When it comes to the process of managing the expense management software small and medium business organizations are at a huge advantage when compared to the larger organizations. The employees here would not just get frustrated for not getting reimbursed properly but would also lack in the visibility of the nature of spending. And with further ado let’s get to the point and have a look at what are the challenges faced while the business organizations are dealing with expense management software.
Lost receipts are nothing but a pointless waste of Time
Lost receipts have always continued to be a pain for the CFOs and the employees of a specific organization as well, as the employees spend their valuable time looking for them. And at the end they would end up writing a silly justification or the worst given while submitting his or her expense reports. On the other hand the CFOs would continue to question the employees on the accuracy of the report and could require additional information related to them. In short it’s just a waste of time. You could ask the employees to take a pic of the receipts once they have found them in order to solve the issue saving their time and money.
Reports that Are Arriving Months Late
Just image how surprised would be the manager when an employee would send an expense report that he or she was supposed to submit 6 months ago. And imagine the headache that it would generate to do all the accounting process. To make things worse the organization could also charge their clients for such expenses. The customer here again would not appreciate the invoice for the work he or she has done months ago and would find it hard to justify of what made a delay. Having an easy to use expense management system could easily help you solve the problem. Employees here would be less inclined to procrastinate of filling out and submitting all their expense management reports at a great ease.
Why are we spending so much of money?
It is very hard to optimize of where the organizations have been spending their money and how have the organizations have been spent. The SMEs would continue to allocate a fixed budget for travelling and the other business expenses without measuring the ROI expenditure. Having a good expense management software would help you tract the expenses and identify the potential savings. For instance you could find out the percentage of budget spent on the luxury hotels. Asking your workforce to book a 3 or 4 star hotel instead of a five star one could easily help you save a larger amount of money. And providing some better insights into your expenses could easily help you co – operate with the employees saving your time and money negotiating in better terms of your vendors.
Spreadsheets could never replace you with a good Expense Management System
Generally most of the business organizations and CFOs continue to use the spreadsheets in order to manage the expense management software at a great ease. Such solutions would work well with organizations that have a small number of employees and limited number of expenses. And once your organization has reached to such a number using spreadsheets would begin to feel inefficient and tedious. The entire process would require a lot of manual data entry prone to errors and second not everyone in the organization is good at using spreadsheets. Having an investment done in a good expense management software would not just simplify the expense report for your employees but would also help you analyse and how you would spend your entire budget.