Tracking and accounting the business expense is no longer an additional function of a business, but is pivotal for the organization’s growth and expansion. As expense reporting becomes more tedious and time-consuming, companies need to negate the use of conventional manual methods to track them and take a more digitized approach to calculate the payment processes. By switching to digital software, multiple organizations are remolding their expense claim workflow, as these systems offer online invoice approvals along with policy-defined asset purchasing and inbuilt as well as customizable expense reports for HR and accounting team. Additionally, advanced expanse management software also enables companies to eradicate human errors and recover tax invoices.
Now, when it comes to tracing a company’s expenses and cash flow, financial visibility plays a crucial role in allowing executives, CEOs, and CIOs in effective decision making, policy formulation, and cost-cutting. Further, organizations are also relying on BYOD (bring your own device) trend to facilitate their employees to work remotely. This also results in reduced operating costs of providing the workforce with the company’s devices. The businesses should hire skilled candidates or solution provider to ensure that the software, as well as the other methods they employ for expense management, is precisely monitored and handled.
A key trend observed this year is the increased adoption of the expense management system. The use of expense management software speeds up financial prudence in organizations. Additionally, the detailed insights into violations, category-wise expenses, and favored vendors for various expenses will facilitate finance leaders and allow them to make even more accurate forecasts. With fierce competition arising in the whole business world, it will be imperative for businesses of all sizes to cut down expenses and operate competently, and the area is where expense analytics comes into the picture. Organizations are looking to analytics strategically as a means of comparing their costs with budgets to ensure that they are not indulging in any excess spending.
Besides, information technology has already brought down frauds considerably. The implementation of expense management software will enhance an organization’s capability to curb instances of frauds. The execution of custom policies around various categories, cost-centers, and projects allows for effective and rapid audits. So, most leaders expect that the automation of expenditure will remove expense frauds and offer a robust infrastructure.
Additionally, as Artificial Intelligence (AI) and Machine Learning (ML) are sweeping the industry, several corporate companies are profoundly investing in the development of intelligent devices. Some expense management firms have already computerized many of the processes, comprising matching receipts to credit card charges, approving reports on behalf of managers, creating and submitting expense reports for users, and reimbursement. Some even use AI to auto-audit specific processes and flag uneven expenses or suspicious patterns for the managers.
Having recognized that expense management for businesses is imminent for them to attain the maximum hike in their growth, a distinguished panel of CEOs, CIOs, VCs, and analysts along with the editorial board of CFO Tech Outlook have listed the most reliable and proficient business expense management solution providers for the current year. These companies were chosen based on their innovative, unique, and distinct way of delivering expense management services.
We present to you CFO Tech Outlook’s ‘Top 10 Business Expense Management Solution Providers - 2018.’