check your spend management system
How optimized is your company’s expense management system?
Whether it is a short Uber ride, a lunch with a client, or a home office reimbursement, companies worldwide are always dealing with expense management – and many of these companies lose a lot of money when they don’t have an efficient system in place. Optimizing company spending is a must for all organizations that want to save money and time. Our assessment can help you understand if you need to optimize your expense management system.
How optimized is your company’s expense management system?
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check your spend management system
How optimized is your company’s expense management system?
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How are your employees doing their expenses?
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How do you review expense reports on errors?
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How connected are your expense, invoice and travel management systems?
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How capable is your system of real-time visibility into your expenses?
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Can you have control over expenses?
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For your expense processes, are you provided with a third-party technology tool or did you develop your tool internally?
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check your spend management system
LOW : It is time to optimise your expense management system
Based on your answers, your company still spends most of its time on manual and/or paper-based tasks. But the number of efforts employees put into the overall expense management process rarely allows enough time to focus on important strategic work. Do you know that it takes up to 40 minutes of processing time and $100 just to finish one corrected report?
Manual processes and lack of visibility can keep your Finance department from achieving strong business goals. Now’s the time to invest in digital solutions that can help you navigate any uncertainty in your expense management.
MEDIUM: You are making progress!
Based on your answers, your company is making progress by implementing an expense management system. But do you know that you can speed up your processes even more and have more benefits with automated solutions? Automated solutions can help you to have real-time tracking of your expenses, prevent fraud and save not only your company’s budget but also your time! That’s why about 91 percent of finance teams still admit they need to optimize technology initiatives to improve expense management processes.
You are going in the right direction, but ignoring the optimization of your expense management can prevent you from the following benefits:
- Faster approval and reimbursement cycles.
- Data collected in a central repository that’s accessible from anywhere. This step ensures continuous visibility into corporate spending.
- Integrations with other business software, including accounting tools, ERPs, and HRMS platforms.
- Freed-up time so that employees can focus on more important matters.
HIGH: You’re right definitively on track!
Based on your answers your company is enjoying most of the benefits of automatization! But even with an efficient expense management system, you could always be making things even easier. A company credit card could automate expense reports entirely, with automatic budget control and total flexibility without having to wait for an expense report to be filed. 67% of small businesses have a company credit card, but only 24% say that it’s the primary method of business spending.
Traditional corporate cards are great, but you can go even further with virtual, single-use, and prepaid cards:
- Set up the cards according to your expense policy and manage your budgets with precision.
- All transactions and their supporting documents are available and reconciled in your expense management interface, with no submission delays.
- Issue virtual cards and single-use virtual cards for one-time or recurring online expenses.
- Check the breakdown of expenses at any time for detailed reporting. Detailed analytics can keep you on budget, help make savings and show exactly what your cost centres are.