Many companies struggle with employee expense management, especially per diem allowance. As much as it is important for businesses to efficiently manage costs, most of them are still stuck to Excel or logbooks. And, once a company starts scaling and more employees start traveling for business, it will become a nightmare to monitor employee expense…
6 Reasons Why Every SME Needs Expense Management Software
“Beware of little expense; a little leak will sink a great ship.” While Benjamin Franklin indeed compared expenses with leaks in the ship, even he could not state the tiresome processes of keeping track of these leaks. When a company progresses the ladder from small to middle-scale, expense management becomes a big hassle. A 24/7…
Employee Expense Reimbursement: What should Businesses Know?
Employee expense reimbursement is how businesses pay back their employees who have spent their money on business-related expenses. While reimbursements for business travel are standard, employees can also be reimbursed for education, healthcare, and other costs. Expense reporting is indispensable for organizations to follow and deal with their operational expenses. They do this by empowering…
Best Expense Management Software 101
Simply put, expense management refers to the processes that a company uses to control its expenses. This can include everything from office supplies to monthly software subscriptions. Basically, anything your people need to get out and do their thing. Expense management software acts as your financial control center, simplifying how you capture, categorize, and monitor all your business expenses….
5 Ways to Re-Engineer Your Expense Management Software
Employee expenses account for between 8% and 10% of the average company’s budget; therefore, it makes sense to keep costs under control. Businesses must thoroughly examine costs to verify that they are compliant with legislation and that staff is not overspending or purchasing non-work-related products. Here are a few ways to re-engineer your expense management software…
Tips to Save on Travel and Entertainment Expenses with Expense Management System
The effectiveness of expense management system significantly impacts an organization’s financial performance, and the use of expense management software provides companies with the necessary resources to monitor and regulate business expenditures. Let’s delve deeper into the functionalities of this software. Keeping tabs on travel and entertainment (T&E) costs is a top priority for all businesses….
Conquering Corporate Travel and Expense Headaches with Smart Expense Management System
As business travel becomes more popular, managing business travel expenses becomes increasingly difficult. Factors driving the rise include the gradual improvement in business confidence and ongoing economic globalization. In such a complex situation, it is even more problematic and crucial for finance professionals to have a reliable, simple, and effective way to control and monitor…
Pre-spend Approvals How Can They Boost Travel & Expense Management Efficiency
What if you could track employee expenses more proactively? With a pre-approval solution, you can track expenses and automatically enforce policy before expenses are incurred. You can ensure employee expenses are compliant with a rules-driven workflow, which helps you avoid extra expenses. Let us look at the key components of an expense pre-approval process and…
Challenges faced in corporate travel and expense management and its solutions
As business travel becomes more popular, managing business travel expenses becomes increasingly difficult. Factors driving the rise include the gradual improvement in business confidence and ongoing economic globalization. In such a complex situation, it is even more problematic and crucial for finance professionals to have a reliable, simple, and effective way to control and monitor their…
How Can Expense Management Software Help You Improve Legal Spend Oversight?
Every year, medium-to-large-sized corporate legal departments may process thousands of invoices from law firms. When businesses manage this process without a specialized invoicing system, their team is likely to become overwhelmed, and overpayments are unavoidable. Not to mention that employees are expected to process invoices and act as the first line of defense. Even for…
