Managing expenses is never a simple process, but if you automate the task, you can quickly improve your workflows in finance. In this blog we look at how old school manual systems measure up to the automated ones of the modern era and why you should make the switch today.
You should only use tools in any part of your business management that are suited to you. Flexibility is a great strength of the automated system and with comprehensive expense management software, you only need to utilise the features that are appropriate for your business. Furthermore, automated systems deal in a variety of languages and currencies and are able to automatically calculate conversions based on the latest exchange rates.
When you record expenses and transfer payments using a manual system, that is all that happens. An automated expense management system on the other hand, does much more with the data it processes. It will accurately collate data in the categories of your choosing. This process offers a new depth of business analytics that can help you to optimise the use of money that flows through your business. Of course, this could be done manually, but that would be a long and expensive process.
3. Receipt capture
This is a tedious, lengthy process with a manual system and receipts can easily be lost or misplaced. A quality automated system will enable you to capture receipts by simply taking a photograph of the document. It will then be stored with the other relevant details in your expense management account, ready to be included when you next make a claim.
4. Portable expense management
When using a manual system, someone from the finance team has to be in the office in order for a claim to be made, along with your line manager to sign off on things. This takes up valuable time for an organisation that could be better used elsewhere. With an automated system, claims can be made wherever there’s a WiFi signal, reducing the whole process down to a few moments.
5. Instant reports
Using the data that’s captured, an automated system can instantly create reports that can be integrated with your accounting system. That’s yet another task you’d have to do from beginning to end with a manual system.
In a nutshell, choosing between a manual and automated system is a no-brainer. Automated systems are quicker, more cost-effective and generally better in every way. And if you’re concerned about not being technology-savvy, fear not, automated expense management systems are designed to be user friendly and companies offer support round the clock to ensure you never find yourself adrift.
Get in touch today to find out how our cloud-based expense management solution can support your business.