Is your business still performing manual expense account reconciliations? Did you know that by implementing an expense management software solution, your company could save time and money by automating many of the tasks you are currently doing manually? The best modern solutions also provide powerful cost analysis and auditing tools to aid your business in achieving compliance.
Around half of all businesses are now using expenses software, and although most solutions were traditionally desktop-based, cloud-based expense management software is now the most popular due to the benefits that mobile access provides.
A good cloud-based solution should provide your company with the ability to upload receipts via a mobile app. Built-in OCR technology can then automatically extract and log the relevant data. Travel miles can also be automatically logged via smartphone GPS, to ensure your company is paying the correct travel expenses, this removes the need for your employees to spend time submitting detailed travel expense claims, it also provides your company with a means to verify the tenacity of all fuel expense claims.
Expenses can be broken down into detailed categorised reports, allowing you to analyse expenses by department, job, or region. Because your expense data is stored in the cloud, you also have the added benefit of being able to access these reports from anywhere in the world.
Many expense management solutions also feature the ability to forecast expenses by processing and analysing expense data from previous periods. Whilst these forecasts may be quite inaccurate when you first start using the software, they often become unnervingly accurate once the software has accumulated enough data to analyse.
The main benefit of implementing expense management software is improved productivity. Your employees no longer have to waste time preparing expense claims, sending emails about missing receipts, or performing complex calculations to determine how much VAT your company can reclaim.
Protecting Your Expense Data
One of the primary concerns expressed by businesses looking to implement cloud-based expense management software, is data security. Whilst account privileges prevent unauthorised personnel from accessing expense account data submitted by other users, external security is provided by business class data centres that are protected by on-site security 24 hours a day.
Calculating currency exchange rates and the associated fees can be a challenging task, even for the most experienced accountants. A good expense management solution can perform automated currency conversion, and will even calculate the exchange fees too. Expenses can also be submitted in different languages and automatically converted to English.
Improved Data Integrity
Because cloud-based solutions permit your workforce to upload receipts via their Internet enabled smartphones at the point-of-sale, a higher standard of data integrity is achieved. There simply isn’t any time for receipts to be misplaced. This in turn enables your company to claim back all of the VAT to which it is entitled.
Business Credit Card Reconciliation
Business credit card statements can often be automatically downloaded and reconciled by expense management software, negating the requirement for manual reconciliation, and saving your business time.