses anywhere. In addition, mobile applications allow users to store receipts digitally and submit expenses on the go.
Having a system where your company’s spend data is stored allows you to easily run spending reports to spot any anomalies. This is where automated expense solutions can help bridge the gap between spending and visibility. The finance department will know where money is being spent. The expense report solution allows you to create custom reports, which will help you gain insights into departmental spending, project expenditure, and more. This can help you figure out where negotiations can be done in supplier payments and savings can be made.
Gaining insights from the process means gaining better visibility. You need a system that allows you to track business expenses anywhere in the process. Controlling the entire process and seeing who needs to submit and approve expense reports can save a lot of time. Strictly enforcing policies within the expense reporting system can help avoid out-of-policy expense claims. Also, you can create, adjust, and update spending limits for business units, and departments so as to prevent any overspending.
Deploying expense report solution to track business expenses will give you a complete picture of who is spending what and why. Visibility over every part of the employee spending will ensure you can always track every penny when you need it the most.