Why Your Business Needs to Switch to an Online Expense Management System
Today, most organizations want to take a leap from the traditional way of expense management process such as filing receipts, maintaining excel spreadsheets, and handing it to the accounting department. Then they have to wait for a longer period of time to get their expenses reviewed, followed by the approval chain, and finally to the payroll department who would cut a paper check that you need to deposit to the ATM or bank.
Automating expense management has become extremely popular among various organizations of all sizes. Organizations like Salesforce have expressed that business applications need to be robust and easy-to-use no matter how many times you are creating or approving expense reports.
So, are you wondering on how can you make your expense management system better? Here are few signs that will be helpful for you to shop for a new solution.
a) Approving Expenses is Extremely Time-Consuming
Slow expense processes are a major pain point for everyone concerned. Moreover, finance departments find it very difficult to get things done in time. This results in wasting valuable time and can lead to frustration. Filing expense reports is the most tedious part of the process. Manual expense processes tie up the best people and occupy them with rekeying data, untangling complex errors, and tedious paperwork. Automation plays a crucial role. With an automated expense management software like SutiExpense, employees can now take photos of their expense receipts and submit them easily no matter where they are.
b) Existing Expense Management Software Cannot Handle Complicated Per Diems
Is your expense management solution unable to provide complete per diem functionality? Does that include the ability to choose the third-party rates and access to statutory rates in particular states? The users should be presented with a simple and user-friendly per diem wizard in order to monitor the exact location, time, and date of the journey to ensure that proper rates and tax price is applied.
c) Unable to Access Expenses through Mobile
Today, employees have to travel a lot and need to submit their business expenses on the go. So, they are required to spend more time on their Smartphone’s and tablets than desktops. The expense management solution that you are using should be mobile-friendly and must have similar functionality from any smart device. Complex interfaces which are not designed for mobile application enable you to perform only half of the work that you need to do and are certainly not efficient or productive.
d) Using an Online Expense Management Software that Changed Your Business Workflow
Does expense approval process need to be changed because the system is rigid? Software is made to make your life simpler rather than making it more difficult. Your suppliers must provide you with flexible solutions to easily configure things that match your specific requirements all the time. So, maybe it is high time for you to look for a solution that will fulfill all your organizational requirements.
e) Tired of Managing Expenses Manually
One of the greatest advantages that suppliers flaunt is of having an expense solution with the advanced features such as importing travel schedule, optical character recognition (OCR), and more. But many vendors hide the fact that such features instead of being a part of your monthly subscription charge comes with additional price tag. Sometimes, it is seen that in spite you are using a cloud-based expense management software, free upgrades are somewhere lost on your supplier.
For this reason, you must search for an automated expense management system that will provide you with the latest tools to make your expense process easier instead of turning it more complex.
f) Cumbersome Expense Policy Management
Creating an effective expense policy is one of the major factors to streamline expense management. But the whole process might become complex due to lack of clarity where employees may or may not reclaim their expenses.
With a digital expense management software, all your expenses related to specific trip gets approved or rejected quickly. Your finance department will come to know how much money was spent on the mileage in just a single click or swipe of a screen.
To Sum Up
No matter where you are or whatever smart device you are using, expense reports must be easy to create, submit, and approve. The entire process should not be any more complicated than sending an image of your expense receipt to the expense software, pulling it to the report, choosing budget code, and completing.
But if you have to work harder than this, then maybe it’s time for you to switch to an advanced expense reporting software. Start searching for an effective expense management solution that works for you and not against you.