Sales is a very crucial department in a company. Sales is one of the most important revenue generating streams for the company which is essential for its survivability. The schedule of a salesperson is as busy as it gets. They have to schedule, travel, and set up meetings with prospective customers. However, this also translates to piling up of various expenses such as travel expenses, food and accommodations, and others. They take time from their busy schedule to document and submit these expenses which otherwise would account to more productivity and ease which further translates to money saved or money generated for the company. This is where an expense management system comes into the picture.
The whole process of documenting expenses and analysing them is tedious if the company uses an outdated spreadsheet system. It’s even more tedious if the company is using a paper-based approval system for expenses. An expense management system can efficiently track and manage expenses and generate reports which will lead to valuable insights for the company.
How expense management software can help your business
Let’s explore some ways in which the expense management software can help a business.
· Digital Receipts – Paper Receipts are easily misplaced, become unreadable with time, and might result in inaccurate entries. With software at place, employees may submit expenditures promptly by snapping a picture of the receipt thanks to OCR (Optical Character Recognition) technology. This cuts the employee reimbursement cycle time in half, saving the employee both time and money.
· Increased Productivity – The whole process is tedious if the employees were to do it manually. However, with the help of expense management software, the employees can save valuable time from their schedule.
· Convenience – Submitting expenses or bills in the digital format enables employees the convenience of submitting the expenses directly via the mobile app.
· No human errors – There won’t be any totalling errors since the expenses are directly fed into the software and this makes various calculations easy.
How an expense management system can help the managers
· Automated dashboards – The expense management system can help speed up the process on the approval end of the expenses. Managers can save valuable time when compared to the manual process. There will be a dashboard that will enable them to see the bird’s eye view over all the expenses and can also see them in real-time.
· AI generated reports – Reports can be generated which will help the management take data driven decisions and get useful insights.
· Policy compliance – Managers can also enable various policies and compliance within the software which will help the employees submit expenses while being compliant with the company policies. Rules can be enabled based on categories, employee level, and departments.
In summary, an expense management system can help a business optimise the way it handles and tracks expenses while keeping a system easy enough for employees to submit the reports and bills on time.
Zaggle EMS is an all-in-one expense management system that helps the companies to spend smarter, saving time and money. The real-time AI generated reports of the work-related expenses also aid the management in making data driven decisions from the generated reports. Get in touch with our team of experts to simplify your business payments leading to happy employees and accelerated business growth.
