In running a business, one of the challenging things to do is spend management. Part of it is to keep track of the invoices, employee salary, and supply expenses. With all these financial transactions, it is difficult to avoid making manual errors in processing invoices. Thus, it would be better to use a business expense manager.
Challenges in Spend Management
Spend management is handled by your finance and procurement team. Even though they possess the skills and experience to manage such work, there would still be challenges that could hinder their work. One of which is looking for solutions to create a budget for the business’ future investments. Most of the time, the manual tracking of the invoices could lead to simple, human errors. This could bring a huge potential loss to your company. Thus, there is not enough budget for these investments.
Another challenge to spend management is compliance. Even though the end-goal of the finance and procurement team is to garner huge cost-savings, it is difficult to do so because of the business financial compliance. There are government-mandated taxes that need to be settled, or else the reputation of your company would be negatively affected. So, to make sure that everything is properly processed, consider investing in abusiness expense manager.
The Importance of Using a Business Expense Manager
One of the benefits of using a business expense manager appis that it can do automated expense reporting. Most of the routine tasks would now be automated so that there is less room for errors. Not only would this help save time, but it would also ensure that your financial records are accurate.
Keep on reading to know what is the importance of using an automated business expense manager.
- Reduce Paperwork
Paper recording can take up a lot of time because of having to use different formulas. Your employees have to manually compute their paper receipts to create a detailed financial report. Once they hand it out to your finance and procurement team, they have to check one by one if their reports are accurately done. These manual processes would just make more errors.
To make things simpler, it is best to look for a business expense software that allows all the employees to easily record their expenses online. Look for a software application that can be integrated into your employees’ smartphones. With this, your employees can upload their receipts. The app would then create a report that would be submitted automatically to your finance and procurement team. Even though errors would occur, you can track it easily by checking the activity history of yourbusiness expensesoftware app.
- Approval and Reimbursements are Easier
Another advantage of using a business expensemanagement software app is that it can make processes simpler and more efficient. Most often, the software app is designed like an online expense management system where you can make your reimbursements easy to handle. Your finance team does not have to verify manually each reimbursement and see if it is done according to your company policies. Once an employee submits a reimbursement receipt, it would automatically be received by the finance manager. With this, the approvals of reimbursements are easier.
- Prevent Expense Fraud
Expense fraud or expense theft is common in corporate finance. It is when your employees tend to inflate their reimbursements by reporting their personal expenses as a business expense. It could also happen if an employee created fake financial reports, trying to make them look legitimate. Nowadays, it is easy for someone to create fake documents if they have the design skills and if they know how to use some design computer programs. Because of this, you have to be wary of each of the reimbursement receipts that your employees will submit. However, being meticulous about it could take time, so you have to make use of a business expense managerthat lets you automate your routine tasks.
- Customise Your Spend Management Systems
If your employees are required to go to business meetings and overseas trips from time to time, then you would benefit from using an online expense management system.
You can customise the system according to your company’s travel policies. In this way, every time your employees send a reimbursement receipt for their business meetings, the system would automatically verify whether the receipt meets your company travel policies. It would then help prevent frequent compliance issues.
- Software Where You Can Easily Integrate to Your Existing Systems
If you have already invested in other business technologies, then you do not have to worry about the integration of a new business expense manager. It is a software application that can be easily integrated with your systems. With this, you may consolidate all of your important business processes. Your employees do not have to always switch from one system to another if they need to manage all of your company’s financial transactions.
Get a Reliable Business Expense Manager at Volve Solutions!
If you are an entrepreneur, then you should not hesitate to invest in a business expense manager. At Volve Solutions, you can get such technologies to improve your financial processes. It would be highly beneficial if your business is managing different offices across the country. It’s because their business expense manager is designed to make collaborations between teams of different offices easier.
Moreover, Volve Solutions is an expense management company that develops online expense management systems. Using this, your employees can manage financial-related tasks remotely. As long as they have a working device and a stable Internet connection, then they can review and approve receipts even if they are outside your office.