Businesses use all types of tools and technology to operate as efficiently as possible, but, for different reasons, companies often overlook expense management or put on the backburner.
FREMONT, CA: When organizations manage their expenses manually, it can take a toll on everything, starting from productivity to employee happiness to the bottom line. By upgrading to the software that automates expense management, businesses of all kinds and sizes can streamline their operations, cut costs, and reduce tasks that waste time and result in frustration.
Manual expense management is frustrating for managers and employees. However, not all company priorities are the same, and various teams have different goals and desires. Here is a sample of who all can benefit from automating expenses and how.
:[vendor_logo_first]Financial Teams
When a business utilizes manual processes to manage their expenses, valuable data about how much is being spent, who, and where is often overlooked or exists as the “hidden costs.” With the help of automation, financial teams can see where the money goes, which means bills and reimbursements are paid on time, errors and fraud are eradicated, and business decisions are based on complete and accurate spend data; also, it provides a clear view into overall cash flow.
IT Managers
According to a recent study, it was unveiled that legacy technology and poor alignment between IT and finance teams cause poor spend management. When IT and finance work together to automate expense, travel, and invoice management, it can result in greater employee satisfaction and compliance.
Additionally, IT leaders require a seat at the table to help plan and shape the future of their organization. When automated, cloud-based tools are used, it can also reduce the burden on the internal IT support teams and enable them to support employees in other ways.
Employees
In the era of digitalization, employees expect the technology they use in their personal lives to carry over into their work. By offering the employees with cloud-based tools that take away the pain and tedium of expense reports, companies can give them what they demand, keep them satisfied, help them stay productive, and let them focus on the jobs they were hired to do.
See Also: Top FinTech Companies
