Imagine just how much time, effort, and money your business could save if it just had a simple centralized expense management dashboard to track, monitor, and report activities to you?
An expense management dashboard can provide you and your finance team with that convenience. It can collate and analyze key metrics to provide you with clear and comprehensive information. An expense management dashboard also provides a central location to monitor and analyze information collected from multiple sources.
In this article, we discuss why a business should have a central dashboard for its expense management and the numerous benefits it brings along. Let’s get started!
In an expense management process, there are multiple activities and components involved. All these have to be tracked to analyze business health and productivity. Companies use data collected from their employee expense reports to come up with an effective strategy. But with a massive amount of expense data, monitoring and analyzing can be challenging.
For instance, if you have a large number of employees making business-related expenses in a month, manually keeping track of expense reports is a hard task. This includes knowing the number of reports submitted, approved, or pending. Having little-to-no clue about the reimbursement workflow can create miscommunication and delays. This could further impact employee morale and productivity.
An expense management dashboard provides you with company information at your fingertips. It collects all the employee expense data from different sources and presents it in a unified form. It tracks all employee spending and gives quick analysis, creates informational awareness, and answer questions like,
Below, we discuss the benefits of a centralized expense management dashboard for effectively monitoring and managing your business expenses.
An expense management dashboard is tailored to report the overall employee expenses. It collates and provides transactional data of all business-related expenses in an aggregated view.
Understanding and reading data is made simple with dashboard visualization. The expense management dashboard surfaces necessary details with simple visuals so that an organization can easily make sense of their business expenses. The dashboard’s colorful and simplistic designs can make vital statistics easy to remember.
For example, let us look at Fyle's dashboard which showcases employee expenses and expense activities to the admin/ approver on logging in. Employee expenses are displayed to the admin in real-time.
Additionally, the analytics provided by the dashboard is easy to understand even for non-technical users.
Employee expenses are also synced and updated in real-time and projected in the dashboard. This way, the business can keep up with their financial productivity and health.
When the finance team has all the expense data in a centralized location, time spent tracking reports and expenses are cut down. With an automated expense management solution, the dashboard is fed automatically with data from submitted expense reports. This cuts down both the time and effort in reviewing and approving expense reports.
You can access overall, and category-specific insights from all the information collected from your employee expenses under one centralized dashboard. This helps businesses make better sense of the summarized dataset.
Dashboards are a convenient way to track, manage, and view your company expenses and expense management operations. It pulls data from multiple sources to surface relevant information. It thus, provides a summarized output which can be used to make financial decisions and strategies.
An expense management dashboard is simple and easy to use, as well. See it for yourself by scheduling a demo today with Fyle!