Wise tips: Choosing and Implementing An Expenses Management System

 

The path to finding your perfect expenses management solution

A wise man once said: “The most important part of any job, is choosing the right tool”. And when you’re job is business finance, then it’s likely that managing the process and payment of employees T&E expenses claims is a major part of it.

So, it’s great that we now have the kind of tools needed to make handling expenses a hassle-free experience; saving your company time and money. And the benefits of moving from old paper-based systems to a new cloud-based solution can be major. Here are a few reasons why an expense management solution will help you find the inner peace you’ve been seeking.

Wise man who saves his staff time also saves his business money

It can cost as much as £40 per claim to generate and process an expense report using non-automated methods. Much of this is in time soaked up by the administrative overhead. Automating processes can drive that down to as little as £4 per report within a large organisation. Overall it is anticipated that an expenses management system can save you as much as 25% in T&E processing costs and with quick, remote deployment of SaaS this saving can be realised really quickly.

He who knows the rules of expenses does not break them

Whether it’s exaggerated expenses claims, out of business policy or non-compliance, expenses management software goes a long way to preventing fraud. Statistically speaking, survey data shows that up to 40% of your employees may engage in some type of expenses fraud and that as many as 25%, do so because they feel underpaid and undervalued. Deploying an expenses management process means a fair system for all.

Enlightened man reports in real-time

For financial managers expenses software offers the power of comprehensive, real-time reporting capability and analysis. This is particularly useful for quickly analysing histories; for large-scale businesses with multiple offices, or operating overseas with the additional complexities of multi-entities. Despite these compelling benefits there are a number of important factors that affect decisions on supplier and influence the long term success of the project once the solution has been rolled out. This paper outlines what you need to consider when choosing an expense management system and provides some pointers for successful implementation [...]

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