Business growth means a lot of growing pains for a reason. You start having headcount, overseas expansions but the point is your business is getting bigger, which means more responsibilities, changes and of course spendings. So how can expense management solutions help you in this case? Is there more you could be doing to drive additional data and money into your expansion strategy? Is there a way to soften those pangs of progress?
We have listed 5 learnings you should consider if you want to grow your business faster:
Automatize your workflow
Your workflow works, but there’s a chance it could work better with Artificial Intelligence – it could work on its own if you could automate more tasks and inform your processes with machine learning. Why are growing companies switching to machine learning software? Because compiling internal and external data is a time-consuming, labour-intensive, and financially taxing task if you’re doing it manually. Collecting and collating vast amounts of industry data is next to impossible considering the volumes of information circulating in the online and offline realms. That’s why it is important to employ AI systems to automate big data analytics and generate actionable reports quickly to help your business to grow faster.
Forecast your spendings
It is nothing more important than being secure and sure about future spendings while your business is gwong. Today, you don't have to wait until the end of the month to check your employee spendings and analyze them. Now you can have the forecasting function to help you understand your potential expenses each month. That makes it easier to make decisions and protect your bottom line.
Reclaim your VAT right
Growth means international expansion, but the requirements and regulations of doing business beyond borders are simply too taxing to follow. While companies expand, it happens that companies pay value-added taxes and goods-and-services taxes and harmonized sales taxes, and they forget about it. In this case, companies are forfeiting their share of billions of tax-reclaim dollars, and they may face hefty fines. That's why growing companies must switch to digital AI-based software to comply with the legal framework and VAT. Because doing business on an international level requires big spendings, so instead of paying the wrong VAT, it could be funnelled into growth.
Avoid fraud with the solution
By growing fast and spending more, you are more likely to have mistakes and fraud issues.
Because now it is getting harder to check every expense manually, you can have a solution that avoids fraud in their expense management system. It’s important for businesses to have a company-wide security plan in place to ensure that the company is protected from fraud and employee accidents. Companies with dedicated AI software can always prevent fraud, have control over their spendings and take all the necessary precautions.
Transform your Data into a profit centre
Companies have got enough data to satisfy every query they could possibly have, but by the time they find the answers, they can’t remember the questions. Sure, that’s a bit of an exaggeration, but digging through data isn’t getting them anywhere, and until they get qualified, capable help, their data isn’t worth its weight in ones and zeros.
Thankfully Jenji has thought about it and by integrating all your external data (expenses geolocation, ACOSS rating, train bookings, etc.) and internal data (ERP, HRIS, CRM, TRAVEL, BI and Data Lake etc.), Jenji enables companies to transform a cost centre into a profit centre. Each piece of information is correlated to the organisation's expenses. The artificial intelligence used in Studio allows end-users to configure any type of report allowing them to be more effective and efficient in the interpretation of their data.
If these pain points feel at all familiar, do not hesitate our team at firstname.lastname@example.org and they will be glad to help you with all your questions. We would be glad to help to expand your business.