The advancements in technology rub off on every industry and expense management is no different. Sticking with outdated, manual ways of managing your expenses is inefficient, prone to human error and expensive. Essentially, staff time is being consumed by repetitive administrative tasks across the board. Employees have to retain receipts, submit claims, then your finance department must manually check, approve and reimburse claims.
Words like ‘automated’ and ‘efficient’ might sound like they belong in multi-national corporations, but they can be realised across the board at organisations of all shapes and sizes. With increased automation comes enhanced accuracy and with increased efficiency comes time that can be better utilised elsewhere.
In this article, Webexpenses will demonstrate the traditional versus modern ways of managing your expenses, and the benefits that can be realised by every organisation in deploying an expense management software solution such as Webexpenses
The traditional way of managing your expenses
- Paper receipts which must be securely stored in order for the expense to be reimbursed
- Manual submission of receipts to your finance department
- Manual compiling of expense reports to be submitted
- Expense reports that need to be approved by your finance team
- A wait for employees to be reimbursed
This is a clunky and inefficient process. Do the expense claims align with your expense policies? Are they accurate? Has the expense been submitted before?
Any manual process is open to the risk of human error. Where inaccurate, duplicate or even fraudulent expenses are submitted, it results in inaccurate financial reporting. It’s also a process in which money can simply slip through the net; an imperfect situation for any company or organisation to find itself in.
When expenses ramp up at times of increasing business travel and other related business activities, manual processes can also become overwhelmed, exacerbating these issues.
Another challenge presents itself in accurately calculating aspects such as VAT rebates. If your expenses are inaccurate, making accurate claims is impossible.
The Webexpenses way of managing your expenses
- An automated end-to-end process
- An easier way of enforcing your policies
- Reduced time on manual data entry
- Reduced risk of human error
- Integrates with your other software such as Sage Intacct, Sage 50 and Sage 200
- Enhanced accuracy for your financial reports
- Expenses updated in real time
- Optimise your VAT and tax reclaims
- Reduce your exposure to the risk of fraud, duplicate and non-compliant claims
Webexpenses alleviates much of the stress of managing your expenses. By pooling everything into a central expense management system, it creates transparency and enables you to monitor company-wide expenses in real time, enhancing your financial reporting and helping you to understand and track your expenses.
Webexpenses also empowers your employees. By equipping them with the Webexpenses app, your employees can simply photograph their receipt or upload a digital copy where one has been issued. This makes the process simple and easy to follow, with certain expenses being eligible for automatic approval.
For example, if an employee has incurred an expense on train travel for a work event, they can upload their receipt at the point of purchase. This means that they can create expense claims easily, as they go. There’s no need to keep a stack of receipts which then need to be uploaded in bulk as a standalone task. This makes life easier for employees and your finance department alike.
Webexpenses integrating with your favourite Sage tools
Webexpenses integrates with Sage to provide a complete overview of your financial information. With Sage 50, Webexpenses integrates to provide a streamlined accounting and invoicing process. Your data seamlessly transfers from Webexpenses to Sage 50, offering complete visibility and control of your financial information.
Webxpenses’ integration with Sage 200 works in the same frictionless way, making the process of importing your Webexpenses data simple. “Multiple claims are now imported into Sage quite literally at the click of a button,” says Michelle Ryles of Talent Training. “Inputting claims into Sage used to take us half a day, now it is half a minute.”
With Sage Intacct, the Webexpenses integration facilitates the easy importing of fields and categories from Sage Intacct into Webexpenses, and the seamless export of expense data from Webexpenses to Sage Intacct.
By being able to integrate Webexpenses with your preferred accounting tools you can:
- Remove the need for manual data entry between systems
- Ensure accuracy of information and remove the risk of human error
- Combine line items into single Sage invoices, saving time and effort
- Automate duplication checks to ensure invoices aren’t run twice
- Easily identify Webexpenses claim items within Sage
- Configure the interface to suit your bespoke needs
Discover more about expense management with Webexpenses
Webexpenses is a comprehensive expense management system catering for companies and organisations of all shapes and sizes. Promoting an entirely digital means of managing your expenses, realising greater automation and efficiency along the way, can enhance your expense management processes and overarching financial management and reporting.
If you’re interested in discovering how much you could save with Webexpenses, you can view the Webexpenses ROI calculator here.
If you’re thinking about enhancing your expense management, you can arrange a demo and a no obligation free trial of Webepenses here.
Webexpenses is a very popular system among its customers, too. Webexpenses has recently been recognised with multiple badges during the most recent round of G2 Awards. You can read more about Webexpenses’ customer satisfaction and those awards here.
