Expense Management Software

Expense management automation is a system that streamlines the processing of employee expenses. It replaces the traditional, manual forms of expense management which used to require heavy paperwork and labor. This is done by automating the entire process from employee submission of expenses to verification and approval of the expenses, to the payment of the employee. These were some of the many factors you should consider when looking for automated expense management software. Also, you’ll learn not every solution is right for your company and not all of them are the same. Slow reimbursement payment processes also compromise employee relationships with the company.

• Using automated tools can also help organizations make spending decisions smartly.
• The new features add to the growing portfolio of AI capabilities across the Nintex Process Platform.
• Many organizations that spend or are planning to invest in technology want to simplify the expense reporting process for employees and managers.
• This allows administrators to approve expenses (e.g. for travel) and generate reports.
• We solve big problems, small problems, and problems you didn’t know you had.
• Research shows that processing a single expense report costs an average of $58.

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If the last few years have taught businesses anything, it’s that change is constant. “So, how do you maintain an environment where everybody is even aware of all the compliance requirements, the regulations, and the approved business processes? ”Even before the pandemic, expense reconciliation was a difficult and inefficient process, prone to errors and uncertainty. The receipt chasing was endless and closing the books took far longer than it should have. In this article, we’ll address how expense automation minimizes those challenges. In some companies, employees have the option of filling in their expense claims online in a simple and convenient way, thanks to dedicated tools.

Actual reimbursement

It eliminates labor-intensive systems by automating the process of tracking, approving, and reimbursing business expenses, eliminating manual data entry and paperwork. There will be one owner of the account in an automated expense management software, however, team managers will be able to approve or reject expense requests for their team spending. No one’s time gets wasted when there are easy-to-use expense management processes. The need to spend valuable work hours on painful logging and the process of expense reports is minimized, thus increasing productivity at work.

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We list this out to demonstrate how tedious and time-consuming the traditional expense management process can be. However, companies turn to automation solutions to streamline and improve processes, reducing the burden on employees and enhancing efficiency. Expense automation is changing the game for small businesses, finance teams, and anyone who handles expense reports. With automated processes, digital receipt capture, integrations, credit card import, and even travel assistance, handling your money stuff has never been easier. Asana ranks among the most popular task management software solutions, offering a clean layout that makes it easy to delegate responsibilities and track projects, subtasks and status. The project management platform also features AI-powered tools for goal-setting and reporting.

How to accelerate the adoption of expense automation in your organization?

Have goals such as a 20% faster reimbursement process turnover time or increased accuracy of expense reports. You’ll also want to break down these goals into smaller objectives to figure out how you can use automation tools to achieve them. Often what holds back the expense management process is how long approvals take. Instead of having one document cross many desks and risking it getting lost in the process, an important feature of https://www.bookstime.com/ that you want to have is automated approval workflows. This makes it easier for employees to track their business expenses and ensures that expense reports are ready for submission promptly.

What is Expense Management Automation & Its Benefits?

Recognizing employees who demonstrate effective use of the tool can also serve as a motivational factor for others to follow suit. If there are new automation features, for example, be sure to keep everyone in the loop and introduce them to these features and benefits. This means that all your company’s financial data can be safely stored in a single secure system.

However, doing this traditionally is known to be time-consuming and complicated. You’ll have to manually enter all details and find a way to store all physical documents safely. It’s only when you have these details can you make your payments according to the nominal that is approved for reimbursement. This is likely expense management automation to require the employee to find their supervisor or manager in the office before handing over all the documents. Traditionally, this step would be done manually and rely on the employee’s own documentation. Automated software contains documented expense proofs for any sales and purchases made in case of an audit.

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• How much time do you spend thinking about the expense management process in your business?
• Automation is meant to make your expense management easier and simpler, not more difficult.
• This allows companies to make more informed decisions, optimize strategies, and identify opportunities to save on costs.
• Processing reimbursements only wraps up after your employees receive their payments.