Effectively managing business expenses is vital to the operation of any company.
Expense management goes hand in hand with budgeting, determining the financial health of a company, scheduling payments, understanding spending patterns and minimizing the risk of fraud or inappropriate spending.
Despite its importance, many companies manage their expenses using traditional paper-based struggle methods.
Fortunately, there are many digital tools and online solutions that help companies record financial transactions, and accurately manage the company's expenses.
Below are some top digital tools and solutions to help companies manage their business expenses more efficiently and with great accuracy.
Much like a business debit card or company credit card, virtual corporate cards are issued to employees for business and travel expenses.
Virtual corporate cards work with an integrated app and don't need to be shared between employees. Additionally, virtual cards can be paused or canceled instantly and companies can set limits, restrict transaction amounts, and set spending rules.
Virtual corporate cards are linked with expense tracking software, which records transactions in real-time and automatically records what each employee spends.
Smart receipts are the digital solution to the crumpled up piece of paper employees often need to search for to have their reimbursement approved.
Smart receipts are digitally generated the moment a payment is made and may improve the way a company keeps track of employee and company purchases.
Tying all these tech tools and automatic solutions together is expense management software.
Expense management software automates many of the processes involved with expense tracking including bookkeeping, manual data entry and issuing payments.
Expense management software may help minimize the risk of errors, save companies time, automate numerous processes and help manage business expenses more accurately and efficiently.
