3 Major Issues which can make

Expense Management a Chore

for your Business

Monitoring the expenses associated with processing, paying, and

consolidating a business is crucial for its success. In fact, the
expenses of the company can directly impact its bottom line. Quite
interestingly, a large number of companies are still reliant on the old-
fashioned methods of managing and monitoring expenses. You can
easily find many organizations which still rely on spreadsheets and an
envelope full of receipts. No doubt, this manual process of recording
expenses is inefficient and outdated. Whether you are a large-scale
organization or a start-up, it is important to possess a payment and
consolidation process that complies with your company’s needs.

Employee expense settlement is a tedious and challenging process

for both the company and the employees. Usually, every organization
implements specific guidelines which need to be adhered to. In a
majority of the cases, collecting data and submitting it to the
accounts department is a cumbersome task.
In the absence of an automated system, the accounts department
has to verify the claims manually. These tedious procedures justify
the requirement for an automated expense management platform.
With these things in mind, let’s take a glance at the top things that
can make expense management a chore for your business.

FRAUDULENT DOCUMENTS
To be precise, in the absence of an automated expense management
platform, expenses can be forged. Moreover, you will also encounter
the rise of fake bills among your employees. With expense
management software, the organization can set policies that make
capturing and supporting expenses made by employees compulsory.

In short, it eliminates the apprehensions about a false reimbursement.

Apart from fraudulent documents, a complete lack of control can
also emanate in the absence of an expense management software
solution.

As most finance teams will tell you, the absence of pre-defined

expense limits and the requirement of completing expense
reports are some of the biggest roadblocks. With an expense
management software platform, you can set spending limits for your
employees. Moreover, it will also save your finance team from surfing
through receipts as all financial history would be well documented in
the cloud.

LACK OF SECURITY
There is no denying that security is an important component of any
payment and expense management solution. With the help
of expense management software, you will be equipped with cutting-
edge security to secure your business from theft and potential
misuse of funds. No doubt, there will always be a certain level of the
human element involved when discussing security.
Do you know that an automated expense management system can
generate prepaid cards that you can issue to your employees? For
instance, if the employee of your company lost the corporate card,
you can keep their account safe by making the necessary changes in
the expense management platform. In short, if you want to safeguard
your corporate accounts from fraud and other security risks, opting
for expense management software is important.

LOST RECEIPTS
When you manage expenses manually, there is always the risk of
losing receipts. Moreover, at times, an employee or the reporting
manager may misplace the entire bundle of receipts. This can usually
lead to bitterness between you and the employee. This is because it
can take months to fix the commotion.

However, when you use an expense management software platform,

everything will be digitized. There is no need for you to worry about
misplaced receipts and paper trails. You can access the
reimbursement history from anywhere and anytime, which exudes
practicality. As you can see, there are several issues that can arise in
the absence of an automated expense management platform. Note
that the claim process will be very cumbersome with the traditional
expense management processes.

However, submitting the claims and reimbursing the employees will

become easier when you have an automated expense management
platform. With an automated platform, managers can approve claims
as and when they appear. This will help accelerate the claim approval
process. With an automated expense management platform, there is
no need for you to go through credit card statements manually. With
the software, you will be able to tally expense claims with credit card
statements. Opt for expense management software to fine-tune your
industrial operations.