5 Company Problems That Can Be Solved With Expense Management Software
Tracking and managing your business expenses is a tough job, especially for larger companies. Because of inaccurate and slow expense management, companies tend to lose more money instead of saving. Despite some business expense management software available in Singapore, there are companies still stuck in doing the manual process of reimbursements.
If you are of those companies who do it manually, then you may be experiencing these problems:
1. Slow and Complicated Process
Printing, compiling receipts and invoice, and manual input of expense reports slows the process of reimbursement. It also complicates the submission, checking and approval of expense reports. It is both an inconvenience to the employee and managers. With spend management software, the entire process will be automated from the submission to the approval of the report.
2. Spending More Time To Paperwork
Manually compiling receipts and making expense reports eats a lot of time of the employee. Same goes with the finance or accounting team who manually checks these reports. It will add more time if there are adjustments or human errors that need fixing. Business expense management software will automate the process. No need for compiling since it can be uploaded and submitted via mobile app.
3. Company Spends More On Office Supplies
Companies waste paper, ink and electricity by printing hard copies of the expense reports. It is impractical and not environmentally friendly. All these unnecessary office supply waste can be eliminated by getting a spend management solution for your company since the entire process happens digitally.
4. Following Outdated Expense Policy
There are circumstances that managers are not updated to a new expense policy. Being unaware of this makes your company non-compliant to the law and may cause the company some legal troubles. Spend management solution notifies the company with the new policies, thus saving you from trouble with authorities.
5. Fraud Cases
Companies with manual expense management are prone to fraudulent expense reimbursements. There is no guarantee that your finance team thoroughly checked all the reports. Spend management software prevents fraudulent expense reimbursements.
Get the best business expense management solution in Singapore with Volve. Volve simplifies your spend management and reimbursement process to help you and your company.
