Not so long ago, everyone was in trouble managing their expenses. Not only do they need to staple or tape all the receipts they have on a spreadsheet, but they also need to hand in their liquidation reports to their accounting department. They have to do it one by one. As you might have guessed, the traditional method has a lot of work to do. It takes so much time to process everything. However, things have changed. Handling expenses and managing finance has become easier these days. How is that possible? Well, you see, with the help of a spend management solution, creating a liquidation report would no longer take a lot of time. The truth is, you can quickly do it in a few hours, even in minutes.
To learn more things about it, keep on reading. This article will discuss what it is, along with how to choose one and how it can improve your business.
Let us first discuss what it is.
What Is Spend Management Solution?
A spend management solution is a software that allows you to control your spending. It can help you in various ways. A few examples are tracking down your employees’ spending and determining the reimbursement costs incurred. It also includes information on how to control this type of spending.
As long as you have a spend management software, your employees would no longer need to spend hours doing administrative tasks, and they could concentrate more on managing your products and services. Moreover, there will be less paperwork since all transactions will automatically go through your system. Therefore, once you have it, you can expect that there will be no receipts filed up around your office.
When to Seek Spend Management Software
- Corporate Cardholder Ignores the Expense Policy
Every business has a travel and expense policy, whereas employees could use it whenever they have to do something in half of their company. For example, when they need to close a deal, they sometimes need to treat their client to a meal. When that happens, they will use the corporate card to pay for it. So, to prevent them from making out-of-policy purchases, you would need to incorporate your policy into the corporate card itself. You can make that happen with the help of a spend management solution.
- Processing Card Settlement Can Be a Hassle
It does. Many businesses prefer not doing this process since it takes a lot of time. However, once you include expense management software into your business, you would not have to cross-check each purchase manually. You see, with this, you will be able to receive text messages whenever someone is using the corporate card. Moreover, the corporate cardholder could quickly snap a photo and submit it directly to the software. With that, you no longer need a staple to attach receipts.
- Some Employees Submit Their Expenses On Weekends
Do your employees always submit their expense reports on weekends? You do not have to worry, since you would no longer experience this situation once you have management software, your employees can submit their expense reports online. With that, they can do it whenever, wherever they are. Hence, you can keep track of each purchase better.
Are these happening to your business? If that is the case, you might as well consider getting expense management software for your business! Keep reading so you would have an idea on how to choose one that suits your policy.
Keep an eye out for these features.
- Purchase Order
This feature involves submitting purchase orders to your suppliers. Once approved by your accounting department, that is the only time they will be able to deliver your requests.
- Product Selection
On the other hand, this feature of spend management software has something to with choosing which product to order. It has category boxes that allow you to choose and compare which one has the lowest price of them all.
- Spending Analysis
This one is an essential feature a spend management solution should have. Instead of calculating claims manually, this will automatically calculate everything whenever someone submits their liquidation reports or purchases.
- Electronic Bill Handling
While this one involves matching your invoices, so there will be no duplicates later on. Each electronic bill has a reference number that your employees could rely on whenever they need to recheck everything.
How Can Spend Management Software Improve Your Business
- Record Keeping
As the phrase suggests, it records everything. It means that you would no longer need to write down each purchase to create an archive. This programmer will do it for you. It is business management software that will save everything and create a backup on your cloud storage.
- Centralised Spend Management Database
Where are all receipts and liquidation reports going? You can find everything in its database. Sometimes, you can even access it through your cloud storage, but the files saved there are only backup ones. With this, your employees would no longer need to use multiple software to handle their reports to the accounting department. All they need to do is upload it to the software, and your accountants could access it
- Data Cleansing
With data cleansing, you do not have to clear cache manually. Also, it will flag any questions reports on the database. Therefore your employees would not be able to correct their misconduct. That saves you a lot and helps you promote transparent expenses management.
So, if your business ever needs expense management software, you can get that at Volve Solutions! Visit their website today and find out how their online expense management software works!