A cloud based expense management software can help grow your business, whether it's big or small. Not only is it cost-effective, but it also eliminates room for error and creates a safer space for valuable information.
In Back to the Future, Marty and Doc head into the future to visit the year 2015. Surrounded by flying cars and weather-predicting watches, the film's depiction of the future wasn't that far off.
One thing is for sure - we are living in an age where technology is integrated throughout almost everything we do.
So why not use these technological advances to manage your business, especially your business's money? You can simplify your expense account management with ease when you opt to use a cloud based expense management software. Here are 5 of the top reasons why you should consider doing so!
What is a cloud based expense management software?
Cloud computing has changed the way that businesses operate. It has gifted the process of data collection, storage, and processing a full-blown makeover. The features of cloud computing have, in general, improved many aspects of businesses from customer relationships to expense management to data security.
Some of the duties of a cloud based expense management software include:
- Identifying cost-saving opportunities
- Analyzing overall expenses
- Controlling excessive spending
When it's cloud-based, the interaction is much more streamlined, leaving little room for error or compromise. It's also a money-saving tactic that works. Additionally, employees and business owners remain on the same page, regardless of where they are at any given moment.
More often than not, an expense cloud will also integrate other capabilities into the software, such as:
- Travel-management software
- Time tracking software
- Workforce management software
- Accounting software
Now let's take a look at the 5 top benefits of using it!
1. It's fast and cost-effective
The old saying "time is money" couldn't be more accurate when it pertains to expense processing. Expense management doesn't generate revenue, but it's something every business must do to stay on track.
Accuracy is vital for efficiency, saving time and money. A cloud based expense management software is accurate, intuitive, and straightforward. The hard work has been done already in the back-end. So now, all the users need to do is plug in the appropriate information and numbers.
Using an automated cloud based expense management software ensures cost control, as it leaves very little room for human error. It can significantly reduce IT expenses and lower the cost of processing each report by moving from a manual approach to an automated one.
2. It enables seamless collaboration
When it comes to employee expenses, most purchases happen while travelling. But long gone are the days of saving a pile of receipts, only to input what you've spent when you return to your home base.
Cloud framework allows finance teams and other employees to collaborate from multiple locations. The accessibility enables organizations to access project reports from a centralised storage space (the cloud.)
Plus, because you can access the software from anywhere, employees can even claim an expense and get it approved before getting back from their business trip. It's a cost-effective universal approach!
3. It eliminates the risk of errors
The longer employees hold onto receipts or wait to get back to the office to input claims and expenses, the higher the room for error.
Erroneous inputting and processing get eliminated with cloud based expense management software. This is mainly because information can be shared from anywhere, and at any time.
There is also greater transparency in a cloud based system. Plus, online expense systems detect duplicate invoices immediately so that they can be analyzed and eliminated before they affect the reported numbers.
4. It's more secure!
Most data breaches happen through human error. Here are some ways employee actions can lead to a security breach:
- Certain information getting disclosed by mistake
- Emails sent to the wrong people
- Lost or stolen paperwork
- Hardware theft
- Inadequately disposed-of paperwork
When you opt to use a cloud based expense management software, you'll reap the benefits of the best cyber security. Plus, when employees can input information from anywhere, there's less room for lost paperwork and sending sensitive information through email, amongst other things.
Just remember to educate your employees about things like opening the wrong emails, clicking on bad links, or using non-secure networks. The more educated they are, the more you'll get the most out of your secure expense cloud.
5. It offers better analytics and more transparency
A cloud based expense management software is not only accessible but also intelligent. It provides businesses and users with visibility into areas that need improvement, such as managing to spend more effectively and improving business processes.
When managers have consistent and transparent access to data and facts, they're able to negotiate more cost-effective travel arrangements. Plus, they can easily spot errors or malicious fraud before it hits.
Also, a cloud based expense management software helps managers to issue stronger expense rules and spending guidelines. This allows employees to identify opportunities for better vendor relationships.
Don't hesitate to consider a cloud based expense management software for your business
A cloud based expense management software will change the way your employees think and treat their business expenses. This is because it makes everything more streamlined; it eliminates risk and error, and thus also saves your business money.
Account managers and other employees can connect from anywhere because it's universal and device agnostic. A cloud based expense management software helps ease the process of expense reporting. Now, claims and expenses get reported promptly, and duplicates get detected immediately.
Plus, it'll give you the peace of mind knowing that your business's sensitive and financial information is significantly safer from security breaches. Do you want to get started on saving money?
Schedule a demo to learn how our cloud based software can benefit your business!