Do you believe that compliance policies are actually roadblocks to achieving your objective at work? A majority of us will agree to this, at some point when we have faced an issue and confronted the accounts payable team. The common grounds for claims rejection are “not as per company policy”, while the employee’s response is, “Where is the expense policy published, had we known before we could have avoided the said expense?”
This gap is not just between the business and the accounts payable team, but it transcends to the finance control, audit, admin, vendor, accounts & ERP teams as well. This can be easily overcome with an automated expense management software. A cloud based solution that is being offered in the market seamlessly integrates the stakeholders into the claims process digitally. This software has the capability to incorporate the compliance policy of your organization, resolving the issues on non-compliance. Studies by Gartner suggest that policy compliance has increased by 30 to 45% in organizations after implanting a travel and expense management system for employee claims and travel.
The advantagesto policy compliance of such a system are –
Pre and post approval system – Every expense and travel needs to be entered in the system by the user, it goes forward to his business approver. If approved the request is taken forward to the next level. This also helps determine post the expense, when the vendor invoice is processed that the request made was a legitimate, followed the compliance policy and approved by all stakeholders.
Good decision making – Business users have a universe within the system to opt for the relevant vendors such as – airlines, hotels, cab services, cash advances, visa requirements and many more that are pre-defined by the compliance policy. This is beneficial for organizations to get discounts on bulk bookings and also take advantage on cancelled, unutilized sectors.
Centralization– Expense management without automation involves a lot of manual intervention, complicated spreadsheets with pre-determined formulas. It is a time consuming and error prone task to register the claim feeds in your ERP system. A cloud based system integrates the claims in your ERP automatically and checks required compliances to flag soft and hard exceptions, this there helps you to centrally manage expense reporting and claims without the worry of compliance across multiple branch offices.
Go Green. Go Paperless – With a complete online module of adding receipts and invoices to the claims, you no longer need to save originals, take print outs and manually check them again the expense claim. Users will use and comply to the digital upload of supportings for claims, this helps save the environment in the long run and reduce the carbon footprint for your organization.
Are you looking to automate your Expense Management for better compliance to the expense policy? Click here to connect with Expenzing to see how Expenzing Expense Manager integrates financial control with the ease.