Why Expense Management Automation is Crucial for Businesses

According to the Global Business Travel Association, there is a 19% chance of expense reports with errors. Wait a longer period of time for the manager to approve or reject expense requests. Some companies require the employees to fill the expense reports weekly, while others require quarterly or monthly reports. If your current expense approval process relies on spreadsheets or worse, physical receipts, you will know the pain of trying to stay organised. By automating the process, you can safely do away with physical copies of everything and trust that your system has a record of everything in one place. Ranked among the top workflow automation software, Cflow spells “effective and efficient” business process automation.

Over 51,000 companies of all sizes benefit from Concur Expense

Approved expense data is automatically synched with the accounting system. This eliminates the need for manual data entry and ensures consistency between financial records and expense management. Integrations like these facilitate expense reconciliation, simplify reporting, and expedite the reimbursement process. Expense automation is changing the game for small businesses, finance teams, and anyone who handles expense reports. With automated processes, digital receipt capture, integrations, credit card import, and even travel assistance, handling your money stuff has never been easier.

What capabilities should automated expense management have?

Many companies cling to manual expense management processes, hesitant to change a familiar system, even if it’s holding them back. Automation provides realtime insights into your business expenses at any given moment, offering a level of visibility and control that manual https://www.bookstime.com/ processes can’t match. This instant access to spending data empowers you to make informed decisions and maintain better control over your financial policies. Expense automation lets you eliminate the most painful aspects of filing and processing expense reports.

Choosing the Right Automated Expense Management Software

Cflow empowers businesses with the flexibility and scalability to create workflows from the ground up. You can build fully customizable workflows that are as unique as your process requirements. The visual workflow builder lets you create workflows by simply dragging and dropping the workflow elements. A slow reimbursement process takes a toll on the employee’s relationship with the company. When employees face inordinate delays or issues with expense claims, they are bound to get frustrated and choose to shift their organization.

• An expense management platform provides real-time visibility into expenses.
• Finance is a complex beast and involves cross-functional work in most businesses.
• Assess all of the customization options available within the solution and look for the ability to tailor expense categories.
• Expense requests that are approved are forwarded to the accounts team for payment.
• Manual expense management processes are prone to errors like data entry mistakes and lost receipts.

The great thing about this software is that you can connect it to your management and ERP tools. Each company can set up Mobilexpense to meet its specific practices, and also comply with industry-specific regulations. There’s also cloud integration capabilities expense management automation for credit card fees, OBTs, along with HR and finance systems. It’s an all-in-one software capable of managing expense submissions and approvals. The app can allocate daily allowances for travel employees, which also consider mileage and VAT expenses.

Expense automation allows you to map employees’ purchases to the right transactions automatically. An automated expense management system consolidates all the data in one place, which helps improve efficiency, recognize areas that drive cost savings, and identify spending patterns. These systems provide real-time data to facilitate quick and intelligent decision-making, with just a few clicks. You can reduce manual intervention by opting for an expense management system and customizing the approval workflows. So once an approver has approved a report, the task is automatically passed on to the next approver in line and they will be notified to complete their part in the approval process. After all of the approvals are collected, the finance manager can review and reimburse the expense with a few clicks.

• The great thing about this software is that you can connect it to your management and ERP tools.
• Here are a few considerations to help you choose a solid expense management solution and create policies to support it.
• The global expense management market size is expected to reach USD 12.05 billion by 2029, with a CAGR of 9.2% during the forecast period.
• However, the clunky spreadsheet, hours of manual data entry, and paper receipts can be avoided.
• With automation, they simply note each expense the moment it happens, and their work is done.

Real-time visibility over spending

• This type of flexibility helps to improve employee satisfaction and convenience while reducing delays in expense reporting.
• This puts most expenses straight through to process while only those that need an extra set of eyes are held back.
• From monitoring employee reimbursements to tracking corporate spend, processing expenses efficiently is at the heart of maintaining a healthy bottom line.
• If you are already using software for expense management, it’s a good idea to take note of any gaps in functionality and what you want to achieve with a new automation tool.
• It is time you also think about making your expense management automated so that it will help your business set free from the worries of manual expense requests and approvals.
• Expense management software enables a business to establish configurable approval workflows based on pre-defined rules.