In Part 1 of this article, you heard the first 5 reasons why you should automate (and update / upgrade) your expense management system, here are the remaining 5.
6) Flexible and Scalable
The automated process makes expenses easy to manage. Moreover, it has a low risk, minimal implementation project cost which can be recovered quickly through the cost savings made through the greater efficiencies. There is little or no additional infrastructure to implement. We are living in an economy where companies buy other companies, merge, expand into new regions or territories, or bring in new employees. Inflexible legacy systems can be a barrier.
Meanwhile, the new system is scalable to support business growth. The solution can be rolled out to many countries as and when required, supporting external regulations, local currencies, VAT and per diem rates.
7) Support Business Strategy
The advantage of expense processes using an automated solution is that it is not essential to predict the future direction the business will take because these solutions are easy to scale both up and down. New features, changes to the regulatory environment or even business expansion to other regions can all be managed quickly and easily as they arise. The increased insight provided means that companies can forecast financial performance, better manage the organisation’s cash flow, negotiate better deals with suppliers and also start to eliminate fees from late credit card payments.
Managing and mitigating the risk of keeping the business process up to date and fit for purpose can be challenging, when using a Cloud-based solution the risk is with the provider rather than the customer.
Using a solution that provides accurate data, that allows the business to integrate company policy, and which gives the business insight by enabling them to report quickly and easily on the travel and expense data; is absolutely critical to mitigating the risk of operating outside of regulatory frameworks. By giving employees the ability to book travel and manage their expenses from a single platform, it gives companies greater control, and this helps manage the risk.
9) Reinforcing policy
As your company grows, each new employee comes with expectations and habits when it comes to booking travel and claiming expenses. Integration allows companies to enforce their policy automatically across the board, so that any out of policy spending is flagged for further investigation. Besides, as expenses can be approved and paid quicker through the improved workflow of automating employees are paid back promptly.
10) Expense on the Move
Mobile applications extend travel and expense solutions to your smart phone or mobile device. This enables employees to create and submit expenses quickly and easily while they are on the road. Managers now have the ability to approve claims from their smartphones so claims can be approved on the move.
In conclusion, whether you are looking for cost savings, time saving or compliance risk reduction, automated expense management can help. Furthermore, it is scalable, flexible and easy to implement. So what else can prevent you from implementing one? If you would like to know more about an automated expense management solution, download our brochure for details. Our brochure will give you more than just reasons.
Download to discover more.
You can also request an Infor SunSystems 6.3 demo to see how an automated expense manangement system can help your business.