Expense Management, can be greatly benefited from the rise in technology by automating all the papered submissions.. Time is of the essence, and so is accuracy in an expense report. With the usage of spend management software, less time is consumed, less effort is taken and there is no room for error. Expense management is thus carried out end to end with complete ease.
The Accuracy of Expense Budget Decisions
Spend management apps offer organizations new ways to more effectively utilize expense and revenue data to consequently make better, insight-driven decisions that have the ability to create an impact on the bottom line.
By integrating real time visibility and systematic tracking and analysis, sales leaders are able to obtain insight that is detailed; like knowing which expenses end up delivering the most return. Spend management apps have the ability to gather data from multiple sources, and also display the data in user friendly dashboards while using intuitive views. This way, sales leaders are able to see the details of their travel and expense budget and how it is spent. The addition of technology converts complex compounded data into actionable insight.
Adjustment to mobility
Spend management apps are also extremely mobile, dealing with expense management anytime, anywhere. It holds the ability to integrate various corporate booking agencies and travel companies. This way, hotel and flight bookings will automatically appear in the expense report. The intelligence system can easily extract transactional data from emails that have booking details as well. This comes in handy when the company doesn’t have a designated corporate travel partner.
Even on the road, well-devised spend management apps work like a dream. There are capabilities that include snapping and sending which allows the traveler to take a picture of the receipt and instantaneously upload it. Again, transactional details can be extracted with the usage of optical character recognition algorithms. Details such as date, amount, merchant etc will be extracted and analyzed immediately.
Keeping employees happy
With the pressure of being on the road, employees are often bogged down on weekends, spending their extra time catching up on expense reports. Instead of giving up valuable personal time, spend management software can allow a traveler to submit expense reports even before arriving at the destination. This not only helps in maintaining high morale, but also helps employees remain frustration free. Moreover, it is the only way to avoid human error and end up with foolproof expense reports.
Spend management software contains an analytic component which allows a detailed review. This includes tracking average costs for airfare and hotels and also calculating expense amounts on average per employee. There is also a method of analyzing expense management data and spotting persistent offenders that go against corporate travel policy. Any transactional behavior that defies company policy is immediately flagged.
With the integration of technology, a path of zero error and smooth processing is unearthed. When tedious, time-consuming, complex processes are wiped out, efficiency and methodical processing is implemented.