Delays suck, whether caught in the school-run bottleneck driving to work or queuing for an hour at your favourite 'walk-in only' restaurant. In either case, better planning might have helped. Start the commute earlier and avoid peak dining hours, for example.
Foresight is one of the crucial benefits of an automated expense management system. Not only does it cut out hold-ups in the expense reporting process, but it also provides finance teams with a clear view of what is likely to happen.
This article looks at how an automated expense management system enhances finance operations.
Deeper Data Insights
The beauty of process automation is that it comes with vast quantities of data being generated and processed. But only companies that understand the true value of this data and how it impacts corporate spending can leverage it to enhance their business.
For example, data helps CFOs to forecast business spending. Think of all the advantages accounting managers can have with a real-time view of business expenses. With real-time data, you don't have to wait until the end of the month to check and analyse your employee spendings.
Having expense management software with a forecasting function can help you understand your potential expenses each month. That makes it easier to make decisions and protect your bottom line.
The benefits of using automated expense management for the finance team are that it helps mitigate compliance risk, reduce audit burden and detect fraud.
AI-powered automated expenses help CFOs and financial controllers to detect fraudd by weeding out numerous scenarios where an expense fraud could happen, such as submitting duplicate expenses.
Traditionally, the finance and auditing teams manually tally expense claims and the receipts submitted. Then they conduct audits by randomly sampling the expense report based on set rules and checking for discrepancies, all of which are time-consuming and less than accurate.
Increase Financial Visibility
A key benefit of using AI-powered expense management software is its ability to analyse hundreds of expense data points to identify trends and spot wasteful spending.
It also provides real-time visibility of spending, which is extremely useful for the finance team as it allows them to more accurately predict expenditure and manage the allocated budget more efficiently.
Empowering Digital Workplaces
An automated expense management system does much more than streamline expense processes and reduce manual workloads. It's like a data-driven time machine that can see into the future. And which finance team wouldn't want that kind of transformative superpower?