Advancement in technology has brought forth many changes in how we do things, especially in the business world. From the production of goods to doing services, everything seemed to become fast-paced due to technologies. With these developments, our consumers and investors’ expectations also levelled up. They are expecting fast yet quality results nowadays and this becomes a major challenge for many companies in Singapore.
One of the areas where companies are expected to become more efficient is expense reporting. As a company owner, you are liable to report your company’s expenses and gains to your investors and shareholders. It will also be good for you to receive this report fast so you can address problems from the grass root.
In the past, auditing expenses took so much time and required a lot of manpower. Since manually collecting receipts will take time and can easily be manipulated, there was always room for fraudulent acts and before you knew it, corruption had already eaten a huge part of your company. Thanks to the advancement of technology, corporate expense management software are now available to make things more efficient. Today, we will share with you what you need to know about expense management systems in Singapore.
What is an Expense Management System?
Expense management report plays a plethora of roles in a company. First, it allows you to see whether the expenses of your company are still adhering to the budget. Second, it creates an account of the funds that are needed to be reimbursed to your employees. Lastly, it can be used as a comparative measure when checking your company’s progress.
An expense management software will make the auditing and reporting processes of expenses easier, more transparent, and faster. Most expense management companies are designing software applications that are accessible through mobile devices so employees will be able to use them while on the go. With these applications, there will be no need to collect physical receipts, upon check out, the employee may take a photo of the receipt, send it to the system and voila! It is now recorded. The data on the receipt will then be converted into useful information to make the auditing process easier.
What are the benefits of expense management software?
Same with all the investments you made in the past, you are probably weighing your decision whether you should get expense management software or not. One of the best ways to determine that is to know the benefits you can get from an expense management system. Here are some of them:
· Tampering of Receipts Will Be Avoided
In a room without security, fraud is always invited. Some people are tempted to do bad things because the system is too lenient. With an application where receipts cannot be tampered with, fraudulent acts will be minimized.
· Automated Computing
One of the key advantages of corporate expense management software is that it has an automated computing feature. Most applications have built-in formulas for computing expenses based on the accumulated proof of purchase. Some also have an option to customize the formula based on your company’s policies.
· Large Database
Gone were the days when compilations of receipts took several drawers in your file cabinet. With software for expense management, receipts are stored in a large database and can be retrieved in just a few clicks.
· Real-time Data Processing
One of the things that made expense management software very convenient is that it offers real-time data processing. From scanning a receipt to validation and recording, you and your employee will experience real-time data generation. This makes things easier for your accounting officer which will lead to a shorter processing time.
· Faster Report Generation
When we are talking about finances, things must be carefully handled yet delivered fast and smoothly. One of the perks of having an expense management system is that it cuts the time for report generation. Thus, it will make reimbursement more efficient for you and your employees.
Where to find the best expense management system?
Now that you have a clear understanding of what advantages you will gain from having a system that computes expenses, you might be interested to know where you can find the best corporate expense management software in Singapore. Apart from making good of your investment, it will also help your company a lot if you could get an application that can be useful in more ways than one. Volve Solutions is an expense management company in Singapore that develops software solutions to make expenses management more efficient for modern companies. We offer reliable, affordable and convenient solutions to meet each companies requirements. We understand that with every company comes different complexities when it comes to expense management and we are here to provide the best solution for each company.