Key benefits of expense management software
Management of expenses is a crucial business task, as tracking, recording, and organizing all company expenses enhances their profitability. Employees are required to submit their claim requests for out-of-pocket expenses, which are then processed and accepted or rejected. Traditionally managers are required to keep track of all kinds of expenses, maintain reports, and present analyses.
However, with the coming of expense management software into the picture, not only does the whole tracking, recording, and analysis part gets automated, but employee expense claim requests also become easy to submit and approve. The benefits of expense management software can be clearly seen by comparing the profit and efficiency numbers to the traditional ways of expense management.
Now, expense management is adopted to mainly automate the reimbursement process and make the employee's expense claims reimbursement process seamless. This software reduces the time invested in the process and also minimizes errors and paper usage. Expense management software for small businesses automates the process right from recording to tracking, approval to reimbursement.
The manager is required only to approve the claim request, which is shown to them in a simplified manner, meaning all important information like who, what, when of the expense claim is clearly visible. Plus, this software syncs the company expense policy with the budget and helps in not overspending.
Expense management software help business enhance their productivity by simplifying expense-related functions and instilling overall efficiency in the system. Using expense management software for small businesses discards the paper bills passing, running around for signatures, collecting things for the expense report, and all other such manual tasks included in the conventional way of expense management.
It offers features to create custom rules and policies which are automatically exerted on the expense, quick sharing of expense claims, and easy approvals with determining any error or false claim. Along with this, tax and expense audit becomes trouble-free.
One of the most important benefits of using expense management software is real-time visibility into the company's spending. The expense management software dashboard shows all the crucial information which is needed in one go, in an easy-to-understand display, and also includes graphs for better comprehension. Along with these, the software also facilitates real-time visibility of fund movement. This means that if an expense claim is approved, from payment initiation till the other person receives the money, the system updates everything.
Expense management software for small businesses is the best solution to automate and integrate with the company accounting system for ultimate accuracy. When the expense data is entered manually into accounting sheets and the expense database, errors will naturally be there. There might be a double entry of numbers; some numbers might be completely missing, and someone might try to amend the data purposefully. An expense management software eliminates all these problems and creates an absolutely accurate and to-the-point perfect database and accounting entry.
To learn more about the difficulties that organizations encounter while managing their expenses manually and how to solve them, read our detailed article on expense management challenges.
It is not humanly possible to stay updated and enforce each and every new expense policy and also look over the employees that the expense policy is being followed. Hence, an expense policy customized according to your business needs can be automatically enforced by expense management software. So, the possibilities where there might be changes in the policies or there might be some new ones; everything would be updated in the system.
Manually taking care of all receipts, expense claims, and employee payments is extremely difficult. With this comes inaccuracy which causes problems in audits and accounting. However, with expense management software, everything is tracked to every last bit so that any errors would be automatically caught and flagged. Along with this, no employee would have the ability to make changes in the expense data numbers. Only some authorized people from the team are given access to make changes in the data. Hence, ultimate fraud protection.
When your expense management system is integrated with the business’s enterprise resource planning software, the process of making expense reports, tracking, and approvals becomes easier. The company’s cash flow and productivity increase significantly when both managers and employees are benefited from expense management automation. With expense management software, employees are relieved of the boring and repetitive tasks, which means that they would have time to invest in other valuable tasks like strategic planning and financial forecasting, which would bring more value to the company.
The major inefficiency in any task comes from using physical paper documents. Storing, keeping track, and maintaining paper records is burdensome. Not only is there the chance of papers getting lost, but also misprinting, carrying them for signatures, organizing them in the right order, and managing paper files for processing; all these tasks are exhausting.
With expense management software, the entire need to maintain paper trails gets eliminated. All information and data are not only recorded in the system but also properly categorized and arranged for ease of understanding and effortless skimmability. Plus, that data in the system can never be misplaced, and backups and multiple copy storage options effectively terminate the issue.
While using an expense management system, employees are only required to scan their expense receipts and raise a claim. That claim request reaches the managers and approver, who then look through the request screen, where all the necessary details are clearly mentioned. The managers just have to check and approve the request, after which the money would automatically be transferred to the employee.
For both the employees and managers, the reimbursement process becomes straightforward. No more paper expense claims, going around to managers to get it approved, and managers running for missing receipts and wrong numbers. Everything gets solved by an expense management software
Just with a few clicks, expense claims can be submitted as well as approved, and the money would be automatically transferred. The whole advantage of expense management software is that it automates the process and makes it faster and simpler.
In comparison to the traditional way of filing expense claims and getting manual signatures for approvals, the automated way takes lesser time, as everything happens in real-time and on one platform.
Volopay is the best expense management software available in the market, with all the features required to make expense management easy for a business. Some of the facilities/tools/features which benefit businesses are, corporate cards, both virtual and physical. Volopay offers unlimited virtual cards, which can be assigned to employees for easy access to company funds and better tracking of expenses.
Physical cards can be used for your traveling employees as it has built-in expenditure control limits and can also be used to withdraw money internationally. Plus, with OCR and multiple approval systems, uploading receipts and approving claims is a matter of seconds. Along with this, direct accounting integration completely simplifies the system, as all expenses automatically get into the books under the right categories.
Don't wait anymore. Manage all your business expenses with Volopay.