Make sure that you’re answering any queries that your employees may have regarding the new system. You also want to discuss the implementation process with the sales and customer support teams of your new expense management automation software provider. After areas of improvement have been identified, the next step is to choose the right expense management automation tool. There are a variety of tools available, ranging from cloud-based solutions to more complex enterprise software solutions.
- The great thing about this software is that you can connect it to your management and ERP tools.
- These are a more sophisticated way of processing expenses when compared to paper forms.
- Automation eliminates the need for paper records and spreadsheets, which can be easily lost or misplaced.
- The user experience suffered, and managing global expenses was a headache.
- These innovations also provide valuable insights into spending habits.
Expense Management Automation
- Automation provides realtime insights into your business expenses at any given moment, offering a level of visibility and control that manual processes can’t match.
- If you’ve got a few minutes and an idea of the sort of task you want to automate, you can make it happen.
- Here are a few considerations to help you choose a solid expense management solution and create policies to support it.
- Proper expense management can help you keep healthy finances and thus improve your company’s stability.
- Talk to key personnel about implementation and come up with a timeline along with the roles and responsibilities of each person.
- This uncertainty creates stress for finance teams striving to maintain budgetary discipline.
Clearly lay out what the expectations are and let them know what your processes look like. Make sure that you expense management automation monitor expenses often to make sure everything complies with your policies. Let employees know that you’ll happily address any concerns they may have. Make sure your employees feel supported during the implementation process. The right tool should be chosen based on the specific needs of the business, the size of the organization, budget considerations, and the desired features. A key feature of this is the ability to snap pictures of your receipts to store them in your account.
Increased errors and duplicates
- 67% of accounting and finance leaders say they struggle to get buy-in from their leadership in order to implement revenue automation.
- The more user-friendly it is, the less the learning curve will be for your team.
- Not to mention that you’ll achieve higher accuracy and efficiency with expense automation.
- A clear map of the process helps you understand existing expense policies and procedures, gather and centralize process data, and set expense management goals.
As part of the larger SAP family, and through our experience, expertise, and partnerships, our solutions help every business run its very best. Compare the top 5 expense management platforms features, benefits, drawbacks, and pricing. The user experience suffered, and managing global expenses was a headache. They needed one integrated solution for global corporate cards and reimbursements. Managers wanted a proactive way to track spending — and employees needed an intuitive experience. Automated expense management makes the entire expense reporting and reimbursement process more efficient.
Which Expense Management Tasks Can Be Automated?
The right choice hinges on your specific needs—whether it’s automation or collaboration—that can propel your efficiency forward. Otherwise, here’s a great revenue recognition guide for SaaS companies to help you build your own reports. Sales, marketing and customer support all rely on workflows to communicate with prospects and customers. Finally, the Chief Financial Officer (CFO) who is tasked with budget management finds it nerve-wracking to spot significant QuickBooks expenses that are not accounted for properly.
Receipt Capture and Data Extraction
It’s only after an employee has filled out the expense report paper forms and attached physical copies of different supporting documents can they submit the expense report. Automating expense management can be beneficial for every business, but it’s especially important for growing startups. Managing your expenses entirely by hand can quickly become overwhelming, especially as a growing startup. Expense management automation is a great way to make the function more efficient, saving resources and improving accuracy. Software must have the standard user data encryption, such as on-device, on-browser, and server encryptions. Data breaches are not uncommon in the finance industry — the IBM Cost of a Data Breach Report shows that the cost of data breaches in the finance industry is an average of $5.97 million.
The Brex Mastercard® Corporate Credit Card is issued by Emigrant Bank, Member FDIC, Fifth Third Bank, N.A. Member FDIC, and/or Airwallex (Netherlands) B.V. You might have overseas vendors and employees in different countries. Automated systems offer the flexibility and scalability to accommodate these changes — without additional investments or licensing. And HR system integrations can help you automate employee onboarding and offboarding to Brex. To learn more about SAP Concur solutions and hear from a representative, please complete the form. Similar to other existing virtual assistants, having virtual expense assistance will make completing your tasks much faster.
Get better visibility into your company expenses with automation
With the help of visualization and filter tools, it’s easy to analyze how much you’ve spent in a Partnership Accounting certain period of time and what prominent expenses are. Get better visibility into how your money is being used with real-time spend analytics. Through your system’s dashboard, you’ll be able to view all expense transactions.
Accounting automation ensures miscalculations do not taint financial records. Below are some of the other notable benefits of accounting automation. Familiarity breeds confidence, allowing employees to leverage the full potential of your chosen tools efficiently. Implementing a new system can feel daunting, but a few strategic steps can ease the transition. Start with thorough research to identify tools that align with your specific needs.
