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 Tracking
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…
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…
Tips to Save on Travel and Entertainment Expenses with Expense Management System
The effectiveness of expense management system significantly impacts an organization’s financial performance, and the use of expense management software provides companies with the necessary resources to monitor and regulate business expenditures. Let’s delve deeper into the functionalities of this software. Keeping tabs on travel and entertainment (T&E) costs is a top priority for all businesses….
Pre-spend Approvals How Can They Boost Travel & Expense Management Efficiency
What if you could track employee expenses more proactively? With a pre-approval solution, you can track expenses and automatically enforce policy before expenses are incurred. You can ensure employee expenses are compliant with a rules-driven workflow, which helps you avoid extra expenses. Let us look at the key components of an expense pre-approval process and…
Challenges faced in corporate travel and expense management and its solutions
As business travel becomes more popular, managing business travel expenses becomes increasingly difficult. Factors driving the rise include the gradual improvement in business confidence and ongoing economic globalization. In such a complex situation, it is even more problematic and crucial for finance professionals to have a reliable, simple, and effective way to control and monitor their…
How Can Expense Management Software Help You Improve Legal Spend Oversight?
Every year, medium-to-large-sized corporate legal departments may process thousands of invoices from law firms. When businesses manage this process without a specialized invoicing system, their team is likely to become overwhelmed, and overpayments are unavoidable. Not to mention that employees are expected to process invoices and act as the first line of defense. Even for…
5 Tips to Manage Your Employee Expenses on Construction Job Site
Managing expenses is primarily about good recordkeeping. Most personal expenses are simple—you get one or two paychecks a month and have five or ten bills to pay. It’s difficult for a business. For construction companies, even more so. However, addressing the issue of construction expense management system has great advantages. You’ll be able to effectively…
4 Smart ways to lower and control your IT Budget & Expenses
As a business owner, learning to manage business expenses is an important step. Fiscal management becomes an increasingly important responsibility as businesses grow and expand. It is an unfortunate reality for many that are running a business by putting in long hours and a lot of hard work, that tasks like expense tracking easily fall by the…
