Still claiming your expenses via spreadsheets, outdated legacy or in house system. Is it time to look back on the traditional ways with nostalgia, as here are the top 10 reasons why expense management needs to be automated in the right way and you don’t have to be a big organization as the benefits are hard to ignore.
Saving your money in more than 1 way: Many business organizations fear of being trapped and continuing with their current system, as the organizations these days are more worried about the cost to change. The implementation of these pricing models are based on the usage could be done quickly and easily in such a way that it is no more a burden to the IT organizations. The ability to link your expenses with the credit tool and import data into the expense management software tool would mean that the data has been prepopulated in the claim. This would again help you reduce the cost of all the claims with 78% per transaction. This would also mean that the data credited into this software tool is in one place and the report is all set to go on, giving you the insights of where you have been spending money and would help you negotiate the discounts with all your regular suppliers.
Keeping your enterprise in order: Being aware of all the new rules and regulations and managing all the related changes to related is considered to be time consuming and costly. And to a large co - operations when you have your business operating in different countries the challenges continue to grow and turn out to be complicated. Expense management software system to this would eliminate all the risks around the regulatory compliances, where they could easily apply for the complex tax rules providing in built auditing capabilities capturing the data required reporting the expenses spent for cooperation and income tax purposes.
Checking where your money goes: Having decisions made without a relevant data is not an easy job. Having travel and expense information that is centralized would make it simple and easy to report on a multitude of the performance indicators. This insight is important for the ongoing refinement of travel and the business expenses, identifying the areas of where the best deals could be negotiated with the suppliers. This would also help you identify the trends by the mode of transport, through clients, employee or the organization minimizing the fraud and regulation breach.
Minimizing the fraud: Accuracy is the most important key to an efficient system that would help you decreasing the fraud. The solutions here ensure that fair and consistent rules could be applied across the entire company, ensuring that the employees do not have the right opportunity to enter into the incorrect and out of policy claims.
Flexible and Scalable: The expense management software makes the entire process easy to manage, having a low risk and minimal implementation project costs that could be recovered quickly through cost savings and greater efficiencies. And we are all living in an economy where the companies could buy other companies, merge and expand their business into different territories and regions. This entire system is scalable to support the business growth where the solutions could be easily rolled out into countries and whenever required would support the external regulations, local currencies and VAT and per diem rates.
Author Bio:
Indira Moola, Marketing Operations Manager at Expenzing, focused on growing expenses management software India product and communicates the value of identity to customers, partners, and the larger community by targeting specific markets through segmentation and analysis.
About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
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