Why do companies need Expense Management System

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Why do companies need Expense Management System
10
Feb

Why do companies need Expense Management System

A prime matter of concern for all companies is to manage their expenses. Collecting bills, sorting and filing them, submitting, approvals etc can be a ponderous task. In order to simply things, have more productive employees, companies should invest in a good Expense Management System.

Types of Expense Management System

Paper tracking

This method involves manual filing of bills on quarterly or monthly basis. This can be very frustrating for employees as they have to keep filling and recording their bills, keep them safe, fill in details manually which allows increased chances of error, and then wait for another month or so to get the claims.

Spreadsheets

Since desk work can be very time consuming and averting for employees, companies are slowly moving away from paper and using some form of expense management sheets.

Expense Management Software

This is an advanced way of managing expenses, allowing managers / employers to automatically approve or reject claims. The approved expenses are directed to finance department by the system.

What is an Expense Management System / Software

Expense Management Systems by Complygate uses an advanced software to track and monitor employee spendings, reimbursements, procedures and policies to control expenses and reduce errors.

Why do employers need an Advance Expense Management System

Manual filing of bills is on the verge of being eliminated. A good Expense Management System / Software streamlines expense guidelines and it’s reporting, automatic receipt to reimbursement process, no manual errors and countless saving of filing hours. With the system in place companies can lock budgets and policies for all outlays, pre-set approvals so no time goes in waiting avoiding all unauthorised expenses. This allows employer and employee to have a real time spend visibility.

Since all expense are always documented with Expense Management software companies can avoid all frauds, be audit ready at all occasions and save time during tax season.

For example, if an employee is travelling for work, he can clearly see all budgets allocated to him per day for his flight, hotel, food, etc and easily file his compensations. He will not have to wait for months to get his claims as companies can always have a real time data of his pay-outs and allocations.

Key points on why to go with an Expense Management System / Software

  • Environment friendly approach. Go paper less
  • No waiting time. Automatic online reporting, tracking, approval and payments
  • Real time spend insight on a single platform. Reducing errors, avoiding over expenses
  • Predict future expense graph
  • Using smartphones to capture and upload receipts and route to appropriate approvers
  • Check any policy violation, have clear audit trails. Avoid fraud
  • Simplifies the overall reimbursement process. More productive employees

Book a free 1 to 1 demo with one of our specialists to learn more about Expense Management Software and find out if Complygate is the right solutions provider for you.

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