How to automate and unify in 2020 – It’s the year to keep all your spending in one place
We have spoken to many finance teams and business owners in 2019 who think managing expenses and spending is a cumbersome process that’s difficult to be simplified — at least at a reasonable price.
It’s easy to think that if the process is simple for employees, it will mean either taking shortcuts or more work for you and your team. But on the other hand, if you make the process easier for the finance team, then the rest of the business will be subject to complex checks which will ultimately lead to frustration and delays.
Why should there have to be a trade-off, though?
In 2020 business owners and CFOs, there will be five key priorities: reducing costs, enhancing productivity and efficiency, improving the visibility of spending, supporting strategic decisions and mitigating risk and compliance concerns.
All of this can be achieved through a unified expense management platform.
One platform is all you need
In day-to-day life, most people jump at the chance to make everything easier. From paying bills and doing the food shopping to tracking the food we eat, everything is automated through our smartphones.
Why should this be any different for business spending and expense management?
If all expense-related tasks can be carried out using a single easy-to-use platform, it will simplify the entire process massively. And the simpler things are, the more time and money you’ll save — presenting more opportunities to utilise resources and maximise profits fully.
An automated expense management system that works on any device will give your employees the tools they need to quickly log expenses, eliminating the need to hold onto paper receipts. Not to mention, automated workflows mean employees will be reimbursed faster. And who doesn’t want to get paid as soon as possible?
Combine this with a prepaid business card that integrates with the expense management software, and you’ve solved two problems in one!
These cards work much like a personal prepaid card might, allowing you to top up funds for employees as you see fit. Then you can then sit back and relax as you track all expenses from a single platform (not a glorified spreadsheet!) and gain accurate, real-time reports on spending.
Expend does all of this from one platform — providing unrivalled expenses automation that’s easy, fast and flexible.
Minimise the risk of mistakes
Does the thought of the auditors knocking on your door in 2020 leave you in an anxious sweat? For many business owners and finance teams, this can be the stuff of nightmares. Especially if you know there’s a chance you’ll have to scramble to find documents and receipts that may not have been filed properly when they do.
Any inconsistencies or little mistakes on your business’ records could set off a series of red flags. But automating the process through one expense management platform will improve both accuracy and traceability — helping to keep you out of hot water.
Through an integrated corporate card (like Expend’s prepaid Mastercard), transactions will be captured as they happen — minimising the risk of employees mistakenly entering in expense details incorrectly or overspending! This can help massively when it comes to enforcing policies and procedures. Plus, it will empower employees to take ownership of spending and do their part in ensuring compliance.
Improving forecasting accuracy
When you don’t have all the information you need, it can be difficult to make the right decisions. You need to be able to see the bigger picture. And to do that, you need a clear and predictable understanding of where your company’s money is going.
Automating and unifying your expense management process will give you a more accurate overview of company-wide spending — which, ultimately, will lead to greater control over business costs and help when it comes to forecasting.
If you haven’t already automated your company’s system, now is the time to give it some serious thought. Through Expend’s automated expense management software, you can gain real-time insights about company spending and generate customised reports, enabling you to make more strategic decisions regarding your business.
So, the real question you should be asking yourself as we head into the new year is: why am I continuing to pay multiple subscriptions, juggle different apps and operate without a clear financial picture?
If you’d like to find out how Expend can automate and unify your expense management process in 2020, sign up for our free 30-day trial today!
Our 2019 roundup and a look towards 2020 📺
Written by Adam Clarke
I'm the Marketing and Partnership Manager at Expend. When I'm not fighting expenses admin with our amazing solution, you can find me eating my way around London's food scene.