Understanding business expense management is very important for organizations looking to scale-up. Systems and processes should be in line with the business needs during the scaling process. Employee expense management is an area where companies get stuck on all the time. Traditional processes make it difficult for companies to effectively manage expense procedures. The ideal way is to prepare your business with an expense management system that gives you the flexibility to meet the evolving needs of the company – right from SMEs to large enterprise.
So, how do you cut the clutter from expense management and make it simple and accessible. Here’s a quick guide that can help you streamline the flow of your expense management from end-to-end:
Ensuring expenses comply with the rules set in place is difficult. Automated expense system will offer tools required to minimize the risks of expense fraud and compliance breaches. Expense report solution checks for compliance and sends automatic notifications whenever breaches happen.
Automated solutions feature extensive reporting capabilities that allow employees to easily manage and manipulate the expense reports. This process that would typically take days can now be done in minutes with a digital system. Also, it is easy to access and explore accurate data on every aspect of the expense with an automated solution. In addition, you can get a clear view of the company costs that were previously hidden.
Travel and Entertainment (T & E) Expense Policy
Business expense policy should clearly state what can be claimed, how it is claimed, and how much can be claimed by employees on T & E expenses. Strictly enforcing the business expense policy is a must for an effective expense management. Automated expense systems can easily integrate the policy into the workflow so that employees will get automatic alerts when they try to submit out-of-policy expenses.
Cloud-based expense report software offers a fast and simple way to handle employee reimbursements, allowing expenses to be managed anywhere, anytime. The software can be used with mobile apps so as to further streamline the process and get things done at a faster pace.
Expense report software provides instant access to expense-related data. It eliminates the time spent on looking for the required information on paper. Also, finance departments can have insight into real-time data, which helps in monitoring costs and triggers an alert for compliance breach, if any.
Expense report software offers a simpler, smarter, and safer way to manage and monitor employee expenses.
Want to learn more about SutiExpense Expense management? Request a free demo today