As the business environment shifts to a virtual setting, it’s critical to equip the employees with expense management software that streamlines processes and consistency, which would help both the staff and your budget.
In today’s working, all-in-one expense management software is a business necessity as the number of employees working remotely has increased. Business expense management software keeps track of employee expenses, simplifies expense monitoring and reimbursement, and allows policies to be integrated directly into the system.
Understanding the Remote Work Model:
Employees who work from home save money on a commute and are more productive, happier, and healthier. Nearly a quarter of the employees in the United States work at least half of the time remotely, and in times of crisis, entire teams are asked to operate remotely.
But there are always 2 sides to the coin! Your remote workers could end up costing you money if they treat the job incorrectly because when it comes to remote jobs, there are certain costs to remember; employees who do not work from an office must be provided with the necessary equipment to complete their tasks.
This can include printers, displays, basic office supplies, and headsets in addition to laptops. Many organizations often have a monthly stipend for internet and telecommunications bills.
Must be thinking about how and what to do to survive in this kind of situation?
Nothing much, all you need is a system to keep your employee’s monetary overhead structured and conveniently available from anywhere. Suppose you want to keep accurate track of your remote employees’ expenses. Then the ideal approach is to use online expense management software. Right!
Let’s understand what an expense management system does?
Expense management software works for the small business expense management policy to ensure that approved (and unapproved) expenditures are not overspent.
An expenditure management system also includes analytical resources that assist the business in making better decisions about future spending and informing any policy changes that might require. Finally, by correctly reporting all expenditures, the system helps businesses to ensure enforcement and transparency.
There are some advantages of using expense management tools for a remote workforce if you are new to it.
Benefits of the expense management system
1} Record Expenses From Anywhere
Employee expense accounts can be easily accessible from anywhere by an online expense tool. Remote employees can upload expenses from home or on the go, allowing the accounting team to review and approve them automatically, keeping everyone up to date and on the same page without needing them to come into the office.
2) Makes Approval and Reimbursement Faster
Using an integrated expense management solution reduces the time taken to approve and repay expenses.
The finance staff is working remotely, receiving bulks of virtual receipts, and also taking time to get them approved; after that, they double-check each receipt against the policy to make sure it’s genuine which cause delay in employee reimbursement
But switching to an automated solution by invoicera, the finance manager can quickly refund the expense to employees and the approvals are collected more fast.
3) Protects Against Expense Fraud
You make it easier for employees to commit expense fraud when you are getting receipts virtually. Nowadays, it’s so easy for anyone to edit receipts, double up, or round-up expenses as per their mean.
But with Invoicera, Automated expense management is a simple way to eliminate expense fraud in your business. When the same expense receipt is submitted more than once or modified, the software automatically detects it. It sends a message to the submitter (and approver) asking them to merge or remove the duplicate entry.
4) Increased Spend Visibility
Recording of virtually working employees’ expenses is time-consuming and makes it difficult to see the expenditures in real-time. Even if you can use the reports and spreadsheets, the information is often out of date by analyzing it.
That’s why it’s important to use an expense management tool with many report options, ranging from spending on basic office supplies to policy breaches, reimbursements, and more.
These reports make it easier for the finance teams to collaborate and narrow down the remote employee expenses. Your procurement team will also be able to negotiate a great offer for cost savings this way.
5) Submitting and tracking reports digitally
We should accept that virtually getting expense claims with no records of receipts is a tedious process.
The business will demand receipts for all expenses or only those that exceed a certain amount. The expense management software would prompt the employee to provide documentation or not send the expense report if a receipt is missing.
As a result, approving managers and accounting departments would have an easier time analyzing expense reports. Hence there are no losses, duplicates, or delays in expense claims when expenses reports are tracked and submitted digitally.
Expense Management Software Supports Business Operations:
Employees, finance teams, authorizing administrators, the executive team, and human resources are a few of the stakeholders affected by expense control.
When you consider that your team won’t be right down the hall, it’s much more important to use expense management software for small business to keep things running smoothly.
Moreover, Expense management automation such as- Invoicera is a strategic approach that gives the business a competitive advantage over its competitors.