What is an Expense Management System Software?
Expense Management, maybe a word you have heard many times but you wonder what it is about, or if you want to use it in your business but not sure which one you can choose, do not be afraid, you are in the right place. Expense Management system software play important role in managing business, which tracks and manages expense claims, authorizations, audits and payment processes. The software focuses on compliant policy enforcement to ensure businesses do not overspend. Expenditure statistics provided by expense management software help increase business expenditure.
Now that you have understood the expense management, let’s understand the types of expense management that take place in an organization.
Expenditure Expense Management:
It is defined as the process of planning and managing travel plans and the expense of traveling workers. Employees create and submit a travel / expense request with an authenticated mobile app. Based on authorization, the financial team can process the payment with just one click.
Petty Cash Expense Management:
It is a type of expense management that is a very small amount of money saved to cover very small expenses that can bother you by writing a check. Business purchases such as posting, employees’ birthday celebrations, payment of utility bills, office supplies are not paid with a credit card or check.
Procurement Expense Management:
Management of the procurement of goods and services in an organization. The procurement department oversees this process to ensure that all goods, goods, and assets required for the organization to operate on an individual order and are in stock, as well as to control the levels of goods and services associated with purchases.
What is Expense Management?
Expense Management, a system that a business uses to process, pay and evaluate the performance of their business. These expenses usually include staff travel, accommodation, etc., while making formal visits.
The main purpose of expense management is to track how the employee behaves and how the entity pays the expenses incurred. Connect Expense management software system includes policies and procedures that govern such expenditure, as well as technologies and services used to process and analyze related data.
Challenges in Expense Management
Businesses are growing rapidly with a growing rate of growth. As a result, there is a significant increase in staff turnover and costs. This makes it very difficult to deal with this situation especially for those who have a problem with Expense Management.
| Unclear Policies | If expenses policies are unclear to employees, it is a clear result that acceptable payments will be considered. Common travel expenses such as accommodation and meals should be clearly disclosed to all organizations. |
| Lack of visibility | Major barriers occur daily in the audit and performance process due to cost overruns. Insufficient display of data can lead to erroneous accounting. Due to the lack of an effective system, important details are often overlooked. |
| Ineffective Procedures | Manual processes such as entering information into a spreadsheet often result in negligence of incoming costs; this can cause a lot of mistakes especially in a large organization. |
How to choose an effective expense management software?
Although there are a lot of expense management software out there in the market, financial groups are often confused about choosing the right solution for their business.
Here is the list of features that are offered in Connect Expense Management system.
- Integrate with Accounting software
- Multi-Level Approval
- E-Receipts
- Mobile App
Integrate with Accounting software
This combination integrates all your financial data into one place, so you no longer need to switch between forums. One source of default data results in fewer repetitions, errors, and calculations.
Multi-Level Approval
Multiple authorizations can be organized involving various stakeholders depending on the action taken. Permits can be in the report level or in the payment category.
E-Receipts
Connect Expense Management system smartly identify receipt information. It also saves email attachments and receipts and you do not need to download and upload files.
Mobile App
Having fast tracking mobile apps can catch and prevent fraudulent costs before they happen. Both you and the traveler can access all the reports and receipts that occur in real time.
Benefits of Using Connect Expense Management Software
By using Connect Expense Management software, organizations can automatically plan and make their own business finances, gain full control and high visibility and reduce costs by conducting real-time reporting.
| Easy Tracking | Get instant notification on all real-time business transactions |
| Faster Reporting | Unsolicited reporting of employee costs can be done with the click of a button thus saving tons of production hours |
| Compliance Policy | Enforcing a strict regulatory policy that defines both the costs of the organization and those that it does not pay. Also, increase or decrease the limit based on spending behavior. |
| Powerful Statistics | Get rich data from a variety of business applications and get a brief report on one dashboard that transforms a financial team into a smart financial team.
|
| Custom Approval Flow | Ensure instant switch time by simplifying authorization process. Set up an authorization matrix based on your organization categories and get instant notifications.
|
| Connect ERP Integration | The finance team can process your business expense data and synchronize data with your accounting tool |
The benefits that financial teams can see after moving to Connect FMS are advanced paid accounts, enforced labor policy controls, simpler procedures, complete control over budget spending, faster claims payments, and reduced risk reduction. To witness how Connect FMS do wonders in real-time at your business place, book a FREE live Demo by calling us at +92 300 1110365
