Manual expense management isn’t about sticking to a cost-effective, traditional approach anymore. Companies are losing significant operational costs to errors and delays in manual expense activities. According to the Global Business Travel Association report, businesses lose around Rs 4000 ($52) for every mistake in expense reimbursement claims. Although this number may vary depending on company…
From Chaos To Control: Transforming Corporate Travel With An Expense Management Software
Travel & entertainment (T&E) expenses can be major financial overhead for companies who fail to take stock of these costs. Every year, a significant 120 hours are consumed by businesses in taking care of expense-related admin tasks, as per a JPMorgan report. Additionally, T&E is considered the second largest expense after salaries. To top it…
Why Visibility Is Key To Optimizing Your Expense Management System?
With the start of 2024, companies become busy with planning and budgeting their expenses for the year. As a part of that, it is important to reflect on their historical expense data. Only when you evaluate your financial data of the previous year, can you properly estimate your spending through near-accurate forecasts. To avoid unexpected…
What Expense Tracking Software Can Do For Your Business Travels?
In-person meetings are more effective than virtual meetings in building business relationships. Companies are doubling down on business trips to ensure they remain in constant touch with their potential customers either through office visits or networking events. With the escalation in business travel, T&E expense management can become an operational hurdle for finance teams. The…
How Modern Expense Management Solutions Are Simplifying The Reimbursement Process
Employees often pay out of their pockets for corporate expenses, which they later claim by submitting valid receipts. It is a common practice among traveling executives for T&E expenses and admin teams who manage office supplies. When you talk about expense management, most organizations struggle with one common challenge: expense reimbursements. The number of hoops…
Explore How AI Enhances Efficiency In Expense Management Software
Artificial Intelligence (AI) has seen tremendous advancement in recent times. What was once a far-fetched dream is now a reality. AI is being used in innovative applications across industries. One such AI application is expense management software. Employees expect a seamless and frictionless expense reporting workflow, but it is quite the opposite when done manually….
How To Select The Best Spend Management Software
Spend management is a business-critical aspect for companies regardless of size and industry. It involves handling a variety of corporate costs such as T&E, office supplies, SaaS subscriptions, and other operational needs. Inefficient spending practices can hurt companies severely, creating cash flow issues and reputational damage in some cases. For a long time, businesses have…
The Role Of Expense Management Software In Modern Businesses
In a modern business setup, it is a common approach during business trips for employees to manage a range of business transactions out of their pockets. Employees take care of T&E costs like boarding expenses and meal charges. Once these out-of-pocket costs are reported, organizations will refund the employee expenses. Though it sounds simple in…
5 Ways Expense Management Software Can Help Businesses Avoid Costly Mistakes
Companies have a lot to lose when they fail to manage their expenses efficiently. Monitoring their operational costs is business critical for companies to ensure the health of their cash flow. Traditionally, employees who use their own money to pay for corporate expenses submit their expense reports manually. The finance teams will take these paper-based…
How To Use Expense Management Systems To Identify And Eliminate Wasteful Spending
Many businesses struggle with inefficient and ineffective expense management systems that lead to wasteful spending. This can have serious consequences for the business, such as reducing the cash flow and profitability, damaging the reputation and customer satisfaction, etc. By utilizing expense management systems, businesses can identify areas where spending is excessive and take action. In…
