How can expense management system benefit corporate during a crisis?

How-can-expense-management-system-benefit-corporate-during-a-crisis

The year 2020 has drastically changed the way we all work. Sweeping travel restrictions, social distancing, and changes in customer behavior 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 spending.

Expense management and cost control are hence the need of the hour. Our expense management solution is the silver bullet to handle the challenge with dexterity.

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 these manual tasks 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 hurt 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Imagine getting an outdated paper-based expense solution that allows paper receipts to be submitted.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 the 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 the employee and reimburse the expense.

Policies on expenses can be adjusted easily

Keeping a dynamic expense policy at the core of the expense management process ensures a response to emergency cases without losing control. As a corporate, you want to assure 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 employees 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 more directly on profitable tasks. Also, the system automatically captures the receipts using the OCR feature, which speeds up expense submission.

Restricting business fraud

A paper-based system may have your employees scrambling 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 identify expenses that have been recorded more than once.

Conclusion

Thanks to ExpenseOut, a feature-rich solution that can cater to your expense management needs through the pandemic and beyond, you can get the above benefits and more. Reach out to us to hear more about a solution that is tailored to meet every challenge that comes your way while managing your expenses.

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