Key benefits of expense management software 

One of the most important benefits of using expense management software is real-time visibility into the company's spending. The expense management software dashboard shows all the crucial information which is needed in one go, in an easy-to-understand display, and also includes graphs for better comprehension. Along with these, the software also facilitates real-time visibility of fund movement aiding in efficient cost control of all company spends made. This means that if an expense claim is approved, from payment initiation till the other person receives the money, the system updates everything. 

Expense management software for small businesses is the best solution to automate and integrate with the company accounting system for ultimate accuracy. When the expense data is entered manually into accounting sheets and the expense database, errors will naturally be there. There might be a double entry of numbers; some numbers might be completely missing, and someone might try to amend the data purposefully. An expense management software eliminates all these problems and creates an absolutely accurate and to-the-point perfect database and accounting entry. 

To learn more about the difficulties that organizations encounter while managing their expenses manually and how to solve them, read our detailed article on expense management challenges.

It is not humanly possible to stay updated and enforce each and every new expense policy and also look over the employees that the expense policy is being followed. Hence, an expense policy customized according to your business needs can be automatically enforced by expense management software. So, the possibilities where there might be changes in the policies or there might be some new ones; everything would be updated in the system. 

Manually taking care of all receipts, expense claims, and employee payments is extremely difficult. With this comes inaccuracy which causes problems in audits and accounting. However, with expense management software, everything is tracked to every last bit so that any errors would be automatically caught and flagged. Along with this, no employee would have the ability to make changes in the expense data numbers. Only some authorized people from the team are given access to make changes in the data. Hence, ultimate fraud protection. 

When your expense management system is integrated with the business’s enterprise resource planning software, the process of making expense reports, tracking, and approvals becomes easier. The company’s cash flow and productivity increase significantly when both managers and employees are benefited from expense management automation. With expense management software, employees are relieved of the boring and repetitive tasks, which means that they would have time to invest in other valuable tasks like strategic planning and financial forecasting, which would bring more value to the company. 

The major inefficiency in any task comes from using physical paper documents. Storing, keeping track, and maintaining paper records is burdensome. Not only is there the chance of papers getting lost, but also misprinting, carrying them for signatures, organizing them in the right order, and managing paper files for processing; all these tasks are exhausting. 

With expense management software, the entire need to maintain paper trails gets eliminated. All information and data are not only recorded in the system but also properly categorized and arranged for ease of understanding and effortless skimmability. Plus, that data in the system can never be misplaced, and backups and multiple copy storage options effectively terminate the issue. 

While using an expense management system, employees are only required to scan their expense receipts and raise a claim. That claim request reaches the managers and approver, who then look through the request screen, where all the necessary details are clearly mentioned. The managers just have to check and approve the request, after which the money would automatically be transferred to the employee.

For both the employees and managers, the reimbursement process becomes straightforward. No more paper expense claims, going around to managers to get it approved, and managers running for missing receipts and wrong numbers. Everything gets solved by an expense management software 

Just with a few clicks, expense claims can be submitted as well as approved, and the money would be automatically transferred. The whole advantage of expense management software is that it automates the process and makes it faster and simpler.

In comparison to the traditional way of filing expense claims and getting manual signatures for approvals, the automated way takes lesser time, as everything happens in real-time and on one platform.