What Does Expense Management Automation Really Mean?
One term you may hear is expense management automation. It sounds complex, but the reality is that this process will actually help reduce the complexities involved in managing employee expenses. As a result, it’s something that’s well worth taking a closer look at.
If you’re unsure as to what expense management automation is, its basic definition is simply the use of software programs to streamline and automate various aspects of how your employees turn in expense reports and how you approve, review, archive, and manage them.
For example, instead of an employee having to turn in a large stack of receipts, file an expense claim form for each of them, and then wait for you to review and approve each one, the entire process is automated. The employee simply fills out a short online form and clicks submit, and you’re able to review the expense online. Some expenses may even be approved or denied automatically. The key is speeding up the process and reducing the amount of hassle involved.
What are the Benefits Of Expense Management Automation?
A very positive aspect of expense management automation is obviously the ability to multi-task regardless of geography. However, software and features can also be scaled to corporate needs, which can allow for greater or lesser capabilities, depending on actual needs. This can also mean that setting expense management automation in place also provides a stable template for continued best practices as the company grows.
Beyond these highly practical points, expense management automation also:
- Lets owners keep track of company spending from anywhere
- Provide the ability to approve or decline expenses without delay
- Monitor spending trends during travel periods
- Analyze company expense in a simplified manner with customizable filters
- Have web access to company budget information and archived expense records
How Expense Management Automation Can Increase Your Profits
Expense management automation uses software applications to streamline the entire process of managing employee expenses. Today’s programs are usually hosted online, and they offer a full range of features that can enhance the way your expenses are managed. In addition to improving the simplicity of this aspect of running a company, these systems can also increase your company’s bottom line in several very remarkable ways. These include:
- Reduced Inaccuracies – Whether it’s outright fraud or just a report that an employee honestly thought fell within the scope of the expense claims regulations, inaccuracies can add up quickly. Even if it is just a dollar here or there, those costs can hurt your bottom line. Good software eliminates that issue.
- Better Compliance – Plenty of companies have been doing well for themselves only to suddenly face large fees, fines, and tax costs due to mistakes that led them to become non-compliant. Staying on the right side of regulations is important, and expense management automation can make it easier to do.
- Better Productivity – When your team is able to work more efficiently, they help boost your profits. Better productivity can come from automating expenses because it removes a lot of the hassle from the process and lets your team focus on the aspects of their job that actually help improve your cash flow.
- Better Planning – Most people don’t realize how important the ability to review data and information related to travel expenses can be. Using automated systems also allows you to generate graphs, charts, and other data reports that give you a close look at the way your expenses are impacting your company. By looking at which departments or employees are spending more than others and which ones are netting you a bigger return on those expenses, you can adjust your business strategy and plan accordingly.
Expense management automation could improve your company in a big way, and boost your bottom line in the process.
You’ll have numerous different expense programs to choose from, and the key is to take a look at what each one offers to you and find the one that is the best overall value. With just a few simple steps you could manage to find the best possible program for you and get the kind of benefits your company needs to thrive.
It’s a lot easier to understand expense management automation when you see it in action for yourself, but it doesn’t take much to understand just how important it can be for your business.
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