Why use expense management software?
With the onset of Covid-19, businesses had to rethink their strategy about how they wish to manage employee expenses. As Charles Darwin said, “It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change”.
For businesses that have not yet automated expense management, a crisis such as this makes expense management a challenge. Employees cannot submit expenses physically, because of social distancing. At the same time, employers worry about get sued by their employees for handling of paper, because they carry the risk or atleast the perceived risk of infection!
Businesses globally have now got to make way for a purely digital environment – going totally “contactless “and“paperless”.
Moreover, how do businesses account for unscheduled expenses which employees might incur in terms of setting the operational infrastructure to work from home? Thus, there is a dire need for businesses to relook at their expense management workflow.
Automating expense management offers huge benefits. Apart from maintaining social distancing, it ensures that expenses are accurate and compliant. By automating expense management, the processing time is considerably reduced and decision making improves tremendously – providing cost and time saving to businesses in real time.
Benefits of Using Online Expense Management Software:
- Reduce delays and errors: Traditional approach of managing business expenses was paper intensive and involved filing paper reports with a stack of attached receipts. This resulted in paper overload. An online expense management solution allows companies to reduce paper. Submitting expenses digitally gives the employees flexibility to submit their business expenses. Approvers can as easily review their expenses online.
- Go paperless and save the environment: When businesses either reduce or completely eliminate paper they are decreasing their carbon footprint. Going paperless right now looks to be no brainer. Whilst 100% paperless office may not be practically, but with on-line expenses, at least this process can be made tryly paperless. Going paperless with automation not only saves time and money for the business but also has a long-term impact on the environment.
- Reduces risk of being sued by employees : Not handling paper by hand reduces this risk to nearly zero.
- Ease of Access: With cloud storage the finance teams can easily access digital receipts and expense reports on any device at any time.
- Increases Compliance: An online automated expense management software allows companies to control spending by automating their policies. Non complaint expenses can instantly be flagged
- Reduced reimbursement time: Automation reduces the processing time of expense approvals by at least 75%.This results in finance teams spending less time on manual workload, resulting in greater efficiency, higher productivity, and high employee morale.
- Gives visibility into insights: Automation of expense management, not only streamlines the system but also increases visibility into employee expenses – allowing finance teams to accurately forecast company spend while increasing cost savings.
- User-friendly: Automation benefits both the employer and the employee. It helps reduce costs, save time and money, prevent fraud, and enforce policy. Claimants can now make expense claims via a simple process and also have visibility of their expenses at each step. Overall, less paperwork to deal with.
As businesses over the world battle the impact of the global pandemic caused by COVID-19, one thing is for sure – this storm would have changed them forever
Maybe it is time for you to try a truly paperless & contactless automated expense management system. TRY NOW ExpenseOnDemand.
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