Six of the Best Benefits of Using an Expense Management Software System

You’ll spend a long time looking for the downsides of online expense management software, because there aren’t any. The benefits, on the other hand are easy to see. Here are six of the best:

1. Saving time: Time is one of the most precious resources in any business, and deserves to be used wisely. Top expense manager software will sweep away outdated processes and give you and your employees more time to engage in activities that add value rather than being soaked up by admin tasks that generate no revenue and serve no customers.

2. Saving money: Quite apart from the old adage that ‘time’s money’, using online expenses software like Solo Expenses will cost you less than the price of a cup of coffee per employee every month. Some of its features are free for life, as long as you’re a registered user, and others can be turned on or off when you need them. Used effectively, the software will reduce spending by a greater amount than your investment in it – so you might even see it as a revenue stream.

3. Eliminating data handing errors: Mistakes creeping into the processing of expenses can be expensive and become a drain on financial and human resources as you waste time trying to find and correct them. And why are you paying people to manage expenses? Find them profitable work or downsize them. There’s a positive saving you can make from Day One.

4. Paying faster: This is the child of saving time and saving money. Because employee expense software allows claims to be made and approved anywhere in the world at any time you have a WiFi connection the process takes only moments. And it gets even slicker with a brand-new arrangement between India’s Yes Bank and Solo Expenses, who have worked together to create a BHIM UPI system within which claims made are logged at the bank and paid from there as soon as they’re signed off.

5. Reducing fraud: It’s too easy for employees to be relaxed about expense claims. For example, how simple is it to inflate a car journey by a few miles, or to claim a meal that wasn’t actually eaten? We know it happens, but using GPS and photographing receipts and making both available as part of the employee expense software experience takes away the temptation – and the financial losses that go with them.

6. Understanding your company: Because online expense management software deals in lots of data, it’s a rich seam of business intelligence you can mine to find ways to make your business more efficient and cost-effective. Perhaps you could negotiate volume-based discounts, for example, or change your buying patterns for the supplies you use.