Are you working with a growing company with an increasing number of employees? Then it’s the right time to think about going paperless and digitize!
The opportunities to improve business productivity and accuracy go far beyond what was previously possible. If your business is international, your employees probably travel a lot, and business expenses pile up. Modern tracking technologies allow workers to submit a report on the go, and accountants to automatically approve and reimburse it.
One of the major challenges for accounting and finance managers is expense reports. However, thanks to the expense management apps, monitoring employee business expenses is getting easier and less tedious. Your employees’ productivity should not be compromised by expense reporting chores.
In this article, we will tell you how to digitize your expense reports online with an expense management app.
- Finding the Right Software
- Digitization of the Expense Reports
- Integration with the Existing System
- Automation of the Reimbursements
- Compliance with Security Requirements
Finding the Right Software
Even if you have already decided to go completely paperless, you are probably wondering where to start. Check how many of your employees are submitting for reimbursements, including travels, computer technology, and office supplies. A tool that works for a sales team may not be ideal for remote workers, so it’s better to go beyond average numbers.
After that, examine the server-side technology your company uses, especially the software used by accountants. If this software is confusing, too difficult, or has bugs and errors, it’s better to get rid of it. Such characteristics are exactly what can kill an effective cost-tracking solution.
What if your employees prefer using mobile phones to track finances rather than the web app? Luckily, nowadays most expense management apps have Android and iOS versions. Talking about the accounting side, it doesn’t matter if your bookkeeper is using QuickBooks Online Plus or more advanced accounting software. There are a lot of products to choose from, that will integrate with existing software.
Digitization of the Expense Reports
If your company is still using paper copies to make reimbursements, it may lead to many errors and delays. Your company may hold three types of expenses: online, print and handwritten. You have to find the software that will handle each of them.
Digitizing anything possible is the key to quickly starting to manage your finances. Without efficient processes, online expense management in your business is unlikely to change.
The market of expense manager apps for PC is getting wider and wider, and Expense Sensei is one of the apps worth looking at. As a team member, you are able to create and track your expenses, and export bills and receipts right from your mobile device. If you are a bookkeeper, you can easily approve expenses and provide reimbursements anytime you need. Additionally, the app is going to provide such features, as mileage and OCR, so keep an eye for it!
Integration with the Existing System
The package you choose for effective cost management should work with your existing systems, no matter what system you use. Remember, that the new reimbursement software shouldn’t encumber your legacy systems.
And if you don’t have any, then think about the systems you might want to use in the future and look for the tools that can integrate with them. The variety of new players is wide: you can choose Oracle, SAP, Sage, or Microsoft Dynamics. Any of these enterprise resources will work with most modern bookkeeping systems.
Automation of the Reimbursements
While going digital, all business processes should allow all subsequent processes to be fully customizable for automation, if possible. Since 75% of business expenses are spent on travel, the ability to make adjustments to suit your needs for additional approval or immediate reimbursement is invaluable. Search for a solution that allows you to convert currency and immediately return confirmation in local currency at the time the user incurs the expense.
Compliance with Security Requirements
No matter where your company is located, there are a couple of financial rules and regulations regarding expense management and reimbursements. Complying with financial rules is challenging even for large multinational companies.
Compliance with storage and security requirements has always been of great importance for financial data. Yet, the emergence of the General Data Protection Regulation (GDPR) in Europe means that the way data is stored is no longer a cybersecurity issue. Now it also refers to a person’s ability to be identified, forgotten, or removed.
Expense management can actually be fun and not overwhelming, if you choose the right solution to experience it. All over the world companies go paperless and get profit from online expense management.
Although it will take some effort from your company to get rid of manual expense management, the benefits of digitization have a far greater impact than the downsides of change management.