How business expense management software can help your business
No matter whether you have a small, medium, or large-sized business one of the greatest challenges you will face will be efficiently managing your financial resources. In recent years, increased overhead costs have made staffing and human resources solutions to accounting and management more of a challenge. Fortunately, technology has stepped in to meet the demand. Automation solutions for expense management can help to offset the disadvantages of limited manpower as well as minimize expensive mistakes that may be the result of human error. Today we are taking a closer look at the benefits of expense management software and how it can help your business cut costs and balance the books.
What Is Expense Management Software
Expense management software is a suite of applications utilized to facilitate all tasks involved with managing the business expenses of employees of an organization. These applications help stakeholders plan, track, and report expenses throughout a business cycle. The goal of the software is to simplify the process of tracking expenditures and realize a reduction in errors while also reducing the man-hours required to balance these accounts. While the traditional method of auditing an expense account usually happens after the fact, Expense Management software cuts out the process of pouring through paper receipts and expense reports after the purchases have already been made. Approving or rejecting expenses is collated into one streamlined process and can happen daily or even in real-time. With this efficiency and transparency, overspending or unnecessary revenue reimbursement can be significantly curtailed.
Common Tasks Of Expense Management Software Suites
While this is not an exhaustive list, expense management software can help your expense department in the daily oversight of many tasks including:
- Simplification of the expense tracking process
- Eliminating manual entry of expenses
- Auditing potential errors in reporting
- Creating a database of electronic receipts directly from mobile devices
- Remote management and approval of expenses in the field
- Send staff reminders of company expense policies
- Provide real-time visibility of expenses and identify spending trends
- Identify areas of overspending and opportunities to realize savings
In general, the expense management process is not replaced by automated systems but rather the typical pain points of the expense department are addressed by using technology to reduce the barrier in time and distance between expenditures and reporting, allowing for quicker response to potential problems.
The Benefits of Expense Management Software
Expense management software increases both efficiency and accuracy of reporting for any expense department. It eliminates redundancies in the process and accelerates the transition of data from collection to action. It ensures that the calculations of expense account balances are accurate and identifies which accounts may need further attention before reimbursements are issued. They can also help employees to be aware of and comply with policies, especially in the current business climate where these policies may need to change with little notice due to market conditions or regulatory requirements. Altogether, the cumulative benefit of these improved processes is limiting the possibility of a loss of revenue due to fraud, waste, or abuse of company resources.
Addressing Security Concerns with Expense Management Software
One of the largest concerns of companies that allow employees access to expense accounts is the security of these accounts, as they are often decentralized or even utilized in many different countries around the globe. Even small or medium-sized businesses may have experienced data breaches due to expense accounts utilized in the local area. Expense Management Software allows for the storage of sensitive data in a secure encrypted format as well as providing an additional layer of security to include two-factor authentication. These features can help both companies and employees breathe easier knowing that potentially sensitive financial data is protected from unauthorized access.
Help Manage Your Expenses Starting Today
If you believe that Expense Management Software is just the thing you have been looking for to put your employee expense accounts in order, take the time to select the software suite that best fits the needs of your company. A quick online search will provide you with reviews of the top software as well as reviews of its performance by real users. Begin your search here for some of the most highly-rated software in the industry. Compare the features that are most important for your organization as well as the price and the rating provided for its customer support before making any purchases.
