Expense management systems are in place for two primary things: to track and manage how a business spends its money. However, if you have an inefficient system, this can also spell financial loss for the company.
The purpose of an expense management system should be to make sure that business decisions and operations are financially sound, but it shouldn’t be the cause of the company’s money to trickle down the drain. However, many outdated systems can cost the business a huge chunk off its bottom line in the long run due to inefficiencies, delays, and compliance issues, among others.
At the end of the day, all these can spell disaster for your company.
This said, a new and updated system may be in place.
Do you need to update your expense management system?
Let’s take a closer look if your own organization need to update your expense management system. Are you experiencing the following red flags?
1. Drowning in paperwork. While paper trail is important in almost every aspect of your business, there’s something wanting when your employees are drowning in paperwork. In expense reporting, instead of keeping paper receipts and filling out paper reports, there are better, more efficient ways of working.
Having a digital, even cloud-based way to report and track expenses can greatly speed up the process. There’s also less risk of having receipts getting lost, which means less frustration for employees.
2. Mistakes and inaccuracies. Incorrect data can cost the company a lot, especially in terms of compliance. Manually entering information can make data prone to human errors, especially when money and figures are involved. Receipts, forms, and even files may also get lost.
3. Error-ridden system. Expense management system can’t run on wrong data. And often, just one small error can render the whole approval system unusable. Furthermore, you really can’t afford mistakes when it comes to financial data.
4. Frustrated employees. A slow, inefficient system definitely doesn’t spell excitement from employees. This is probably why most put off filing their expense reports until the last minute, which of course gives a domino effect of delays. An inefficient system also takes their time and energy away from the real work that they should be doing.
5. Lack of mobile apps. These days, everyone of us depend on our mobile phones for almost anything–so why not we do the same to our expense reports? Having a travel and expense management system with a mobile app can greatly help employees especially when they are on the go.
6. Compliance issues. Every company has an expense policy, but not everyone is able to enforce it. This is especially true when it comes to outdated systems. A growing company needs a solution that can also grow with them and keep up with the times. However, an outdated system usually means a painstakingly tedious process of auditing.
7. Failure to see the big picture. With a manual system, you might be too busy fixing and nitpicking the small issues that come up, which may mean you may not have the opportunity to see the big picture.
How Gorilla Expense Can Help
If you want to upgrade your expense management system, Gorilla Expense can help. It has on-premise and cloud-based options to help you keep track of all business-related expenses. It also has advanced reporting capabilities to ensure you see the big picture and make smarter decisions based on custom reports you can generate within just a few clicks of a button.
Gorilla Expense’s suite of applications can be easily tailor-fit to suit your unique business needs so that your processes will be streamlined. It also seamlessly integrates with any existing accounting system that you have.
To find out more how you can take your expense management system to the next level with Gorilla Expense, you may contact us today.