Why do businesses need a centralized expense management dashboard?

Introduction to an expense management dashboard

Traditional manual expense reporting can be a time-consuming and error-strewn drain on resources for businesses of all sizes. The process of setting up expense reports, entering data into spreadsheets, and attaching receipts is typically laborious and inefficient - bringing the benefits of outsourced third-party software into sharp focus for businesses.

An intuitive centralized expense management dashboard has the power to overcome hurdles that hinder a business’s ability to track, monitor, and report activities effectively.

Inability to interpret multiple datasets

The expense reporting process generates a huge amount of data, which can be challenging to monitor and analyze if performed manually. In the absence of an automated tool, the finance team often struggles to interpret these dispersed datasets accurately - leading to errors, oversights, and missed opportunities. 

Inaccurate data predictions

Overwhelmed by the sheer volume of data, finance teams are forced to make assumptions about activity status and reports, leading to inaccurate data predictions. This pain point is exacerbated when data is dispersed across the business in silos.

Businesses that lack the foresight to predict what their expenses will look like in the future are unable to make informed decisions that mitigate challenges, cut costs, and seize opportunities.

Storage of receipts

Receipts are a critical component of the expense management process - providing the raw data required to track, monitor, and report activities. However, in their physical form, they can easily be lost and damaged. 

Storing, searching for, and accessing these physical receipts is an inefficient and time-consuming process that takes up valuable space. 

Missing out on crucial information

Accurate and timely information underpins successful travel and expense management. Convoluted processes can delay access to time-critical information, causing businesses to miss the window to take necessary action. 

Deprived of the clarity and efficacy required to manage data seamlessly, these businesses also become encumbered by inaccurate information - leading to poor decisions that can be expensive and time-consuming to reverse.

Benefits of an expense management dashboard

An intuitive expense management dashboard provides businesses with convenient access to accurate and timely information. This centralized tool streamlines processes by collecting multiple datasets from a variety of sources and displaying them in a unified format.

Having centralized the data, the dashboard harnesses it in a variety of compelling ways - from tracking employee spending and informing decisions to conducting in-depth analytics and generating automated reports.

All your expenses in one place

A centralized expense management system eliminates the paper trail associated with manual processes by collating all expense data in an aggregated view.

This single point of oversight streamlines the processes of monitoring, analyzing, and reporting on expenses and facilitates informed decision-making.

Easy visualization of expenses

Centralized expense management dashboards compile expense data and present it in a clear visual format using charts and graphics - transforming it into actionable insights that drive efficiency. 

This provides expense managers with transparent oversight of key metrics, such as how much each department spends on expenses and the average time it takes to approve and reimburse a claim.

Saves time

This centralized functionality saves time by allowing expenses to be claimed, approved, and reimbursed from anywhere on the go. Therefore, employees and managers no longer have to wait until they’re back in the office to submit and approve claims - the whole process can be performed remotely without delay. 

Once a claim is approved, the automated process also means employees receive the money owed more quickly, with transfers tracked in real-time - increasing satisfaction amongst employees who will be willing to embrace the new system.

Automation also reduces human error that occurs when conducting tedious and repetitive manual tasks, such as checking physical receipts one by one - a common problem that can delay the entire process. 

Understand your employee's expenses

Accurate data entry and transparent visualization of expenses empower managers to understand employees' expenses with clarity. 

With everything automatically collated online, managers can simply log into the dashboard and benefit from a high-level overview of employee expenses at the touch of a button. Instead of having to review - and potentially question - manually inputted data.

The consistency that automation brings also helps businesses to prevent fraudulent activity, such as submitting knowingly false or over-inflated expense claims.

Jenji

Jenji recognizes that travel and expenses is the second-largest business outlay after payroll. This understanding has allowed them to look beyond antiquated manual processes and develop expense management software that augments finance functions. 

The subsequent automation of day-to-day transactional processes and the creative analysis of multiple data sets drive improved accuracy and efficiency. Empowered by this, finance teams can generate more robust forecasts and provide deeper real-time business insights.

What you can expect from the Jenji expense management software:

• Centralize and consolidate any type of data
• Analyze and convert data into a readable format
• Accelerate your expense management process
• Map out potential future trends

According to the Business Application Research Centre: “There is an 8% rise in revenue and a 10% reduction in costs when an organization incorporates big data into their processes.” You can see this benefit play out if you swap clunky excel-sheets for a centralized expense management dashboard.