The importance of Expense Management for Accounting
Managing expenses is an essential task for any accounting team. Recording, categorising and analysing financial transactions related to a company’s expenses is crucial to maintaining the financial health of the organisation.
However, with the increase in business travel and employee spending, many finance teams have trouble keeping up, often due to using a manual expense process.
A manual expense process involves employees holding onto their paper receipts and attaching them to a claim form and submitting them to the finance or admin teams who would determine whether the claim is valid for reimbursement.
Claiming expenses manually could also lead to reporting errors and claims which go against the company’s expense policies being approved.
This also takes up valuable time for finance/admin teams who would have to manually upload and keep track of paper receipts and spreadsheets as part of the expense claim process.
Digital expense management
Automating your expense process removes all manual processes and helps to eliminate these errors, as well as integrating with your finance system, saving time and costs.
With digital expense management, it is possible to simplify the process of submitting and reimbursing business expenses as well as tracking, approving, and reporting from anywhere giving your company better visibility of spend.
Tools like powerful OCR technology (optical character recognition) automatically extract text from scanned receipts, making them easier to manage and process. This innovative scanning feature quickly converts paper receipts into a digital form, eliminating the need for manual entry and saving time and effort.
Remote working is here to stay
The increase in remote, and hybrid working has increased the need for companies to use an online cloud-based expense solution. When employees are working from home or travelling for work, using a manual expense process it can be challenging to keep track of expenses and ensure that they are reimbursed quickly and accurately.
A cloud-based expense management solution such as Webexpenses allows users to submit claims whether working from home, on the go, or at the office and from their phone or laptop. An online solution also removes the need for employees to hold onto paper receipts.
Integrating with your finance system
Automated expenses can also bridge the gap between employee expenses and your finance system. Webexpenses provides a powerful end-to-end solution for expense creation and receipt capture through to approvals and posting to your finance system. Our easily configurable integration with Sage Intacct, Sage 50, Sage 200, and other finance systems, allows for live data feed ensuring the systems are always synchronised.
Here is what our Sage Intacct, Sage 200 and Sage 50 users say about Webexpenses.
Learn more about how Webexpenses can streamline your expense management and save time for your employees and finance team.
