Are you looking for an effective solution for your travel and expense management woes?
We bet your finance team is. Challenges finance teams face with travel and expense management can have a significant impact on the growth and scale of your business. In this article, we will understand how embracing an expense management software helps make expense management easy!
How does a travel and expense management software help:
In this section, we discuss the top challenges that hinder an organization’s financial productivity and how an expense management software can help fix them.
Unclear travel and expense policies:
Your travel and expense policies work as your one source of truth when it comes to employee reimbursements. Most companies pay no heed to their policies, and as a result, so do their employees. This results in out-of-policy expenses and other policy violations, which cause unnecessary leaks in the company.
How can an automated travel and expense management software enforce policies?
- Automation provides for real-time policy checks the minute an expense is created.
- Businesses can pre-set policies based on designation, business goals, nature of business expenses, and other such parameters.
- This feature proves particularly useful to spot expenses incurred on alcohol bills and on holidays or weekends.
Ineffective receipt management:
Employees generally submit expense reports with receipts as proof of the expense. These receipts may either be paper receipts or e-receipts. A single expense report often comes with multiple receipts.
While approving expense reports, finance teams never get a clear picture as information is always scattered across devices and formats. This could potentially lead you to problems with the IRS.
How can an automated travel and expense management software help manage receipts?
- An automated expense management software comes with unlimited cloud storage.
- Receipts are accessible from anywhere, using any device and at any time.
- Finance teams can view all actions for a specific expense report from a centralized expense management dashboard.
Manual reviewing and approving of expense reports:
Finance teams need to chase employees to submit their expense reports on time. Once done, they need to verify, collate, and review each of these reports manually. With deadlines to adhere to, this becomes a difficult task to complete. As a result, your finance teams may end up missing claims that might be fraudulent in nature.
How can an automated travel and expense management software help review and approve expense reports?
- Real-time policy engines ensure no policy violations slips in.
- If there is a violation, the employee and the approver are notified immediately.
- It provides an audit trail that documents all activities related to an expense report.
- This helps your finance teams to stay audit-ready at all times.
Lack of visibility into spending patterns and trends:
Expense analytics play an important role in cost correction and prevention of leaks in the company. But, this can happen only when businesses have the numbers to speak for them. If done incorrectly, analytics could lead you to make lousy business decisions.
How can an automated travel and expense management software help with data analytics?
- A customizable dashboard provides insight into what the numbers have to say.
- It helps identify frequent spenders, policy violators, and other recurring or abnormal patterns.
- The numbers provide a real-time insight to the health of the business.
- It provides information to tweak and improve the organization's travel and expense policy.
- It ensures the bottom line of your company is always secure.
Delayed employee reimbursements:
Employees are often unaware of their expense policies. Further, manual expense reporting opens up a Pandora's box. Errors can be caused due to stringent timelines, manual entry, or fraudulent expense claims.
This may result in multiple back and forths between the finance team and the employees, resulting in delayed reimbursements.
How can an automated travel and expense management software improve reimbursement cycles?
- Employees can submit expense reports on-the-go from a device of their choice, ensuring they never miss a deadline.
- Features like data extraction and receipt scanning, reduce the chances of errors in an expense report.
- Automated travel and expense management software come with real-time policy engines. They help flag any out-of-policy expenses, duplicate bills, and policy violations.
- It provides a digital audit trail for all conversations on a specific violation. This helps businesses easily document these justifications.
Employee benefits of using Fyle to get a one-click expense reporting:
Businesses today have to keep up with the ever-changing business environment and expense management is the last thing they should be spending billable hours on. With Fyle as your choice of expense reporting software, make expense reporting a thing of the background!
- Device agnostic: Enables employees to upload and submit receipts on-the-go from any device of their choice.
- Paperless expense reports: Employees no longer need to be worried about losing paper receipts.
- Automatic data extraction: Fyle’s data extraction engine automatically picks up relevant data from the receipts.
- Map expenses to specific categories: Employees can map expenses to corresponding projects to create respective expense reports.
- BulkFyle: Allows for bulk fyling of receipts. Employees can click and upload multiple receipts in one-go from any device!
- Seamless expense report submissions: Once all the receipts are uploaded, employees can create and submit expense reports with just one click.
- Real-time policy compliance: Fyle flags any expense that is in violation of the company policy at the very source of expense creation.
- Increases financial productivity: Automates mundane tasks so that employees can tend to other important business tasks.
- Decreases back and forths: Fyle’s digital audit trail records all communication regarding all claimed expenses and expense reports.
- Decreases reimbursement time: As a by-product of a streamlined business process, it increases employee morale and satisfaction.
Addressing these challenges ensures both your employees and finance teams stay happy. Additionally, you can stay rest assured to see a spike in your company's employee morale and overall efficiency.
If you’d like to understand how Fyle can help make your organization’s expense management woes go away, schedule a demo now!