In today’s challenging economic climate, business leaders want the most efficient solution that helps them tackle operational hurdles. No matter how big or small your company is, a bad expense management system will leave a negative impact on the company.
Expenses need not be limited to just your office rent or wages, but the expenses that your employees make while creating business profit – business travel, lunches, or any sort of business related purchase.
Flexibility & Configurability
Traditional Expense Management systems do not adapt to the way your business operates. This results in employees spending considerable hours in learning new processes. All businesses operate differently, and corner cases are never usually covered by these traditional systems.
Design & User Experience
The design could further hamper quicker adoption by employees and productivity issues and employees will end up spending time in carrying out their tasks inefficiently.
Legacy & API Based Architecture
Traditional systems are further not built on an API based architecture and are usually not flexible to seamlessly integrate with leading accounting systems.
OCR & Mobile
Quality expense management software allows employees to handle bills on the go using a mobile application and are enabled with AI-powered OCR engine. However, traditional systems further not have OCR capabilities to automate the process of reporting expenses, while also lacking a mobile application to report & review on the fly.
Every claim needs to be validated to make sure the receipts match the figures submitted by the employee, and each item needs to be checked against company policy to make sure it’s justified. Most traditional systems do not have a policy engine which can be configured for the rules & restrictions applicable to the business.
All traditional systems are not enabled with payment technologies, further reducing the productivity of finance teams. Further, Employees often wait a long time to be reimbursed too after incurring out of pocket expenses.
Advanced systems are enabled with payment instruments like prepaid cards making it simple for Finance teams to disburse advance to employees. Any transaction on these prepaid cards or payment instruments is automatically reported.
With a traditional system, you miss out on valuable reporting and insight.
By not managing your expenses in a smart way, you also miss the opportunity to analyze spending patterns. advanced spend & expense management systems allows you to spot trends in employee expenses & identify ways to make savings in the business. Without accurate visibility, it’s difficult to provide this additional value.
The Way Forward
While the cost remains the same to maintain an advanced system against a traditional one, the benefits, as you see are numerous.
So just how do you go about simplifying the process of managing all your business spend & expenses? The best bet is to invest in an advanced spend & expense management software.
No matter how complex your expenses may be, it will give you the best result. It’s well worth investing in and is something you won’t regret having on your side.
At Finly we have built the most advanced Expense Management System in the market disrupting the space with the most configurable & flexible system while being powered by artificial intelligence for automated reporting & reviewing.
The software is beautifully designed by finance & technology experts making it intuitively easy-to-use and also integrates with core banking technologies, enabling finance teams with tools & data to remove all expense management hurdles as the business scales.