Taking a tech Approach

Software trends in expense management and what they mean for you

With technology having reached the high point that it has, software is key and all about creating solutions. These solutions are geared towards improving operations and simplifying processes, thereby optimising results. One area of software solutions pertains to expense management. Rather than just being a reporting tool, there are solutions for businesses to use, no matter the size or relevant industry of the business. Here is a look at key trends in software when it comes to expense management. Paying them careful attention could be the key to business improvement.

All businesses need to be running optimally to ensure that targets are reached and growth is ongoing. As such, one needs to employ the benefits of expense management software. These solutions have come a long way since their start as reporting tools, having advanced to suit a range of businesses and industries. All of these solutions are made possible using expensemanagement software that is equipped with automation and artificial intelligence.

The adoption of this advanced technology can assist one in mitigating losses associated with both fraud and time-wasting activities. Such technologies are increasingly being adopted and it is opined that they will continue to do so in the coming years.

Before we look ahead to where the trends are taking us, we need to consider where they have led us thus far. In previous years, companies have made advances in expensemanagement practices, including: digital transformations (seeing systems moving to the cloud); user-centric design and interface when it comes to software being adopted; and spending outside of preferred channels.

The trends now are picking up from where these changes have left off, with sophisticated software being the norm and an overall improvement in expense management coming about. Here are the specific trends dealing with expense tools which are coming to surface in 2020: Mobility

With the increase of remote working and global businesses, calls for mobile applications and accessibility to meet those needs are on the rise. Expense-management software is facilitating this working culture, with employees able to submit reports to managers for approval all through the use of a smartphone. Mobile applications themselves are evolving to become more responsive and intuitive, leading to ease of use and greater adoption. Travel Booking

The hassle is being taken out of travel to simplify the process. Employees can look forward to corporate travel solutions and rely less on consumer channels, as travel is noted as an important part of creating a positive work-life balance and fostering the growth of employees. Rather than booking things through multiple vendors, expense-management software is providing solutions to these issues. They are also improving the accurate recording of expenses related to travel on their systems. Integrated System

Expense-management software is beginning to consolidate actions into a seamless system with credit cards, bank accounts, accounting, payroll, CRM, and more in one place. This is especially helpful as these systems share common information, and it is beneficial to connect all of this data in order to ensure integrity. Corporate cards, for example, can be integrated by being linked to the software, making it easier to reconcile credit card statements with expense reports. This cuts down on the time and potential errors of manually inserting these figures, and leads to an overall improvement in productivity and seamless operations. Optical Character Recognition

When employees are travelling, their main focus is on the ease of use. This feature improves the processes involved with travel expenses. Expense-management software can save time and costs in reporting expenses. There is also the development of Optical Character Recognition (OCR), which will be one of the significant ways in which the ease-of-use of expense-management will be achieved, facilitating mobility and enhancing the use of such. With this technology, employees can take a mobile photo of a receipt and let the software extract all of the necessary information from it to fill a report. OCR technology is accurate up to 95% and requires little human intervention to verify the uploaded information. Artificial Intelligence

Artificial intelligence technologies continue to evolve, improving the sophistication of expense-management software. This is helpful in terms of specific ledger codes and smart categorisation of expenses. This technology is also able to minimise fraudulent reports as it is able to monitor, track, and approve expenses, and compliance-related issues will immediately be flagged and eliminated.

Advances in technology are able to optimise your business, making processes such as expense management far simpler and better for your business. If your company has not yet jumped on this software, take heed of the advancements and consider the benefits they could have for your business. If you already have these technologies, you can look forward to the further advancements listed above and continue to enjoy the benefits of thereof.