Expense management software can improve many aspects of how your company tracks and reimburses employee expenses. If your company currently requires physical receipts and the accounting department manually tracks and reconciles them, learn more about how expense management software integrated with cloud ERP can improve efficiency throughout your company.
Manual Processes Are Prone to Error
Manual expense tracking has been the norm for a long, long time. It’s possible that employees have always handed receipts to their supervisors and requested reimbursement. Whether those reimbursement checks were tracked with pen and paper, a spreadsheet, or a cloud ERP system, someone, somewhere had to manually reconcile the receipts to the reimbursement request.
But, as any accounting department veteran will tell you, paperwork gets lost. Receipts get separated from expense reports. Employees forget to request receipts or leave them home (but still wish to be reimbursed quickly). There’s a long list of things that can go wrong in the reimbursement process if it’s done manually.
Expense Management Software Improves Efficiency
Expense management software can reduce errors and make the entire process of expense reimbursement smooth and easy. With the right expense management software and a cloud ERP system, employees can connect anywhere, anytime, to submit their expenses.
Because expenses are reported through the cloud-based system, it’s also faster and more efficient for the accounting team to process expenses. They don’t have to sort through paperwork.
An added bonus: many expense management systems also check the types or categories of expenses against the company’s expense policy. Any requests that are against policy can be returned to the employee for clarification or sent to manager for approval.
Cloud software offers many advantages. One such advantage is the ability to add users without costly hardware investments. For a growing company, adding expense management to their software suite enables them to add new locations or remote, telecommuting employees to the company without an investment in hardware.
Real-Time Expense Reporting
Lastly, when expenses are reported through the management system and synchronized with cloud ERP, the company always has an updated picture of expenses versus income. Managers can see at a glance the current financial picture. This provides accurate, timely information.
How Does an Expense Management System Work?
Once your expense management system is set up and integrated with your cloud ERP system, it’s very simple to operate. Employees use their smartphones to snap an image of the expense receipt. E-receipts can be attached to the report, too.
Next, receipts are saved in the system dashboard, so they can be viewed, accessed, and stored easily. This also helps guard against accidental duplicate receipts.
Expenses can then be reconciled against reports. They are also very easy to access and review during audits or end of year accounting.
Reports and receipts can then be submitted with the touch of a button. Any issues can be flagged almost immediately, which speeds up the entire process.
Cloud ERP and Expense Management Software—Faster, Better Expense Management
With cloud ERP, your system goes where you go. You can log into it from any internet-connected device. Expense management software added to an ERP system enables your team to track and submit expenses from anywhere. If they work from home, great—they don’t need to make a special trip into the office to submit their expenses. Likewise, if they travel a lot on business, they can submit expenses while on the road. It’s faster, better expense management for all.
Mindover Software Consulting
Mindover Software provides ERP software consulting, training, and implementation. For more information, please, contact us or call 512-990-3994.