Money, money, money! Where does it go? Keeping track of expenses can be a challenge, and it's vitally important for any organization to keep a close eye on the outflow of funds. However, training staff to track expenses can be tricky, especially when it's done manually. When your expenses aren't tracked properly, it costs your organization time and money. Using expense management software can make your staff feel much more financially savvy and will help control your expenses.
Crack the Code
Do you struggle with misplaced expenses or expenses that are hard to dig out of the system? The more users you have working with a system, the more likelihood there is that they'll incorrectly code an expense. Expense management software can help users easily find the right code for their expenses, and it can also arrange expense data in many different ways, allowing you to search by client, expense type, date, amount, description, GL #, and more. This will allow you to crack the code on lost or misfiled expense information.
Embrace Diversity
Your organization is unique and each part of it is different, including each department's expense accounts and procedures. Instead of remembering how budgeting and expense claims work in each department, use expense management software that has this information built-in to the software so that your managers can focus on the financial picture, not the policy details. The policies that are built-in to the software will also remind users of the expense policies and limits within their department and lets users know when an expense is out-of-policy.
Convert Your Users
If you need to convert new users to an expense management system, one thing that will sell them is the ability to convert their expenses without manually doing the math. If your users work in different currencies or need to add or subtract taxes from their transactions, expense management software can work on these finer details automatically, reducing the time that your staff spends on calculating all of the extras involved in a financial transaction. Expense management software can also work in many languages, which is a must when you're working internationally.
Slash Paperwork
Shuffling through stacks of credit card receipts is not fun. Expense management software can help by importing credit card data directly in to the system. This makes the process of expense reporting much easier, quicker and more resistant to fraud. When credit card transactions get uploaded automatically, your users are more likely to submit their expense reports in a timely manner. Also, savvy expense reporting solutions allow users to “Spend, Snap & Send” expenses as they occur by simply taking a picture of the receipt and sending it to the system for uploading. Then users can toss the paper receipt and forget about the expense. By making expense reporting quick and easy for your users means expenses will get submitted faster and staff who are responsible for managing budgets will have the information they need in a more timely fashion.
Expense management software makes life simpler for your employees, helping them get rid of the pile of expenses in their inbox or on paper receipts. It also makes it easier for your company to track expenses, spending trends, and create custom expense reports to track and manage expenses. As your organization grows, expense reporting software acts as a tool to help manage your expense budget in an easy, organized, and accessible manner.
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