For any business, fiscal matters are always the ultimate concern for achieving success and stability. Although external economic factors do play a large part in how a business prospers and grows, there are also internal issues for accounting and cost management that can further impact the progress of an organization. The use of an automated expense report not only gives better oversight on spending practices, but can also funnel funds and workflow for a stronger integration of technology resources and best practices.
While one of the stronger concerns that companies do have is regarding appropriate spending, it is also the manner in which this spending is handled that can further impact progress. The use of multiple corporate accounts for different allocations is a common practice, but adherence to these protocols is a little more difficult to manage.
Control In One’s Hands
The use of company credit cards to handle these accounting issues is also a well worn practice, especially as it allows managers to assess how well resources are being utilized, and in what areas room for improvement is possible. However, misplaced charges, either through lack of knowledge or through a human mistake are also outcomes of this habit.
An automated expense report system can not only put greater control for oversight into the hands of the CFO and accounting teams, but it can also reduce mistakes with charges to inappropriate corporate accounts. One means that the software is able to achieve this is through credit card integration with the online system. The result is that the data from business cards is synced with the automated expense report, so that managers can still have the definitive say on where spending is being pulled.
The use of an automated expense report is also vital in minimizing employee mistakes that can become costly over time. Traditional use of business accounts for appropriate spending puts the staff on the decision making end for credit card use. The outcome is that while the spending itself is valid and ethical for the company, the wrong budget is still being used for these transactions.
When credit card integration is combined with an automated expense report, it gives managers the ability to channel which spending is being pulled from where. While pending employee charges still provide the appropriate returns, managers and accountants are also able to verify which credit account provides the funds. This lessens the guess work for employees to keep them focused on the tasks of the business, and managers can further trust staff decisions while still staying in control of spending.