How expense management system can benefit corporate during the crisis?
The year 2020 has drastically changed the way we all work. Incredible travel restrictions, physical encounters (social distancing), and changes in customer behaviour due to the pandemic have forced the corporate houses to adjust the way they work to survive.
Likewise, for most employees now working remotely, corporates have started to redefine policies that may previously have been more general in nature, especially those that involve costs.
Expense management and cost control are the need of the hour. Our expense management solution is the silver bullet to handle the challenge with dexterity.
Reduction in business travel does not mean that there is a reduction in spending
Business travel has reduced due to the pandemic, but travelling less has not meant fewer expenses. If anything, handling the complexity of home office settings and technologies that workers now need, has raised new challenges for the finance team in terms of what can be counted as a claim or not. It is becoming essential to keeping employees engaged and productive, rather than wasting their already exhausted energy on outdated time-consuming and stressful operations.
How expense management solution helps your corporate
Managing employee expense manually is a complicated, time-consuming process for your finance team in this current crisis. Expense management eliminates all this manual task and offers value to the finance team.
Key benefits for your corporate
Improved employee well-being
In the current scenario, adding more pressure by having a system that cannot deal with remote work may have a negative effect on the well-being and productivity of employees.
Imagine getting an outdated paper-based expense solution that allows paper receipts to be submitted. Employees will be faced with a big problem on how to get the expense receipts from their managers, as well as keeping track of the physical records. That too during the crisis, getting signed off and having a track on expense is a complicated and hectic process for employees and finance team.
Expense management solution helps both employees and finance team to have a track on the expenses. Employees can easily upload the receipts in the system and create an expense. The finance team can easily view the expense notification of employee and reimburse the expense. This helps finance team to have a recorded track on the expense history of employees.
Policies on expenses can be adjusted easily
Keeping a dynamic expense policy at the core of the expense management process not only enables but ensures response to emergency cases without losing control of expense. As a corporate, you want to ensure employees that you do whatever it takes to keep them safe while being able to determine the cost of certain activities quickly.
Quick policy changes may involve allowing expenses to be claimed for products not typically approved. For instance, employees who do work from home may purchase equipment for office use. Using an expense management system corporate can easily create, modify the policies to ensure that employee can get the reimbursement quickly allowing flexibility which a conventional accounting system would not allow.
A highly productive and motivated workforce
Automating the entire gamut of accounting functions takes the strain and stress off the finance team and ensures 100% accuracy, which underscores efficient management.
By automating the process, you get a happy, motivated workforce and a more productive and easy approval process, allowing managers to focus on more directly on profitable tasks. Also, the system automatically captures receipts field using the OCR feature, which speeds up in expense submission.
Restricting business fraud
A paper-based system may have commonly been searching for a paper receipt. Still, in a remote working environment where it can be challenging to keep track of receipts and submissions, your business is vulnerable to fraud.
An automated expense management system helps corporate to reduce fraud by submitting of same expense more than one time. The finance team can quickly get noticed and keep track of fraud receipt submission.
Using an automated system, it helps management to setup such policies to prevent this kind of fraud during the crisis. The system makes a clear and transparent process.
Benefits of expense management in post-pandemic
A digitized expense management system affords a better and firmer grip on your day to day finance management. Now corporates can operate from a vantage point in a fully informed and controlled environment thanks to the new age accounting tool Expense Out.