- On April 14, 2017
- By Beehive HRMS
Expense management software – Is it the best choice for your organization?
Just like many other aspects of your business, technology can ease the burden of managing and monitoring your employee expenses – which is often a tedious and time consuming process.
Traditionally, employee expenses were managed by manual, paper based processes and turned out to be quite a daunting task to gather employee travel expenses and tally them with the company policies and make payments.
It’s highly unlikely that you give employees access to the business’ funds to draw their own expense claims. There has to be a proper process wherein the employees can ‘claim’ their expenses, a manager can ‘approve’ these expenses and only then can employees get paid.
Technology can ease this burden of managing expenses and even help control some of the unnecessary claims too. With sufficient data at hand, businesses can even analyze their expenditure and gain insights into where expenses can be curtailed.
Here’s how an expense management system can benefit your business
Many a times, company policies do not ‘allow’ certain expenses. Software can be programmed to flag or even deny the items that are not valid business expenses. You can also set limits for certain kind of expenses such as lunches and lodging. Businesses can make sure that invalid expenses are not claimed from the company account.
Employees can use software to upload their expenses. Employees can also upload all the associated receipts. The software systematically goes through all the claims and provides the finance department with accurate reports and enough data so that they can easily make payments.
Spending management can be better achieved with automated software that offers a plethora of options to monitor various kinds of company expenses – whether it is employee travels, vendor payments or product purchases. Tracking of these expenses can also be done according to departments.
Whether your business and policies are dictated by regulatory compliance or internal issues, an automated process can completely give you peace of mind. You can easily program the software as per your policies and ensure that there is adherence to those policies. Any expense that goes beyond the allowed limit or rule will be automatically notified.
Ease of operation
Most important part of expense management software is that it is easy to operate. Expense claims and reimbursement checks can be done via a single interface and there isn’t a lot of manual intervention required. All the paper work is eliminated.
Above all, whether it is vendor payments, employee expense claims or any other kind of spending – management, an expense management software can help you evaluate your organization’s major money drains, and provide you with enough information so that you can take informed decisions about where you money goes and where you need to place a restriction.
Tracking and reporting expenses need not be a tedious paper – intensive task any more. All entries are automated and organizations can easily benefit from this.
If you are looking for an expense management software to introduce automation in your organization’s spend-management processes check out our software here! Call us for consultation on
91 22 6699 9525 or request a quote here: firstname.lastname@example.org !