Best-in-class Strategies for Expense Management

Business operations change and become critical as the years pass by, hence corporate personnel should discover certain strategies and solutions to continuously drive business value. Expense management turns into similar scenario and companies are looking for new approaches and solutions to manage business expenses.

Cloud Solutions for Expense Management

In the shift towards technology, the cloud has become familiar in the spend management space, giving stability and real-time access to the information. Around 40% of companies are more likely to leverage cloud-based expense solutions for the following reasons:

  • Reducing processing costs by 50%

  • Lowering approval times by 28%

  • Lowering expense report creation times by 27%

Cloud-based expense report solutions offer a single engine for expense management activities such as expense creation, submission, approval and reimbursements. Also, the solution allows managers/directors to access the system to push the processes in the workflow and analyze expense data.

Mobile Expense Management

Smartphones emerged as a powerful tool for business and personal use. Mobile expense management puts control in the hands of travelers and allows them to manage the data at their fingertips. Around 78% of organizations like to leverage mobile expense management solutions as it would reduce the expense processing costs by 65% and reimbursed expenses at 40% rate. Apparently, mobile expense report solutions add a multi-tiered advantage to the company by speeding up the approval process, providing more visibility and reducing the reimbursement time. Convenience is one of the advantages that speaks about the user friendly nature of the solution.

Analytics and Reporting

Analytics and business intelligence have given market leaders real-time access to detailed spend management information and helps in identifying saving opportunities. Businesses should enhance their data analytics capabilities to gain intelligence on expense spending. Analytics help identify budget overflows, data sets of non-compliance, saving opportunities and consolidation with key suppliers. Real-time visibility into expenses against budget enables finance managers to effectively plan for the future. 

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