The importance of Expenses Management software in businesses
A recently published report revealed some rather shocking results. In a survey conducted among financial controllers and directors in the UK to understand how they tackled corporate expenses management, it was found that:
- More than 50% of businesses operate without a proper expenses policy
- 36% of financial controllers feel they do not have sufficient control over expense limits
- More than £250 is wasted every month, per company, because of human processing errors
- Over 26 hours is spent every month in chasing incomplete expense reports
- Millions of UK businesses still process expenses using paper receipts stapled to an expense form
- Overall, £2.8 billion is lost in terms of productivity each year
Companies are also facing several other challenges when it comes to expense management processes and policies. The lack of proper expenses management is also leaving businesses vulnerable to expense misuse, and waste of up to 100 hours a year.
Both time and money are invaluable resources which, when managed properly, can significantly strengthen your business. The solution, therefore, lies in implementing an efficient expense management solution.
Benefits of an expenses' management solution
In addition to the obvious benefit of streamlining your expenses, an automated expense management solution will also help you:
Go paper-free
Not only does an automated expenses management platform save you over 8 man-hours a month, but also hassle-free and good for the environment. Going paper-free also means you no longer need to courier physical copies of receipts. That, in turn, amounts to a lot of cost savings – and for the environment too.
Prevent wastage
When you are manually processing piles of paper receipts, you are bound to miss out on a few or make human errors which will, invariably, also result in a certain degree of wastage. With an expenses' management software in place, you can be assured of improved data accuracy and thus lesser revenue wastage.
Cut down on administrative work
With an automated platform for error-free entries and the creation and processing of expense reports, you will cut down on a lot of work/rework and save several hours of administrative time.
Gain better control
With thorough and instant reporting functionalities, an expenses management software makes it easy to monitor your company’s expenses, flag expenses for correction or rejection, stay compliant to policies and remain audit-ready.
Synel UK’s latest expenses management module – available as a standalone or as part of the complete workforce management solution – enables you to:
- Create and submit your expenses digitally
- Automate your companies expense policy and minimise errors
- Process expense approvals swiftly and efficiently
- Generate custom reports
- Reduce manual processing
- Contribute to the planet by reducing paperwork
To know more about how you can streamline your expenses with Synel, click here to find out more or get in touch with us today
