Managing your expenses is somewhere close to half of the battle in running a successful business. When you or your team members are on the road – or even just down at the local coffee shop – losing track of your expenses is very much easy. The need of the hour is a fully integrated system that handles everyday expenses effortlessly. So, if your organization happens to be suffering from one or more symptoms, it might be time to consider a different approach and consider buying an expense and travel management software.
- Your monthly closing process leaves you frustrated or confused
There is always a scramble to track down outstanding charges, and you have no idea what else might be out there. Colleagues routinely surprise you with expense reports that are six months old or more, not realizing that if you go more than a quarter out and the expenses are material enough, it requires some restatement of financials. Having to make those last-minute adjustments just put the finance department further behind in the current quarter.
- Employees are still using paper receipts
Does everyone have the nagging feeling that there is still one big receipt lost in a pocket or at the bottom of a bag somewhere? Employees have to calendar time to do their expenses, a process that involves sitting down with their paper pile, and opening up three to four browser windows, one of them being excel. There is a tendency to procrastinate since everyone has a more pressing business, but that just makes it harder to reconstruct past events.
- Employee-finance negotiations are common
Employees often have to make calls on the spot about spending money, without the policy there in front of them. If they go overboard, negotiations ensure. ‘Can I get this money back? If not, why not? If the answer isn’t satisfactory, there is complaining, escalations and then a lot of people get involved.
- The Finance team is not aware of the cost savings initiatives
Without good analytics or visibility into data from the previous quarter or year, the finance team comes out with blanket approaches, such as shutting off all non-essential travel. They are forced to take a sledgehammer approach to a problem that requires careful consideration.
Is your organization suffering from one or more of these pain points? Well if your answer is yes, then it is time to consider an Expense and travel management software. How you manage expenses has a huge impact on your organization. If you are worried about costs, remember that automated systems quickly pay for themselves with the time you save. For more information on Expense Management Software, check out HR One.