The most efficient ways to manage your business expenses

Business expenses come in a variety of categories and it can be difficult to track and control all of them.

A great way to monitor all expenses is to incorporate a spend management solution into your finances to create a centralized platform.

One of the largest aspects of spend management is expense approvals for approving and reimbursing business-related expenses caused by your employees, which can be a tedious process.

However, there are many solutions to combat not just this issue, but various other expense management procedures.

Business expense automation software is just one way to increase productivity within a business, but how can this efficiently manage company expenses?

How to manage expense approvals

The expense approval process includes various steps, which can vary based on your specific business’s systems.

The first step is often submitting an expense report with the relevant receipt and usually ends in reimbursing the employee for said expense.

Carrying out each step of this process manually can become a lengthy task, but using software to automate them can help your finance team to effectively manage their time on other tasks.

Automation creates more accurate data, as well as better compliance, as your accounting team can make better predictions on your company’s trajectory.

What forms of software and systems can automate expense approvals, alongside other business expense processes to create better efficiency?

Project management software

This software can aid in tracking and achieving business goals for expense approval, along with other costs.

With this software, it’s easier to promote accountability for various team members, allowing for more transparency.

Using this within a spend management system is a great way to make processes smoother through automating communication and reporting.

Expense management software

Software for expense management has been designed for various business aspects, as these platforms can manage approval processes and receipt collection, amongst other things, all in one solution.

Some expense management tools are mainly focused on replacing workflows and reimbursement, rather than providing one encompassing solution for spend management.

As spend management can track all company spend, you should also think about incorporating these systems into your business’s workflow. A great aspect of these platforms is that they offer various solutions, like virtual cards that prevent employees from having to use their personal credit cards.

Cloud-based accounting system

With more advanced technology, you can now upgrade to cloud-based accounting systems that are hosted on remote servers, rather than on-site of a business.

This means they are accessible to all employees from any location when logged in remotely either using an app or website.

These systems incorporate built-in automation to automatically upgrade systems and create better user management.

With the ability to access this system from anywhere, your finance team can access reports 24/7, which can prevent many standard issues, like travel delays.

With plenty of ways to efficiently manage your business expenses, it’s important to evaluate what works best within your company before upgrading your systems.

Once you find this out it will help your business run more smoothly, making for a more productive finance team and overall business.