A Good Expense Management System
While there’s no argument that every company needs an expense management system, it’s not always easy to find the right one for yours. Each company will have its own needs depending on its size and the complexity of its organization.
There are hundreds of options there on the web. So, how do you spot the qualities that make a good one?
Two Parts of Expense Management: Process & Software
An expense management system is more than just an app. There are two parts to every expense management system: processes and software, and they need to work seamlessly together.
Process
ProcessBehind every expense management system are the processes, policies, and procedures. For these to be effective, they need to have the following qualities:
Simple
The best expenses management processes are simple and easy. They have set submission procedures like forms, timelines, and reimbursement schedules. Expense management systems should ask just the right amount of information necessary to file reports.
Ubiquitous
Expense reporting procedures should be part of the standard onboarding practice. They should also have access to support when they need help during the adoption process.
Fast
One way to keep employees happy is to make sure that their reimbursements always arrive promptly. Employees need to know that they can trust processes to benefit them and not just their company.
Organized
Data is useless when it’s not usable. An organized system can make use of the available data to make meaningful recommendations on how to improve expenses. With this, the management will be able to create better strategic partnerships and company policies that will benefit everyone in the long term.
Software
There are hundreds of available software out in the market. While there’s no one single software that’s perfect for every company, there are a few things that are common to good ones:
Easy to Learn
Employees often have to learn multiple software to do their jobs. Having to learn another software takes time that many people don’t have. The more straightforward the program is, the easier the adoption process.
Automated Data Entry
Good expense management software can populate forms after either uploading an electronic receipt or a click of a photo. Automated Data Entry lessens the time needed to type in fields and upload supporting documents manually.
Accessible
One way to make sure that people use the software is to make it as accessible as possible. When programs are usable between devices like laptops, cellphones, and tablets, employees will be encouraged to file data more accurately and regularly.
Secure
For safety purposes, employees may not want their names, contact details, addresses, and credit card details up for public display. Creating a secure channel that employees can trust to handle their expenses without compromising their identity is necessary to build trust.
Next Generation
Both processes and software have to work hand in hand to create the best expense management system for your company. With these qualities, companies can expect not only in a boost in savings but also productivity and employee happiness.
SAP Concur is one of the top expense management software available in the market today that understands the importance of streamlining expense reporting with voice recognition. As voice is becoming the next generation in business process management, a lot of companies are starting to venture out in building solutions that are voice enabled. SalesForce.com for example had a great idea in conceptualizing Einstein Voice integrated with their CRM system. Although it had never launched, a lot of other alternatives have risen or is now being built in order to ease the process of data entry to such highly effective software systems on their own.
Companies such as Hey DAN have been working in the middle by bridging gaps and increasing productivity in combining human intelligence with technology (AI) by implementing Voice to Concur solutions in processing expense reporting better and more efficient.
