Learn the best ways to manage your expenses! (3)

Find the latest news and tips from the Jenji experts!

Our experts share their experiences and tell you about the latest trends in business expense management through Jenji's resources!

Evaluating Expense Fraud in Singapore: How It Costs More Than Just Money

Expense fraud remains a pressing problem for companies globally, especially with the economic downturn brought about by the COVID-19 pandemic. With an estimated 13.2% contraction of the economy in the latter half of 2020, the onset of the pandemic has brought about Singapore’s worst economic recession to date.¹ Expense fraud further contributes to significant economic losses for companies that fail to detect it, making it more crucial now than ever to tackle this challenge.

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"Leveraging on AI, we help businesses proactively detect fraud and anomalies"

Lee Chee Leong, Head, APAC at Jenji, believes that the company’s automated proactive analysis plays a crucial role in streamlining organizational processes.   "Going fully automated means the expense submission and approval processes are quicker, more efficient, and have fewer errors. For example, with Jenji’s OCR (Optical Character Recognition), users are not required to input receipt or invoice data manually. Accurate data extraction means time spent on data input is reduced by at least 80%."  Read this article at FOCUS #75 to learn more

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Discretionary Expense

What is a discretionary expense? Expenses, whether for potential audits or to save money. The term discretionary expense indicates a cost that is not essential to the functioning of a business or organization. In a corporate or organizational environment, this kind of expense is associated with improving standing with customers, clients, and/or employees, and is often considered important for long-term profitability. However, it remains a type of spending that is not strictly necessary, meaning that the business could still function even if all discretionary spending stops. A business or organization has the “discretion” or choice when it comes to this kind of expense, for example, meals at restaurants or entertainment costs. It is important to have an efficient system for filing and tracking these and other kinds of expenses.

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The 10 golden rules of expense reports

Managing expense reports is a major issue for all companies. But how do you put a structured management process in place? What measures allow you to efficiently handle and simplify your expense reports? We have compiled a list of 10 rules for you to follow!

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Expense management in the age of remote work

In 2019, home office arrangements applied to around one out of five employees worldwide but COVID-19 has left many companies no choice: in an effort to gain control over a global pandemic, offices around the world shut, forcing employees to work from home.¹ Not just as a crisis response, work performed from home is an increasing trend, yet companies struggle with the transition.

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The weak points of Excel for corporate finance processes

When we look at the history, MS Excel was released by Microsoft way back in 1985 and it is fair to say that Excel has transformed the world of accounting and business in that time. But since then the world has changed dramatically and according to the Wall Street Journal, a lot of large companies are phasing out Microsoft Excel nowadays¹. CFOs of such companies like Adobe or ABM Industries complain that their employees take too much time to work with Excel accounting spreadsheets.

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Expense reports and VAT: how to optimise your business cash flow?

Reclaiming VAT on expense reports is a major issue for companies. Expense report management software is a powerful optimisation tool available to companies. The configuration should also be adapted to the company, however, otherwise the technology will not deliver its full potential. Claudia Marie-Huet, VAT manager at Ayming, explains the importance of expense report management software and configuring them to optimise VAT recovery. 

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Expense reporting: which method to use?

As you may know, there is no particular established method for creating expense claims. The law has no specific conditions, and each company is free to create its own expense reporting template. However, without there being any standard template or dedicated solution, entering expense claims can be a long and tedious process, both for employees gathering and submitting their supporting documents and for accountants collecting and sorting the receipts. 

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