Expense Management Software - Why Does Your Business Need It?
Managing corporate spend is necessary within a business, but there are ways to track it more effectively.
Author:Tyreece BauerReviewer:Gordon DickersonSep 28, 202313K Shares213.1K Views
Managing corporate spend is necessary within a business, but there are ways to track it more effectively.
This can be done by using spend management software - helping to eliminate manual tasks, which are more prone to risks as a result of human error.
That’s just one of the reasons why your business should be using expense management software, but it’s useful to identify what it is before understanding why your business needs it…
Expense Management Software
With previous, more outdated methods, an employee would fill out a sheet along with an invoice that a manager would manually review and approve. Then, the accounts team would process it to reimburse the employee.
With modern expense management software, this process is streamlined, with the creation of pre-approved budgets and allowing employees to track their expenses from anywhere.
The whole reimbursement process becomes faster, allowing more efficient use of company time.
But how else will expense management benefit your business?
Real-Time Data
Using spend management software means that data is being collected in real-time, so it provides live spending trends and updates the database instantly.
This data is more reliable and clearer to view, allowing companies to make informed business decisions based on this data to help regulate future expenses.
Saves Time And Boosts The Quality Of Data
Many processes used within expense management software utilize automation, which reduces the amount of manual work needed from employees.
For example, receipts can be digitally uploaded at the click of a button, so employees can focus their time on other important tasks.
Not only is it time-consuming to manually enter data, but sometimes mistakes can be made, due to human error.
Some of these errors may seem small, but can largely ruin profitability, so automation improves this accuracy to ensure that a company’s financial information is always up to date and correct.
Promotes Compliance
Company regulations can be difficult to keep up to date, but are made easier by using spend management software.
Some platforms allow managers to approve employee expenses, but some of these approvals could be based on an outdated policy.
But, if a violation of a company policy does occur whilst using expense software, it can be tracked and stopped in real-time.
Suit Your Business Needs
With this software, it’s easier than ever to personalize required fields, like the category of spend and approval details.
This ensures that the software includes the most current and necessary information to help submit expenses accurately.
The more accurately employees can upload data, the more reliable the data will be, so spending habits will be easier to track.
Spend Insights
Of course, it’s useful to collect data, but your accounting team needs insights to help a business’s future and avoid overspending.
With expense management software, useful insights like the warning of duplicate payments and unused subscriptions are identified, which can be acted upon immediately to cut costs.
Not only does it help with current insights, but it can help your finance team to make accurate predictions of future corporate spending with these real-time insights.
It’s evident why your business needs to utilize expense management software to account for all business expenses accurately.
Making it easier to control corporate spend ensures the smooth running and profitability of a company, allowing it to run as efficiently as possible.
Tyreece Bauer
Author
A trendsetter in the world of digital nomad living, Tyreece Bauer excels in Travel and Cybersecurity. He holds a Bachelor's degree in Computer Science from MIT (Massachusetts Institute of Technology) and is a certified Cybersecurity professional.
As a Digital Nomad, he combines his passion for exploring new destinations with his expertise in ensuring digital security on the go. Tyreece's background includes extensive experience in travel technology, data privacy, and risk management in the travel industry.
He is known for his innovative approach to securing digital systems and protecting sensitive information for travelers and travel companies alike. Tyreece's expertise in cybersecurity for mobile apps, IoT devices, and remote work environments makes him a trusted advisor in the digital nomad community.
Tyreece enjoys documenting his adventures, sharing insights on staying secure while traveling and contributing to the digital nomad lifestyle community.
Gordon Dickerson
Reviewer
Gordon Dickerson, a visionary in Crypto, NFT, and Web3, brings over 10 years of expertise in blockchain technology.
With a Bachelor's in Computer Science from MIT and a Master's from Stanford, Gordon's strategic leadership has been instrumental in shaping global blockchain adoption. His commitment to inclusivity fosters a diverse ecosystem.
In his spare time, Gordon enjoys gourmet cooking, cycling, stargazing as an amateur astronomer, and exploring non-fiction literature.
His blend of expertise, credibility, and genuine passion for innovation makes him a trusted authority in decentralized technologies, driving impactful change with a personal touch.
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