Businesses understand the necessity of traveling to different locations to strike new partnerships and expand into new markets. Most business owners rely on business trips to further their growth. However, it comes at a significant cost. It is commonly said that T&E expenses are second only to the salary costs for companies. However, a little…
Tag: Expense Management Software
Boosting Efficiency And Minimizing Costs: The Impact Of Zaggle EMS On Large Enterprises
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…
Top Tips For Effective Expense Management Online
Nearly one-third of the companies still use manual methods like using paper receipts and spreadsheets to manage business expenses, according to an expense management survey. It comes as a shocker considering the scope of mistakes and errors that potentially occur during data entry and expense validation. The report further disclosed that 69% of the companies…
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…
Mastering Expense Control: Leveraging Expense Management Software for Compliance & Fraud Prevention
Businesses of all sizes suffer from one persistent probe – expense fraud. They are estimated to lose a considerable 5% of their annual revenue to fraud every year, as per the Association of Certified Fraud Examiners. One of the most common frauds that plague companies is expense reimbursement fraud. Most companies fail to keep their…
6 Reasons Why Every SME Needs Expense Management Software
“Beware of little expense; a little leak will sink a great ship.” While Benjamin Franklin indeed compared expenses with leaks in the ship, even he could not state the tiresome processes of keeping track of these leaks. When a company progresses the ladder from small to middle-scale, expense management becomes a big hassle. A 24/7…
Employee Expense Reimbursement: What should Businesses Know?
Employee expense reimbursement is how businesses pay back their employees who have spent their money on business-related expenses. While reimbursements for business travel are standard, employees can also be reimbursed for education, healthcare, and other costs. Expense reporting is indispensable for organizations to follow and deal with their operational expenses. They do this by empowering…
Best Expense Management Software 101
Simply put, expense management refers to the processes that a company uses to control its expenses. This can include everything from office supplies to monthly software subscriptions. Basically, anything your people need to get out and do their thing. Expense management software acts as your financial control center, simplifying how you capture, categorize, and monitor all your business expenses….
5 Ways to Re-Engineer Your Expense Management Software
Employee expenses account for between 8% and 10% of the average company’s budget; therefore, it makes sense to keep costs under control. Businesses must thoroughly examine costs to verify that they are compliant with legislation and that staff is not overspending or purchasing non-work-related products. Here are a few ways to re-engineer your expense management software…
