5 benefits of cloud based expense management software
Why is a racing car just like good cloud based expense management software? The answer’s simple. Neither has anything that’s not making a contribution. No frills, just function. Here we highlight five reasons to do your expense management in the cloud…
At first glance a racing car has nothing to do with cloud based expense management software – but look a little more closely, and the similarities start to emerge: speed; agility; accuracy; they’re all there in both of them. We might even add another – a sense of satisfaction of everything coming together in perfect harmony.
Let’s look at five good reasons in more detail. Notice how the advantages interrelate, just like the parts of a racing car:
- Fast: In business, time is money, so time spent on tasks that don’t generate revenue should be kept to an absolute minimum. But although accurate record keeping generates no revenue, it’s still a vital element in measuring company performance. Step forward cloud based expense management software. At the point of use it’s simple, accurate and intuitive, because the hard work has been done by the developer, and the way the app has been constructed.
- Universal: Any time, any place. So long as you have access to WiFi, you can manage expenses anywhere in the world, filling in vacant minutes in airport lounges, in restaurants, or hotel rooms, for instance. Universal availability means the expenses can be claimed (or payment approved for other people’s) before the job is done.
- Connected: Just as the parts of a racing car can be changed to suit the kind of track it’s being driven on, and uses telemetry to send back information about itself to the pits, so expense management works best when it offers the same degree of integration. ExpenseOnDemand comes configured with expense categories, but we’re happy if you throw those away and create your own, so we’ve built that feature in. Categories can be added or deleted at will, and given names that suit you – so you could group spending by expense code, or by project, but business trip, or even by employee. The choice is yours. And when that’s done, reports can be fired off to finance departments for integrating into the company accounts with no further processing, because we’ve arranged for output to suit commonly used finance packages.
- Secure: Managing any kind of software in the cloud offers the best levels of cyber security you’re likely to find. But we’d add a caveat: the weakest link in any computer network is the people using it. Devices and networks can be compromised by people opening the wrong attachments, clicking on the wrong links, or jumping onto insecure networks in obscure places. Warn your users about the dangers, and bear them in mind yourself.
- Flexible: Cloud based expense management software will work anywhere there’s WiFi; it’s what the cloud’s all about. However, there’s a danger that the software becomes its own limiting factor by failing to work in the currency, or language, of a country you’re visiting. ExpenseOnDemand works in just about every currency you can think of, can convert one to the other with the latest exchange rates, and in doing so can keep you on track with expenses in real time. We’re also offering multi-language versions – as well as English we have Dutch, Hindi and Bengali, with more to come.
And here’s another advantage: cloud based expense management software doesn’t smell of petrol…