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Expense management is an example of a finance process that, if automated, may be handled to provide value to the company. For firms that still use a labor-intensive approach to expenditure management, whether it's a manual system or antiquated software, this is a far-fetched goal. Finance professionals frequently wait for other functions, such as sales, marketing, or IT, to commence digital transformation for important procedures, according to the same article. This has frequently been cited as a cause for the delayed adoption of technology in the finance industry.
Companies utilise expense management software to track and audit their employees' business-related expenses. Businesses can use the programme to manage employee spending reports more efficiently. The adoption of expenditure management software by organisations will increase and form as technology continues to grow and change our daily lives. According to Technavio's latest projection, between 2016 and 2020, the global travel and expense management software market would develop at a compound annual growth rate of 6.96 percent and 7.70 percent, respectively. By 2020, they expect the industry to generate more than $3 billion in sales.
Businesses should begin to think about implementing an online expenditure management system. An automated expenses management platform will give the organisation only long-term benefits due to its high usability and integration with cloud technology.
In order to delve deeper into the matter, Group Futurista is happy to present its “Future of Expense Management” webinar with industry-leading speakers coming together to discuss the potential advantages and benefits of expense management software for your company.
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