10th July, 2023
We can all agree that traditional, non-automated approaches to expense tracking are time-consuming, prone to errors, and demanding in terms of resources.
Fortunately, a new wave of financial technology has emerged, completely transforming how companies handle their finances.
Expense management automation offers significant advantages that every business owner should know about.
This tool can streamline your organisation’s financial processes and increase efficiency, making it well worth the investment of your time and attention, while maximising cashflow.
Expense management automation encompasses the utilisation of software tools designed to automate and optimise various aspects of business expense processes.
With AI, machine learning, and analytics, expense management solutions streamline tasks such as expense calculation, monitoring, employee expense management, receipt processing, expense reporting, policy compliance, and reimbursements.
Every business owner needs to manage business expenses; adopting expense management solutions eliminates the need for labour-intensive and error-prone manual processes.
By automating these tasks, organisations can significantly reduce the likelihood of mistakes attributed to human error.
Similar to other functions within the realm of finance, fewer manual interventions lead to fewer discrepancies, while also maximising cashflow.
The goal is to improve the way you monitor and manage expenses.
There’s plenty of software that you need, especially when running an online business, but implementing an automated expense management software platform should be at the top of the list.
Expense automation software can extract receipt data accurately, reducing the risk of errors or miscalculations.
Manual data entry and paper-based processes are eliminated, streamlining workflows and accelerating reimbursement.
Employees can easily submit expenses, and the system automatically processes, categorises, and pays them, saving time and reducing errors.
Life becomes much simpler when you have comprehensive, real-time visibility into spending patterns, trends, and budget usage.
Advanced reporting and analytics help identify areas for cost savings, excessive spending, and policy violations, enabling informed decision-making, and maximising cashflow.
Many expense management automation tools also offer mobile applications, allowing easy receipt capture, expense submission, and reimbursement tracking on the go.
This improves employee satisfaction and convenience while reducing reporting delays.
Automating this process will definitely help you when it comes to wrapping up the financial year. Here are a few reasons and examples to show how automation:
By leveraging expense management automation, businesses can navigate the end of the financial year more efficiently, ensuring accurate financial records, compliance, and cost savings.
By embracing expense automation, you alleviate administrative burdens and empower staff to focus on value-added tasks.
There is no shortage of super apps that can help improve your workflows, but when looking for the right expense automation program, you’ll want to keep an eye out for the following features:
Automation offers real-time insights into budget usage, spending trends, and policy compliance. Make informed decisions, optimise strategies, and identify opportunities for cost savings.
Customisable approval workflows ensure that expenses go through the appropriate channels for authorisation and review.
Approvers can access supporting documents, review expense reports, and provide feedback within the system, streamlining the approval process.
Create expense reports effortlessly by uploading receipts or selecting from a pre-populated list.
The system should be able to automatically categorise expenses and calculate totals, saving time and reducing manual effort.
Automation tools can extract relevant data from receipts, such as vendor name, amount, date, and category.
This eliminates the need for manual data entry, saving time and reducing errors.
The benefits of expense management automation are clear. Work smarter with tools like MYOB, which lets you take control, save time, and unleash your infinite potential.