In an era where more and more business functions are being automated, should you also automate your expenses?
Expense payment cards like Expend will not only help you and your employees to easily submit complete expense reports but it will also make your expense management more efficient.
In an ideal world, most people would like to forget about spending hours and hours of doing manual expense reports and drowning themselves in the piles of receipts and trawling through emails.
No more nightmares of collecting business receipts or fears of losing them. Using an expense payment card allows for receipts to be entered into the mobile app and the employees can send it for approval within seconds.
Other features should also allow employees to add digital receipts and PDF documents, add notes, categories, plus link them to clients and have the ability to rebill them to support these transactions and ensure monies owned back to the business are tracked effectively.
The main aim of any new expense tracker system should be to speed up expense report processing and approvals, while also reducing administrative costs and increasing the amount of VAT that the business can reclaim.
A key part of this is having the ability to see all expense transactions instantly via a real-time online management dashboard. Allowing the admin to review expenses quickly and easily, at a time that suits them, which might traditionally have been at the end of the month. However, with so many other tasks expected to be completed at the end of a month, real-time systems like Expend gives the admin and accountant the freedom to break these tasks into smaller more manageable chunks.
The tradition of passing around the office credit card leaves businesses open to fraud. The reason for this stems from sharing of the full card information to multiple people and then being unable to manage what happens with that information or where, how and why that card might be used. Not to mention the end of the month scramble for all the receipts.
Providing employees with their own payment cards not only reduces the security risks but also the amount of money open to fraud. Creating spending policies for each employee increases their freedom to do their job effectively whilst also giving the finance team more control. Furthermore, you should ensure that the expense card provider allows the admin to freeze cards instantly, provide 3D Secure for extra security, and provide the flexibility to restrict the ability to use an ATM to withdraw cash, contactless payments or to shop online.
Having to subscribe to a lot of different apps and/or multiple solutions to track expenses is not the best scenario for businesses, finance teams IT departments and employees to manage. The burden goes beyond simple cost, as the time involved in setting up, training users and admins and the administering of each individual tool can quickly add up.
Furthermore, it becomes increasingly difficult to track and keep a consistent expense policy across multiple solutions.
Picking a solution that can manage all types of expenses and provides a secure and robust way to spend company money safely is something that modern and transformative businesses are looking for.
Expend provides an all-in-one solution for expense management and company spending. Expend not only supports seamless integration between apps, payment and the online dashboard but also syncs with most of the accounting software like Xero and QuickBooks.
With the ability to see the queue of expenses, a preview of any attachments with the ability to edit, review and approve all in the same place. Forget about the pain of monthly reconciliation and now you can manage reimbursement more quickly and grasp more control over your finances.
Learn more about how Expend will help you track your business expenses and spending all-in-one place.
Further reading: Why your business should adopt the latest technology in the ever-evolving digital world.