In the past, organizations used to manage their expenses manually. This method of tracking expenditure has proven to be inefficient and susceptible to fraud. Plus, as your business grows bigger, the amount of paperwork needed for manual expense management increases, making the process error prone. A recent survey has shown that 43% of companies who manage their expenses without expense management software incur a higher cost to manage the expenditures.
To reduce business resources, such as manpower and costs, some organizations have shifted the automation of their expense management. Automating your corporate expenses management helps streamline the administration process. By making it easier to track expenses, you have more control over compliance with policy and legislation.
Using a business expense management system such as Volve ensures that all changes in expenditures are automatically synced into the system. This overall reduces the backlog of expenditures listed through a streamlined and integrated process. All while guaranteeing a complete overview of authorization and audit trails.
Did you know that automated expense reporting has an indirect positive impact on employee satisfaction? Before the introduction of automation, employees took time out to manually lodge their claims. Then the finance team had to individually review and approve each expenditure. This manual process proved to be more tedious and resulted in a delay of reimbursements.
By streamlining the administrative process, employees can focus on core duties and achieve business outputs. Plus, with automation, the approval process for claims will be sped up, resulting in employees receiving their reimbursements quicker.
Improve your business with expense management software
With technological advancements and the introduction of automation, having efficient corporate expenses management software is a catalyst for businesses. Proven to be an essential tool in today’s society, automating expense management helps deliver faster and more secure results.
The manual, paper-based approach to expense management has existed for long. That is because there has been no alternative to streamline this process. With the advancement of technology, businesses are beginning to adopt the ways of digital management. In essence, this resulted in not just a more efficient system, it also delivers a much better way to manage and monitor expenses.
In conclusion, not only does automation provide a new solution to expense management, it has a positive impact on every level of your business. And this has become a way of working that is in line with today’s digitally connected business environment.