Do you want to make expenses a simple, stress-free process?
There are multiple ways you can manage your business expenses effectively, however, none are as streamlined as using expense management software.
If you’re interested in utilizing this solution, here are five ways using expense management software can benefit your business, making expenses a simple process for your finance team.
1. Fast-Paced Expenses
Over the course of the financial year, your company will likely see a lot of expense receipts and payment documents.
What if we told you this information can now be seen on one streamlined page?
By using this software there is no need for your accounting team to chase colleagues for receipts and credit cards, as the information is accessible online. This makes life easier, not just for the finance team, but for all employees, as they can upload any receipts onto this system and easily inform the team of their pending expenses.
Expense management software automatically categorizes expenses, which collects and matches receipts for better tracking – how much easier could it get?
2. Automated Expense Reports
This feature allows employees to go through an approval process before purchasing items. For example, if a new laptop is needed, the employee would submit this expense request and have it approved by certain members of the company. This could be a finance manager or a line manager for instance.
This means all purchases will be checked and accepted, removing the chances of any unnecessary or unapproved spending.
3. Real-Time View Of Expenses
Want an overview of all real-time business spending?
Look no further.
This software provides finance managers with the information they need to view any real-time purchases. It will clearly outline what has been bought, the owner, date and the price of the item – this makes all the important information accessible and easy to locate.
4. Spending Forecast
All businesses know how important and essential forecasting is for financial planning. Whether that be weekly forecasting, monthly, annually or across multiple years.
Expense management software allows you to view a spending overview, which forecasts the upcoming outgoings and incoming costs.
This enables finance teams to have a clear picture of the future, so they can plan around it accordingly and lessen the risks of unexpected last-minute payments.
5. Smart Insights
This is an essential tool for a business that wants to make sure they are using their money effectively and not wasting any of their income.
Smart insights provide users with intelligent payment suggestions which outline where money could be saved by offering cheaper alternatives.
Or, conversely, if your company is paying for multiple, similar, subscription services or SaaS tools, the insights can outline this for you and advise where money could be invested, or saved.
You can now see just how useful spend management software is for managing business expenses, making a simple, streamlined service for your finance team and employees.
Will you be incorporating this software into your company anytime soon?