Using an expense management solution isn’t just about adapting to the modern way of doing things. Companies have been struggling to keep their accounts books efficiently due to manual expense management processes.
As per a report, the top three challenges of the expense management system are delays in expense report filing, expense policy violation, and credit card data reconciliation. It indicates the necessity of having expense management software to streamline business transactions including office supplies and T&E expenses.
For large companies with T&E spending being the second major cost after salaries, having a robust automation solution like Zaggle EMS is a must. It is an all-in-one expense management software that allows businesses to digitize employee expense reporting and reimbursements.
Before we get into the impact of Zaggle EMS in facilitating financial discipline for large enterprises, let’s briefly go through the common challenges of manual processes.
- Manual processes are mired with data entry mistakes, which lead to inaccurate expense reports and waste a lot of resource time in correcting them.
- Owing to the complexity, the manual approach lacks oversight, making it difficult to detect fraudulent expense claims.
- The validation and approval are often stretched out due to repetitive and tedious tasks, frustrating employees, and slowing down reimbursements.
- With manual steps, enforcing company expense policies consistently is highly impractical due to the lack of control over expenses.
- Manual systems make finance leaders blind to overall spending and expense stance since transactions are spread across regions and departments.
Impact of Zaggle EMS in Streamlining Expenses
Zaggle EMS simplifies expense management to ensure smooth financial management by simplifying expense processes. It automates multiple tasks like varying expense claims, budgeting, automating approval workflows, and initiating reimbursements. It enables businesses to focus on critical aspects of cash flow management, while Zaggle EMS effectively handles expense reporting.
Digital receipts for faster reporting
Zaggle’s expense management solution allows users to capture digital receipts and share it with the finance team on the go. It uses OCR (Optical Character Recognition) technology to turn paper receipts into digital format. The digital receipt can then be shared for expense reporting using the mobile app. With this, you can eliminate the hassle of managing paper bills, which can easily get damaged over a period of time. Additionally, digital receipts reduce the possibility of data entry errors when filing claims reports.
Integrate expense policy for effective implementation
Employees struggle with remembering expense policies when they’re out there making corporate transactions. It leads to non-compliance and illegitimate expenses. Zaggle solves this by allowing you to integrate your corporate policy within the tool. It means anytime an employee is about to make a transaction in a forbidden category or breach spending limit, the expense management solution will trigger an alert to all the stakeholders. In addition to blocking unnecessary expenses, you can enforce corporate policy consistently.
Automate expense approval workflows
Zaggle EMS allows you to configure the automated approval workflow that an expense claim will traverse through to get the go-ahead from all the necessary stakeholders. You can even fix reminders after regular intervals to remind the busy leaders about the pending tasks. It will free up finance teams from running around between the management seeking approvals. Further, you can set up multiple workflows for every expense type.
Schedule reimbursements to avoid delays
Delay in reimbursing employees is one significant challenge that can sour the relationship between employees and employers. With the expense management solution of Zaggle, you can schedule reimbursements avoiding delays and human intervention. With an automated workflow, you can promise accurate timelines for reimbursements. Additionally, Zaggle EMS offers multiple payment modes to refund employees.
Conclusion
If not properly managed, expense management can bleed a company of money via budget overruns, invalid expenses, and fraudulent claims. For companies to gain greater control over expenses, they need Zaggle’s expense management solution that is infused with AI capabilities. It helps companies generate reports on demand and gain greater visibility into the expenses. Stakeholders can generate insights and use them to budget T&E expenses. Access to historical data reports will give companies a reference point to validate current employee expenses.
Learn more about Zaggle EMS here.
