According to research, about 38% of users have switched to contactless and digital payments this year due to the impact of a pandemic. Automated payment systems and card-based payments are growing rapidly in these times.
The conventional expense management system is redundant and outdated to suit the needs of users in this digital age. Traditional expense management comes with quantitative and qualitative costs that can slow down the growth of the business. The various problems faced by manual or conventional expense management are:
- The time-consuming and tedious process
- Lack of control over Business Travel & Expense spending
- Poor visibility and Cumbersome paperwork
- The high processing cost of expensing incurs more manpower and man-hours
Under tremendous changes and pressure to prepare for a post-COVID world, organizations are restructuring expense and financial cash flow models to adapt to new normal realities and market fluctuations.
The COVID-19 has disrupted the economic and normal functioning of businesses in all industries. Since the work from home culture is here to stay for long, the businesses have to revive and renew their traditional expense management to a flexible, automated, and digital platform.
An expense management platform ensures automated processing of expenses and claims in less time and cost. With the new normal working trend, it is becoming very difficult for the employees to coordinate with the management for claims and reimbursements. Automated expense management can ease their process and increase their efficiency of work.
Let us see how we can revive and renew the expense management system in the post covid scenario:
Automate and Digitize: Following the pandemic protocols, we are confined to work from home and avoid physical contact with anyone. The manual processing of expenses requires the approvals of 5 to 6 people in person which can be unsafe during these times. So, digitize your expense management system for the safety of your employees.
The automated and digitized expense management can ease the claims processing without any physical approvals and on your fingertips reducing the need of physical contact.
Expense management systems are getting innovative and intuitive; offering complete integration with HR management tools, ERP systems, accounting software, etc.
Make it mobile-friendly: Over 85% of the global population uses mobile phones. Make your expense management system mobile-friendly which can be made available at the fingertips of your employees to easily access and use anywhere conveniently.
Use of technology: Corporate spending management is increasingly being simplified through cloud-based mobile apps using optical intelligent character recognition (OCR), which is able to convert paper receipts into digital files and automatically send them to accounting. AI-based technology and machine learning are making processes very innovative and advanced for simple use and understanding.
Flexible and simple: Lastly the expense management system has to be very simple and flexible to implement so that employees and organizations can easily integrate them into their day-to-day operations. The complex platforms or products will add more burden to the businesses instead of making things easier.
Why is Zaggle EMS the most opted Expense Management solution for your organization in these pandemic times?
Zaggle EMS is an all-in-one corporate spend management platform capable of empowering your business to spend smarter. With Zaggle EMS, data analytics creates a safe and secure mode allowing cash flows to be managed efficiently.
Zaggle EMS eliminates the need for time-consuming, labour-intensive paperwork. With real-time expense reporting, smart scan, AI-powered fraud detection & prevention mechanism, Zaggle EMS empowers businesses to effectively handle various facets of expense management.
