Employees have traditionally relied upon a pen and paper, or spreadsheet based approach to manage their expenses. However, both of these approaches have severe limitations as well as being prone to error. Thankfully modern cloud/ SaaS based expense management solutions offer a host of benefits at a low cost.
Managing your expenses is a necessary evil when it comes to modern working life. It is also a costly exercise, not least in terms of the aggregate time taken by the parties typically involved in the process.
Recent years have witnessed the emergence of a number of cloud based solutions like Xpenditure that have transformed the expense management process. Rather than simply replicate older approaches, some of these new solutions have gone back to the drawing board, utilising the power of smartphones to help to finally kill the expense report
Taking a photo of a receipt and then submitting it in real time whereby the back end integrates with leading accounting software packages represents a very different process to the ones used up to now.
In short, the advent of cloud computing—wherein data is stored on a remote server and computing is outsourced to a 3rd party provider—provides numerous benefits and expense management is no different. 3 reasons embracing Cloud based Expense Management Solutions will save you time managing your expenses:
1. Mobile First
One of the most obvious benefits of using a cloud-based solution is that data such as expenses can be retrieved at any time and from any computer. This means that data isn’t tied to the office or to a particular desktop computer. Such flexibility enables employees to work even when they are traveling, making them more efficient and able to do their jobs, regardless of circumstances. In fact, a key benefit from the likes of Xpenditure is that expenses can be processed in real time when the user is ‘on the go’ rather than needing to be batch processed after the event.
Hence, mobile devices have increased productivity even further. Users don’t need to carry around laptops all the time anymore, as mobile apps are able to provide basic functionality for a number of different expense management processes, such as the creation and submission of expenses, and the management of travel plans. Some reports suggest that users of cloud-based mobile management applications saved up to four and a half hours of productive time per month.
2. Save Time
As data is accessible at all times, cloud-based expense management software can speed up all aspects of the expense management flow from initial capturing of the receipt to the reimbursement process. The employee submits the required information, and the company CFO/accountant/ treasurer can access the data in real time. It is then a simple task to approve the expense, meaning that funds can be transferred on the same day that the receipts are uploaded. This greatly speeds up the amount of time spent per employee on expenses, reducing the average cost spent and improving employee satisfaction.
3. Gain Insights
Reports can also be easily generated by via the leading SaaS based expense management programs such as Xpenditure. This enables the process to be made more convenient and also helps individual employees save time. Accessing this data can also provide insight into the spending and compliance trends of various departments in the business, which can be very valuable to senior managers and accountants.
Making the move to the cloud, by adopting a SaaS based expense management software
enables much more flexibility in what can be done with expenses. Not only does it enable employees to work regardless of where they are, it can also speed up the process and help prevent user error, thereby saving time, preventing frustration and improving efficiency. In short, the time savings alone mean that adopting expense management solutions is becoming a critical element of leading finance teams solutions.