Overseeing and managing expenses for travelling employees is one of the single most important things that your business will need to do. Failing to do so can lead to noncompliance issues, lost wages due to fraud and inaccuracies, reduced productivity, and more.
However, many don’t fully realize just how important it is to turn to an online program for managing expenses. The industry has really turned towards this side of the process, but there are still some companies that don’t fully understand why online software is better.
Here are some of the key reasons that trusting online software is the right call.
- The accessibility is unmatched. Being able to let your team connect to the system from any computer or device with an internet connection means that they’re able to keep track of expenses much easier. This translates to better accuracy and better productivity from your employees.
- With an online system you can actually track and monitor expenses as they occur. This means that you are able to identify potential fraud and keep up with spending as it happens instead of being forced to review mounds of paperwork upon the end of a business trip.
- Online systems also come with numerous features that simply wouldn’t be available in traditional offline options. Things like receipt imaging or credit card integration aren’t possible if you’re managing expense offline. And those are just two examples of the features you’re missing out on if you don’t’ go for an online option.
- Costs are lower as well, believe it or not. With online expense management programs, you’ll be able to avoid the high up front costs and instead pay a basic monthly fee to access the system. This can help you avoid the tremendous startup costs and help you move your company towards the future with relative ease. Simply put, it’s a cheaper method.
- To add to the lower costs, consider that online system mean you don’t have large hardware purchases to make or any maintenance costs. You can invest in a basic expense management program and avoid the costs of running servers or doing basic technical steps to keep it going.
Managing expenses is something that you need to pay careful attention to, and something that will have a direct impact on your overall results at leading your business. Finding the right expense software is a key step in the process, and the points above should help show you exactly why that is.