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All companies, regardless of industry, rely on expenses.
Operationally, business has changed dramatically in the past ten years, with a noticeable shift from traditional analogue working practices to digital ones. However, expense management has broadly remained the same.
The usual rule of thumb is to spend money on products and services that will either add value or give you a tangible return on your investment. But if you don’t have the tools to analyse your outgoings efficiently, how do you know what you’re spending your money on?
Managing your expenses with specialist expense software can give you control and visibility on your expenses in real-time, and crucially save your business money.
What is expense software?
Expense software is a computer program that’s designed to help you to manage employee expenses. There are many options available, with varying functionalities.
For a deeper dive into the expense management solutions on the market, check out our free guide.
Expense software can create a digital repository of receipts and a pool of transactional data that can be integrated into accounting systems, streamline authorisations, or standardise processes for your finance team.
On their own, these functions provide value, but there’s no reason why a solution can’t do all of this and more. Leading providers such as accountabl offer end-to-end solutions that link smart payment cards to a suite of software services, providing a seamless digital journey from payment to receipt capture, authorisation, and reconciliation.
Why use expense software?
Having the ability to control spending can help to tighten belts, save employees' time, so they can focus on higher-value tasks, and empower staff to buy what they need to get the job done.
Flexible card limits, bespoke spend profiles, on-the-go authorisations, and real-time visibility of transactions help you to scrutinise and remove unnecessary expenses. It also allows you to empower your staff to make payments in a controlled way.
Time is one of the most valuable commodities. While expense management software can’t physically give you more hours in the working day, it can dramatically reduce the time spent on tedious expense administration. If both front-end and back-office staff reinvest this time wisely, productivity will increase.
Typically, growth leads to more staff, and subsequently expenses. So, automating tasks and streamlining processes will help you to scale your business.
Then there’s the correlation between increased expenses and more finance staff. By using expense management software, you can grow your business without having to hire extra workers for low value tasks.
Is expense software needed in your business?
Expense management software gives business owners and staff the ability to keep in touch with all business outgoings whatever their location, saving time and money.
Ask yourself: would my front-end and office staff add more value to my business if I significantly reduced the time spent submitting expenses? If yes, it’s time to bring your expense management process into the 21st century.
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