With a digital expense management system, the business will no longer have to manage the filing of various documents. All expenses are submitted online and receipt copies can be attached. The software will automatically verify them and check them for policy violations. Approved expenses are scheduled for payment, reported, and audited while rejected expenses are investigated. A digital expense management system ensures proper expense reporting and reduces the time wasted on manual tasks.
The best expense management software provides complete visibility into employee spending and data, capturing all necessary data and automatically updating a database. It gives you real-time end-to-end information on expenses. Inefficient processes can cost a business more than expected. According to IDC, businesses lose between 20% and 30% of their revenue due to inefficient processes. This amount is particularly high for the finance industry. This is why you need expense management software that covers all the key data areas.
Using expense management software is crucial for companies. Besides reducing the risk of fraud, it also helps maintain policy compliance. Many businesses lose billions of dollars annually due to expense fraud. Using an expense management solution will help you identify duplicate and false expenses, reduce the number of errors and prevent fraudulent spend. It will also save you the hassle of storing and retrieving important documentation. It will give you a more organized and transparent view of all the financial data.
