Though many leading organizations have moved towards automating their expense management software, there is still a co-operation that continues to manage their expenses and claims via paper a spreadsheets based system developed in house. Organizations to this often continue to feel trapped in the system that they have been using from a longer period of time along with the various factors like being worried about the cost of change, whether this is cost of a new software, the cost of implementation project, or the cost of deploying resources managing their projects.
Given below are the top 5 reasons of why using automation could improve your expense management system.
Expense and Move
Mobile applications have become so advanced that you can take care of travel and expense solutions on your smart phones or say the mobile devices. This enables the employees to create and submit their expenses at a great ease and without any delay when they are on road, including the photography reports and attaching them in order to claim. Mobile applications give the managers the ability to approve the claims from their smartphones so that the claims could be approved on the move making the company more efficient as individuals are doing a business not expenses.
Managing the risks efficiently
Managing the risks by the keeping the business up to date and fit for a specific purpose can be a challenging process, especially when using a cloud based solution risk with a provider rather than the customer. Customers here would need to manage their risks of regulatory compliance by using a solution that would provide them with an accurate data, allowing the businesses to integrate their company policy giving them the insights enabling quickly and easily on the travel and expense data mitigating the risks of operating outside the frameworks.[irp]
Supporting a Business Strategy
Managing your travel and expense processes using an automated solution is considered to be a strategic solution for most of the cooperation. The advantage of using a cloud based system is that it is never essential to predict the future of your business as these are solutions that are easy to scale both up and down. New features, and the changes in the regulatory environment or even business expansion to the other regions could be easily managed and taken care when they arise.
Staying flexible and Scalable with your Cloud based systems
Saas or cloud based systems are generally considered to be easily managed and are at a low risks. With these kinds of solution there has been minimal implementation projects costs that could be recovered quickly and easily through the savings being made, and having more visibility and greater control over the travel and expense spend. Cloud based solutions here would mean that there is little or no implementation infrastructure that could be implemented. The software provider would manage system maintenance, the functionality updates, and the updates from the changes to regulations thus removing the risks from the customer.[irp]
Minimizing the fraud
Accuracy of data is a major key to an efficient system. An integrated and well automated system would completely remove the need of manually entering the expense claim data decreasing the risks of fraud. Automated solutions would here need to ensure that the fair and consistent rules could be applied across the company, ensuring that the employees do not have the opportunity of entering the incorrect data and out of policy claims.
To conclude whether you are looking for a cost saving, time consuming or a compliance risk reduction having an integrated cloud based travel system and expense managements system can help. Cost savings could be achieved through supplier negotiations based on the real time data from the solution.