What is expense management?
Every business incurs a variety of expenses - from procurement to employee travel - as the cost of doing business. The policies and procedures surrounding money spend on the company expenses - from purchase to reimbursement - are a cog in the expense management machine. For example, company policies manage how and how much money is spent, such as price limits for travel or meals. Expense procedures define how the cash flow is handled regarding spend and reimbursements, while keeping policies in check, including purchase orders, pre-approvals, and expense reimbursement.
Expense management also includes any services, documents, or technologies that are used to process and track the spend - be it manually, local software, or web-based applications, such as Webexpenses online expense software.
Before software to manage expenses
Expense management used to involve a blizzard of excel sheets, paperwork and plenty of man-hours by finance personnel. Even after this cumbersome approach, expenses might still be inaccurate, out of date, and costing the business extra in processing costs. Does any of this sound familiar:
- Travel and Entertainment (T&E) costs increasingly harder to control and monitor
- Expense processing costs are increasing
- Financial figures not adding up
- Struggling to implement policy and legislation amongst claimants
After Webexpenses expense management solution
Webexpenses Expense Management software was created in the year 2000 to transform the way that companies handle expenses - eliminating manual processes and improving spend visibility. By allowing businesses to manage and control their expense via a web-based solution, they dramatically reduced costs and improved efficiency.
The expense management software provides a user-friendly platform for claims to be entered, expense reports produced, and approval and processing using the Webexpeses web or mobile application. The Webexpenses expense app offers many benefits including:
- Processing cost savings, almost immediately
- Rapid and low-cost implementation
- Remote deployment
- A robust mechanism to implement policy
- User-friendly app and interface
- Reduction in time and money for expense management