How to Make Your Product Stand Out with an Expense Management System
05
Jul

How to Make Your Product Stand Out with an Expense Management System

Managing expenses is a key concern for any business and many still have manual processes in place, which can be problematic as single errors can have serious consequences.

By using custom-built secure software, the chance of errors is minimised as businesses can automate a number of manual processes.

Concerns that arise from manual management of expenses include:

● Lack of relevant data to monitor spending trends
● Higher chance of human error
● Opportunity for more fraudulent claims
● Delay in reimbursements, could result in lowering employee morale

Ficode Technologies as a bespoke software company can scale your key business function with secure and scalable expense management software.

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The following features are worth considering in your bespoke app development:

1. Automated workflows

Expense management software gives employees the capability to customise their policies and approval workflows to suit business processes.

With a clearly-laid out automated approval workflow, expense accounting reports for example can be processed quickly, saving time, effort, and money.

2. Reporting function

Very often, employees delay claiming expenses because of the time taken to fill out forms. Automated expenses on management software are pretty quick and simple.

Automation ensures the amount that employees report is in line with the company’s policy. Thus, automated expense management processes improve policy compliance, and employees, become more aware of the standard policies and procedures.

3. Multi-currency system

Whether you’re billing international clients, having offices in different locations or going on business trips, automated expense mobile apps can easily report on different currencies.

Particularly now when the Covid restrictions have lessened, there is a significant jump in traveling and related expenses. This is one of the reasons why the multi-currency feature is critical in the entire process of managing currencies and reimbursement.

4. Intuitive and easy-to-use dashboard

Data when represented in a visual way becomes simple to understand and analyse. This is the purpose of having a simple dashboard, which seamlessly turns your expense reporting processing and verification into a digital medium.

The use of this automated software free’s up managers from multiple claims. The dashboard is vital for any business to maintain optimum efficiency, tighten spending for savings and strengthen the business bottom line. Therefore, it makes sense to hire a bespoke software development service provider that bridge the gap between your product idea and its effective implementation.

A comprehensive dashboard will give a high-level view of status reports and where they lie in the approval cycle.

5. Continuous compliance workflow

Expense management software can help businesses be on the right side of compliance. It is convenient for businesses to categorise expenses such as travel, food, utilities and tag them accordingly.

It helps to keep the big chunk of data in an organised way which improves transparency. whilst helping identify and sorting the data to keep it well-secured.

Now, once the expense report is submitted, the management system checks for policy violations and sends notifications to the approver. This help businesses stay safe and trouble-free from tax authorities because of greater transparency maintained throughout.

Choosing Expense Management Software

As with any situation of integrating new software into the business you need to make sure the solution provides the ideal type of functionality and can accommodate your set of unique requirements. Some other key functionalities to look for include:

● Document management to create audit trails
● Mobile accessibility on any mobile device types
● Analytics and reporting system
● A customisable and streamlined approval process
● Integration with other software in the business

Final Thoughts

Today’s digital era calls for an automated process of expense management. With so many businesses moving their operations online, it makes sense to digitise expense management for scalability.

If you’re in the early stages of automating your expense management process, then our team can help. The UK-based mobile app developers at Ficode Technologies provide you with an all-in-one solution and a user-friendly platform that works in tandem with your current working processes.

Schedule a free consultation with our UK-based sales team today. We’ll take you through the process of building a secure and customised app development solution for your business.

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