Expense Management Software
Access, Analytics, and Automation – The AAA of Expense Management Software
There are three important aspects of expense management software – access, analytics, and automation. We will discuss more about these in this post.
Access: Expense management software transforms the way you access and manage your T&E data. No more will you be using paper and filing cabinets for storage; everything is stored online and will be available for access from anywhere. The access is not limited to desktops and laptops; you can use mobile devices to manage your expense reporting from anywhere. All you need are the right credentials.
Analytics: Not many organizations take analytics seriously nor do they have a vision for their expense management processes. Only ad hoc practices that complete the task at hand in that minute are used by them. While not having a policy of analysis is one problem, there is the other problem of not even having a mechanism to collect and exploit data. All of this does not augur well for the organization in the long run and will only serve to increase costs and decrease efficiency.
There is no such problem with expense software. Data collection is no issue since the software itself is a repository of data and analysis is not a problem because the software can do it for you. Many of the calculations that you would use to measure the effectiveness of the expense management process already exist and can be launched with a few simple commands. You can generate other calculations and use the software’s automation capabilities to deliver reports to your peers to keep them informed.
Automation: There is no understating the automation capabilities of the software. You can automate pretty much everything about the process and make your employees more administrators than data entry operators.
From expense capture to submission to approvals, you can automate pretty much anything with expense management software.