Nitin Mittal Senior Manager, Assurance and Risk Advisory at Perfect Accounting .and shared services Pvt. Ltd. Read more…
Cloud computing is by far one of the most impactful technologies that have transformed the way businesses have been conducted so far. This can be justified by the fact that cloud computing has given the entire process of data collection, storage, processing a phenomenal makeover. With scalability, virtualization and security patching across multiple systems placed physically in multiple locations almost in just a few steps. These features have improved the overall cross-functional coordination, customer relationship management and process delivery at the very organizational level. As a result, the HR vertical has significantly adopted cloud-based travel and expense management software as a service. Most significantly, there has been a massive overhaul in the product design around the cloud. Increasingly the software systems now are being developed to be more ‘One’ with the cloud and as result accessibility, user-centric interface and multi-platform integration are the principles of software architecture and design.
When the expense tracking software takes to cloud, the results are just power packed. Accessibility to productivity tools has leveled the ground for small and midsize business organizations when it comes to competing in a competitive business ecosystem. This has been brought about by the onset of cloud computing. So, let’s check out the top 5 business benefits of availing expense management capability as a cloud-based service.
Without any iota of dispute, the cost factor remains one of the major reasons why enterprises migrate to cloud or avail cloud-based services. A great deal of time and resource is involved in the traditional management of travel and sales expenditure. Furthermore, the cost of processing is very high when it comes to charges per report. The automation that Saas employee expense management software brings about saves not only the cost of processing the report and accurately calculating the expenses but also establishes a sense of compliance in the expense management top down in an organization. This push towards policy enforcement automatically fosters the spirit of adhering to set travel budget as per the band or the hierarchy within the organization.
The cloud framework enables the finance team to collaborate seamlessly across multiple locations. The accessibility factor helps the team access project reports from centralized storage and leverage it within a secure ecosystem. The cloud-based systems are highly flexible and collaborate with other enterprise applications seamlessly without impacting the ongoing operations.
The smart analytics and the big data advantage offered by the Saas project expense management software greatly benefit enterprises. They help the stakeholder in business to identify the process gaps backed by data and enables them to take requisite steps to eliminate unnecessary and erroneous costs. Apart from this, the smart reporting feature empowers the HR managers to conduct smart negotiations for cost-effective travel and business expenses.
Migrating to the cloud is often a guarantee to ensure continuous uptime. The highly cutthroat and competitive business environment demands robust support and superior connectivity when it comes to travel-related operations and invoicing. The travel desk can operate from anywhere anytime and respond to sudden and unforeseen challenges.
The cloud-based expense tracking software enables the travel desk to tackle invoice management with great ease and accuracy. It completely eliminates the possibility of monetary losses due to erroneous processing of invoices.
This ensures greater transparency in the system. Additionally, the online expense system is programmed in a manner that it detects duplicate
invoices and raises a real-time notification.
The expense management system is not just smart and suave reporting software with a bouquet of plugins. It is, in fact, a suite of business productivity tools that deliver greater business efficiency, mobility, and an integrated travel and expense management platform. Backed by AI, the current market of ERP offers almost throttling choices for a cloud-based expense tracking tool suite. Therefore, before an enterprise decides to avail the business advantage of the cloud, it must consider the following points as suggested by business veterans.
1. Evaluate organizational goals and map it with the expectations of the SaaS software. It is extremely important to understand the scope of one’s business, it’s a market presence, target audience and the scale of business. This definitely goes a long way in evaluating the type of expense incurred, how many employees actually submit invoices and the nature of invoices. Additionally, it would also help to create an organizational roadmap as a ready reckoner and a reference point for approvals and controls.
2. Understand the existing legacy systems. This is a supercritical aspect when it comes to investing in new technology. An evaluation of the existing accounting systems often gives an insight into its flexibility aspect. Radically investing in a new and upcoming cloud-based expense management system can disrupt the ongoing operations. The key to mapping the capabilities of the existing software and basis that invest in a system that is similar in user experience but with a lot for functional value. Minimizing the time required to master the new online expense management software would ensure business continuity.