Still claiming expenses via paper, spreadsheet, out-dated legacy or in-house system? Isn’t it time to look back on such traditional ways with nostalgia because here are 10 reasons why expense management should be automated right away, you don’t need to even be that big a corporation as the benefits are hard to ignore.
Topics: Expense management
Does your business require your employees to travel? If so, a well-written travel policy will be an essential item to help your company control and manage business travel expenses. Reviewing it frequently, at least once a year, will ensure policies adapt to your business growth and changes. This way you can make sure your dedicated travellers get what they need to drive business results without too many expenses.
Here are five things to consider when creating or updating your company travel policy.
The management of Employee Expenses has become one of the top corporate governance items in the wake of the many scandals making headline news.
Recent legislation focuses on what employees spend and why, so keeping clear, accurate and detailed records plays a critical part in order to handle any future audit of compliance or taxation authorities successfully.
With these reasons in mind, choosing an expense management system becomes important to ensure that the policies and record keeping are well managed. Here are the Top 5 most useful ways a company can manage employee expenses, based on feedback from companies using Systems@work.
As your company continues to grow it’ll soon be time to select a solution to tackle and solve your expense management issues. Once you get to this point in time the challenge is what exactly do you look for when selecting an expense management solution?
According to a study conducted by the Association of Certified Fraud Examiners, expense claim fraud takes 24 months to detect, makes up nearly 15 percent of schemes involving the fraudulent disbursement of cash and has a median loss of $26,000.
How about your business? Do you know how to recognize whether your employees are being fraudulent?
Here are 6 signs to look out for:
Expense management plays an essential role in building a business strategy. There are many methods to manage expense of which effective cost cutting appears to be very simple and popular.
Topics: Expense management
Business intelligence is always known as the tools, technologies, methodologies and best practices that help organisation have insights information on their business. BI helps organisations to have a clear view about their data to make better decisions and push the business process forward. In our previous posts, we discussed about the rising needs for business insights and how to correctly operate a BI platform to improve business performance. However, the business world is changing constantly; therefore corporation needs to have flexible business strategies to go along with the waves while still preserving its image and position in the market. Consequently, the implementation of BI is also challenged as BI solutions are one of the key factors that help businesses to stay competitive.
Topics: business intelligence
McKinsey in a recent research reports that while 75 million people cannot have a job, yet many businesses have vacancies that cannot be filled, and that there is a gap between the current workforce’s skills and what employers want from employees. Especially in the finance and accounting world, where people need accuracy, concentration and speed, it is even harder for organisation to recruit and retain talents.
How often do you have to make decision?
How much time it takes you to make one good decision?
How often do you successfully execute your decision as intended?
Do you put the right amount of effort to make and execute that decision?
Topics: Business Intelligence (BI)
Having a comprehensive system will enable top managers to manage human resources especially in financial and accounting aspects more effectively in the most effective way to compete globally. Today, we’ll discuss further on 3 among 6 basic ways to use technology to shape up financial strategies and increase financial performance.