Human error in financial services can cost a business dearly. Automation will concern repetitive tasks with low added value and consequently avoid any errors linked to a lack of concentration. In addition, digitalization makes it possible to simplify business processes for more efficiency in the management of daily tasks.
Traditional management of professional expenses, a waste of time?
Accounting departments would spend about 30 to 40% of their time manually entering invoices. Digitizing these processes saves time and money. Automated digital flows reduce the number of transactions performed manually. Added to this is a huge gain in productivity as well as reliable and secure data.
To support its growth, a company must have rigorous control of these processes in terms of business expenses. Accumulated errors can cost him dearly. To deal with potential counter-productivity, it is essential to have the right tools to manage business expenses as well as possible.
Professional expenses are translated by expense reports! An expense report is a document bringing together the expenses that an employee has incurred and which allows him to receive a reimbursement. The expense report is accompanied by supporting documents, otherwise the expenses cannot be validated and, therefore, not reimbursed.
It is extremely difficult for accounting departments to collect all the expense reports submitted by employees. In addition, they are required to check the consistency between the supporting documents and the declared expenditure. A time-consuming and tedious process!
The automation of professional expenses: a winning choice!
More and more companies are turning to the digitization of business expense management. Using management software has become a necessity, especially if the business is growing! Easy to use and intuitive, these tools greatly facilitate the management of professional expenses.
Why Use Business Expense Management Software?
- Time savings: no more wasted hours manually entering invoices and expense reports. All expenses are systematically centralized in the tool.
- Rationalization of expenses: tracking expenses in real time is a real advantage for financial services. As all expenses are centralized in a single platform, the reports issued by the tool are detailed and allow overall visibility of the company’s expense policy.
- The reliability of the information provided: by using a professional expense management tool, the risk of error, forgetting and fraud is very minimal!
- Rapid reimbursement: the automation of the process allows rapid processing of expense reports and therefore a much faster reimbursement period.
The operation of a business expense software is very easy. Indeed, with a single photo taken with a smartphone (OCR or optical character recognition) or an invoice transfer via email, the expense is automatically entered. With a system based on artificial intelligence and machine learning, the software learns “your habits” as it is used. In other words: it takes into account the specific management specific to your expenditure policy!
Management software is good, a professional payment card is even better!
Some fintechs offer business payment cards in addition to expense management software. These cards allow you to have total control of budgets, empower employees and prevent them from advancing costs.
find tips for choosing the right business payment card for your employees.
With a payment card, managers can define spending limits, days and hours of use. It is also possible to adjust the type of expenses but also the authorized merchants. Expense control is therefore granular, no expense is left to chance!
Professional payment cards are nominative, an excellent way to eliminate fraud within your company! In case of loss, theft or fraudulent transaction, the card can be blocked instantly.
Connected to expense management software, they provide end-to-end automation and traceability of all expenses incurred by your employees!
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Automation of business expense management: a major challenge for companies
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