4 Effective Benefits Of Using An Expense Management Software System

• January 2, 2020
• Posted by: Shashi Ranjan
• Category: Expense Management Software

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Are you planning to purchase the expense management software solution to keep track of day-to-day corporate and the business travel expenses? If yes, then it’s time to consider a wide variety of these factors such as cost, amount of flexibility, integration features, scalability, mobile capabilities, ease of use, deployment options, business value, and more.

Business has been slow to catch up with the consumer technology revolution we now take for granted. We have gadgets in our home that listen, talk and even laugh at us, but at work, we’re drowning in paperwork and scrambling around looking for lost receipts in a shoebox next to the stationery cupboard. It’s time to bring the office up to date, and a great way to start is by adopting a future-ready expense management software package. Choosing The right Expense Management Software is quite difficult because of lots of vendors and software is available in the market.

4 Effective Benefits Of Using An Expense Management Software System

1. Improve Visibility, Restrict Expense Fraud – Believe it or not; statistically, 47% of your employees are likely to commit some form of expense fraud. Avoiding frauds, duplications and more need real-time, accurate visibility into expenses with an audit trail, and that needs a better expense management solution.

2. Save Billable Hours – Your employees and finance team spend the hours in manual data entry and processing. These are billable hours being wasted, and have a very high time-cost to your business. Further, these hours are only adding to the employee dissatisfaction.

3. Cut Costs – The Complete automation of expense management tracking, processing and reimbursements can cut down your costs by around 77%. According to the reports, the average time to achieve a unit RoI (Return On Investment) with an expense management automation solution is less than a year for any organization.

4. Powerful Business Insights & Reports – With detailed, accurate data on travel and employee expenses, your business has the power to plan effective expense policies, budgets, incentives and also negotiate volume discounts with vendors – thereby, keeping your bottom line in check.

In this digital age, the majority of the business operations are running on all type of mobile devices. If your expense management system lacks mobile functionality, it would be really a heavy loss to your organization. So, before making your selection, check out whether your solutions run on a mobile device or not.

Are your employees able to scan the travel receipts and upload them in the system while traveling? Are your employees able to access the travel report while on move? Are your employees able to scan and upload any other kind of expense like conveyance, general, parking, telephone, etc?. Opacity is customized employee tracking and expense management software. It’s Mobile featured cloud expense management solutions help employees to scan and upload receipts immediately, improves work productivity, and avoids misleading information.

Conclusion

Expense management software is an important tool to manage and control everyday travel expenses and another type of expenses. Implementing an expense management solution in your organization benefits employees, accountants, managers, and CFOs to streamline the workflow, improve the bottom line, boost productivity, and organize critical business travel information effectively.