Expense management is one such area in finance operations which once automated can be controlled to deliver value for the organization. This is a far-fetched dream right now for organizations still using an effort-intensive approach to expense management, whether it be a manual system or legacy software. The same article also notes that finance professionals often wait for other functions like sales, marketing, or IT to initiate digital transformation for critical processes. This has often been the reason behind the slow rate of adoption of technologies in the finance function.
Expense management software is used by companies to manage and audit business-related expenditures by their employees. The software allows businesses to efficiently manage employee expense reports. As technology continues to grow and shape our everyday lives, so too will the use of expense management software by businesses. A recent forecast by Technavio predicts that the global travel and expense management software market will grow at a compound annual growth rate of 6.96% and 7.70% respectively between 2016 and 2020. They expect that the industry will post revenues of more than $3 billion USD by 2020.
Whether it is a claimant, an approver, or the finance department, an automated expense management system can accelerate expenses recording and compile. No longer does the finance department need to chase employees for receipts and manually enter the data. Thanks to cloud technology, employees can now easily snap a picture of a receipt with their phone and upload it onto the application. The software will do the necessary legwork to extract important data and group them accordingly thus improving the accuracy of business expenses and reducing the need to deal with misplaced receipts.
Businesses should start to consider switching to an online expenses management system. With its high usability and integration with cloud technology, an automated expenses management platform will provide only benefits to the company in the long term.
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.Join and grab your passes for free!
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