Managing and monitoring employee initiated T&E expenses is a major area of focus for businesses both large and small. However, it should not be a difficult and time-consuming task. Having a better understanding of how expense report solutions help solve your current problems provides a foundation for ultimately choosing the best solution for your business. Here we highlight a few things that you need to consider.
Secure Cloud Technology:
Every business has needs that are unique; the solution must be fine-tuned to automate your spend management activities as much as possible. A cloud-based solution allows information to be securely accessible from anywhere, without relying on internal servers.
Using an intuitive program with user-friendly mobile apps will boost your expense submission and approval process. Providing employees the ability to submit expenses on their mobile phones not only gives them the freedom to handle their spend reports while on the move but also eliminates the time your AP team has to spend on manually collecting and entering the expense data into your accounting system.
Disconnected finance systems can disturb the flow of critical data. Finding a solution that can seamlessly integrate with your existing finance systems will create an operation nexus for accounting and spend management.
The solution should have built-in controls to enforce internal policy compliance. It should accommodate your business specifications, mapping out and matching all vital dimensions in your ERP and giving you the ability to analyze your business spends with customized reports. Advanced systems also offer secure storage for e-receipts and detailed audit logs.
By making the right investment in the right expense report solution, you can achieve significant cost savings, minimize fraud, and increase employee compliance with the business policy.