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Struggling with expenses? 3 reasons why you should consider implementing an expense management system

For many SMEs, the managing and processing of expenses can be a significant drain on resources if you have employees who travel for their work or are constantly on the move in their respective roles.

One of the biggest challenges that your SME will face in this instance will be trying to improve efficiency by minimising the time spent on capturing, submitting, approving and paying expenses. One of the easiest ways to resolve this growing challenge is through the implementation of a paperless expense management system.

Given the shift towards digital transformation and the ever-improving technology available to help speed up business processes, you don’t want your business to fall behind in this instance, so what better time to start your journey towards improve your business efficiency by making the switch to an expense management system.

Not convinced? Don’t worry, we’ve put together a list of three reasons why you should consider implementing an expense management system in your business.

1.Make paper a thing of the past

Making the switch to an expense management system will allow your employees to simply snap and submit expense receipts via an app (or tablet or PC) which will make it easier for managers to review and approve online and in turn your finance team will be able to process them quicker. Furthermore, it also provides a greater visibility over the expenses process across the business, enabling you to see if there are any potential issues need to be addressed. With this new system in place, you can say goodbye to the piles of paper receipts stapled to printed expense claim sheets.

2.Save time and make the expense process much quicker

One of the clearest advantages of having an expense management system in place is the fact that you can save so much time by not wasting it on gathering and approving endless amounts of paper receipts. Instead, you can get these expense receipts snapped and submitted on the go, instead of having to wait until month end to process them.

For those in charge of approving expenses, a simple email alert can be setup to trigger when an expense has been submitted for approval.

For those in the finance team, instead of having to climb a mountain of paper receipts at the end of the month, when accounts reconciliation happens, the expense claims can be submitted and approved directly. Furthermore, the best thing about expense management software is the fact that it can be easily integrated into your existing ERP systems, such as Microsoft Dynamics NAV.

3.Improve the overall accuracy of expenses

It is safe to say that sometimes we can make mistakes in our respective roles, we are all human after all. The same can be said in expense management, whether accidental or intended, a paper-based expense system can be more prone to errors than a digital system. It goes without saying that the vast majority of businesses have experienced claims which are extremely vague or lack the required details to be able to process as they don’t fall under the expense policy guidelines. This can lead to them being questioned by the finance team which wastes not only valuable time but also causes a great deal of confusion. By replacing your paper-based system with a digital expense management system, there’s less room for error.

Are you ready to take the next step and make your paper-based expense systems a thing of the past? Then why not get in touch with Advantage today to discuss how Zetadocs Expenses for Dynamics NAV can transform the way you manage expenses in your business.

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