Keys to good expense automation



With the proper tools in place, the aforementioned procedure is simple and easy to follow. What should you look for when implementing expense automation in your own business, then? simple to set up This is always a balancing act and depends on the size of your company. Some expense management software is so complicated that it requires a team member to manage it full-time and setup can take six months. Fast-growing and scaling businesses won't benefit from that. Make sure your tool is ready to use if you fall under this category. scaling as you expand. It must also be simple to add and remove users whenever you want, which is related to the first point. various levels of permission. One account owner should ideally oversee the entire platform. Usually the controller of finances, but occasionally a CFO. Employees will then be able to make payments and request reimbursements, and managers will be able to approve the spending of their own team members. internal approval processes. In step four of the procedure, a manager was informed. Every expense needs to be authorised by the person in charge, and this is crucial. However, it's crucial that this happens automatically as part of the workflow and doesn't necessitate your financial controller calling each manager in turn. excellent accounting integrations. Having automation in place but having to manually copy and paste everything into our accounting tools is the last thing you need. The platforms that your finance team uses should be directly interoperable with your expense software. The main objective is to reduce time and effort. Therefore, the tool you choose in the end must enable you to accomplish both.
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Why Do We Still Use Expense Reports​

Your employees should almost never have to make work payments with their own money if you have prepaid and virtual cards. which is how things ought to be. There are, of course, exceptions. These consist of: when a specific worker lacks access to a company card If a teammate forgets or misplaces their card when a business only accepts cash or doesn't accept certain payment methods when the card is invalid Your team members will occasionally find themselves in one of these situations, despite your best efforts. The last thing you want to do is to add to the frustration of your team members having to pay with their own money by having slow paperwork. Let's make the best of a difficult circumstance.