Can I still use expense software if my company has only 25 employees?
Many small businesses feel that their size does not warrant investing in digitisation and automation. This is a fallacy. Indeed, many also feel daunted by the technology. As a result, expense management stays paper-based. This is time consuming and prone to errors, including inaccuracies.
In today’s world, where Covid 19 is impacting many business processes, automation and digitation is the only answer, to reduce the risk of infection through paper. There are several expense management systems, which are simple to use, and allow businesses to automate the process with ease.
The 6 Benefits of Automation:
- Eliminates human error: Paper expense reports are subject to fraudulent practices and the risk of errors. Someone must check each expense, match them to their receipts, and pay on time. In an online, automated expense management system, all this is done at the click of a button.
- Reduces delays: In traditional methods of expense processing, it takes a long time for business owners to reimburse their employees. With automation, small businesses can review employee expense requests and approve them on a single platform.
- Control Costs: Businesses can control costs, improve compliance, and increase visibility with better expense data capture.
- Improves information flow: Going digital, means everything is in the cloud. This makes it transparent and removes subjective biases. Claims and Receipts are not missing. No need for stacks of expense reports and piles of faded receipts. Everything is visible on a screen – both mobile and web. Automation improves process efficiency.
- Audit Ready: Automated reporting of business expenses cuts the time-consuming nature of manual processing. Paper receipts are history, because they are digitised, which in turn reduces paperwork. Automation ensures data is always audit-ready.
- Clarity: Automation allows real-time enforcement of the business’s expense policy. This avoids confrontation with employees on questionable claims. To ensure clarity, small businesses can rapidly implement an expense policy. These policies should be short, simple, firm, fair, flexible, flat, and crisp.
Choosing the right solution for your business:
ExpenseOnDemand is a revolutionary software for managing employee expenses. With over twenty years’ experience and users in over 96 countries, they help automate the manual expense process, which then allows businesses to eliminate paper by doing the following:
- The solution gets rid of Excel sheets & paper. Business expenses can now be done from the mobile.
- The mobile creates an expense “automagically” from the receipts. A virtual paper trail is created.
- Credit card transactions can be imported and linked to receipts automatically. Making it easier for employees to report expenses.
- An intelligent workflow allows the claimant and the approver to see the status of each expense in real time.
- The GPs function calculates the miles travelled automatically. Mileage logs become history.
- Integration with multiple accounting software (Xero, Sage, Tally and QuickBooks) in minutes.
- On-boarding takes less than 5 minutes.
- Free trial for 30 days. Thereafter, a Starter Pack for £1 or INR 35 per user per month.
Sign up for a free trial with ExpenseOnDemand. Click here to try the App
Let us embrace the new future and head into the new world together – from paper to paperless! Learn from the experts about expense management tips for small businesses.