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Expense management, in most organizations, brings to mind spreadsheets or email-based reporting. While this seems streamlined from the outside the work, it remains complex and tedious. Multiple steps, cross-checking at every level, authority sanctions, and cross-department forwarding are only some processes eating into the company’s person-hours. Manual expense management is very costly in terms of…
Category: Management
The State of Expense Management in a post-COVID world
With supply chains disrupted, there is an unprecedented strain on the resources and capabilities of businesses. This has, unsurprisingly, brought business continuity into question. Therefore, in the face of this pandemic, ensuring accurate and efficient expense management is the smartest way forward. Under immense pressure to prepare for the post-COVID world, the management and the…
5 Common Mistakes in Expense Management
Traditional expense management practices can not only lead to inefficiencies in the process but also expose the organization to risks of fraud and non-compliance. As business travel increasingly becomes indispensable, it’s imperative that the businesses figure out better ways to manage travel expenses among other employee expenses. The process of managing receipts and submitting expenses…
How Expense Management Can Help CFOs
Travel and expense (T&E) cost is usually a close second after wages and sales-and-marketing outlay when it comes to controllable costs. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, expense reimbursement fraud accounts for 21 percent of fraud in small businesses and 11 percent in large businesses. Adoption of technology with…
How Employees Benefit by using an Expense Management Software
As businesses scale and expand, reducing overheads and streamlining processes is a major challenge. With 445 million business trips happening every year, employees find it increasingly difficult to keep track of their paper receipts and expenses. The traditional processes of expense management are time-consuming and lead to slow reimbursements, leaving employees disgruntled. This affects the bottom line…
Travel and Expense Management Trends in 2019 – 2020
The TEM (Travel & Expense Management) market today is expanding both in scope and reach. According to the Global Business Travel Association, business travel spending grew globally to $305 billion in 2018 from $292 billion in 2017 – and is projected to grow another 3.1% in 2019. Businesses are exploring technologies to manage, control, and…
Why is Expense Management Software a good automation tool for companies in India?
Did you know that the inability to track company expenditures, has become one of the major issues resulting in companies losing a hefty amount of money each year? There is a huge gap between what companies think they spend on business expenses and what they actually spend. This gap is essentially because of inefficient processes….
Features of Travel & Expense Management Solutions
With the businesses going global, there is an increased need for the employees and employers to travel across for globe, making the travelling expenses a major portion of the business expenses. Business leaders are finding a perfect solution to manage the complexity in the procedure on day to day basis. Digitized Expense Management Solutions are making the…
Benefits of Implementing an Expense Management System
If you are considering opting for an expense management system, but are wondering how to justify the purchase,here are some of the key benefits that the system offers to help organization achieve their business objectives. Improves processing time – Provides more scalability and robustness in handling large amounts of data,reducing manual entry, thereby eliminating the chances…
