Three characteristics to look for in a next-gen system

Brought to you by webexpenses

Almost 30 years ago, the Excel spreadsheet emerged as the go-to tool for managing company finances. However, we have now moved into a digital world and businesses need systems to help combat the fight against expenses fraud as Excel spreadsheets and manual processes cannot.

Being a business in a connected digital landscape requires an appropriate digital system to manage its expenses. The move to digital has accelerated the pace of business life and increased productivity expectations. Businesses need digital tools that allow more to be done in less time by automating manual and time-consuming tasks.

In the case of expense management, with the correct system in place, finance teams no longer need to manually check and process each claim and managers don’t have to review and approve a monthly flood of reports.

Here are the characteristics that businesses should look for in a modern expense management system:

1.Cloud-based

Nowadays, employees are mobile and their systems need to be mobile too.  Employees might work from home or a flexible office space and businesses need a mobile system that allows them to keep their expenses on track anytime and anywhere.

A next-gen expense management system is securely stored on a cloud server, allowing the software and data to be accessed from wherever the user has an online connection.

With a cloud-based system, spreadsheets and email attachments are all replaced with a single centralised repository for all the data and documents.

2.Real-time

With real-time monitoring, staff no longer need to manage spreadsheets manually to validate and check claims, because the system does it automatically.

And to avoid any possible errors, the system will trigger an alert letting the user know if a cost has perhaps been detected outside of defined limits or if a project code has been entered incorrectly, allowing account managers to check the validity of a claim.

3.User-friendly

Besides being powerful, a good system needs to be easy to use. A system that is too time-consuming to use won’t be able to keep up with the accelerating pace of business change. This is why webexpenses is intuitive, and even the least technical oriented employees can use it with a minimal amount of training.

Webexpenses provides a smarter way to manage employee expenses. Find out for yourself by requesting a free demo.