Canadian businesses are already in full-scale planning mode for 2018, as the end of the year quickly approaches. It’s the time to look for innovative new ways of doing things, and technology that can pave the way for more efficiency and profitability.
If expense management software isn’t already at the top of the priority list, it likely should be.
The following are the top reasons to implement expense management software in 2018 (if you haven’t already).
Reduce Administrative Costs
Administrative costs aren’t just an annoyance for modern Canadian businesses. They’re increasingly completely unnecessary. It’s the perfect time to move away from handling administrative tasks in the same old-fashioned and outdated ways as in years past and look to the tools that can reduce administrative time and costs.
The cost of administration related to invoice submission and the creation of expense reports can be more than $20 per report. This is less than half, on average, if you have an automated expense management solution in place.
Skip the time, skip the paperwork, and skip the unnecessary costs, while putting your businesses’ focus elsewhere.
It’s unlikely any modern businesses have time for human error and mistakes when it comes to expense management, but yet they happen. These mistakes are inevitable, and they can cost a lot of time and money in the process.
The only way they’re not inevitable?
With the introduction of automated expense management software. Your teams can put their focus on the areas that matter most, instead of worrying about the potential for a mistake, or what to do if there is an error.
An automated expense management solution will offer the opportunity to take key information straight from a receipt, and then from approval to reimbursement without the need for manual information entry.
In many situations, the risk of mistakes goes way down or disappears altogether when automation is introduced into expense management.
A big goal of your expense management should be finding ways to cut costs. You want to get the lowest prices possible for everything so that your bottom line is increased. This is likely a general objective you have every year that you do business.
Part of this relies on successful negotiations with your suppliers, but how can you come to the table if you don’t have the information and data to back up what you’re asking for?
Make it easy for the entire company with expense management software that offers robust data collection and in-depth analytics.
Just one example of where this could be beneficial occurs when you want to negotiate volume discounts with a hotel. If you come to them and have specific data showing your history with them, and how much business you bring with you, you’re much more likely to get the discounts you’re asking for.
Finally, fraud is a massive problem for many companies. It’s unfortunate, but there is something that can be done about it, at least regarding expense reporting. Putting a strong software solution in place will allow you to customize your rules engine easily, while also being able to spot potential fraud quickly and make sure you take swift steps to put it to a stop. It’s not just good financially, but from a corporate culture standpoint as well.