Nitin Mittal Senior Manager, Assurance and Risk Advisory at Perfect Accounting .and shared services Pvt. Ltd. Read more…
Resource Optimization, expense management, and innovation undoubtedly are the three pillars of business productivity. If any of these three parameters wobble, the entire business productivity framework within the organization starts crumbling. Expense management is one such pillar that supports resource optimization and innovation. Off late, a lot of discussions are being woven around automating expense management to drive in operational efficiency and a creating a mechanism for measuring results against time.
Let’s deep dive into the business benefits derived from cloud-based OfficeTimer Expense Management Software
Software suite for expense management enables enterprises to automate company’s otherwise manual process. Right from integrating data from credit card and debit card reports through easy features to attaching receipts of expenses, the expense management system takes care of it all.
Faster Employee Reimbursements
Late reimbursements can go a long way in de-motivating employees. The role of expense management solution is to effectively reduce the time between the invoice submission, approval and crediting the same. With businesses becoming very demanding, these expense automating software have inbuilt features that allow employees to submit bills on the go, receive support from the finance team and get quick approvals. All this with just a smartphone!
Minimize Delays and Errors
Necessity is truly the mother of invention and therefore, the need to eliminate unnecessary and elaborate paperwork called for the adoption of the expense management system. So this implied a subsequent decrease in invoice hard copies and an increase incorrect calculations. The feature of collating all expense gave an additional ease of speedy reimbursements thereby, eliminating delays.
Expense Processing with Policy Enforcement
The expense processing sans the online expense management software meant unnecessary costs owing to inefficient invoice and expense management that often didn’t comply with company policies. With the adoption of an automating software system, the enterprises now can enforce company policies and control cost to the company without any unnecessary conversation.
Generate Data Based Trends for Superior Decision Making
The expense management online solution has been designed to aggregate and collate data in various formats with an extensive option for report customization. So with a whole new world of data at fingertips, it is easier for decision makers now to identify trends and channelize the capital resources in the right direction.
Motivated enough to adopt an online expense management system? Don’t just rush with a vendor. Here’s what you need to do.
Once you and your CXOs are ready with the answers and clarity, you can meet the designated vendor and explain the requirements upfront.