How Expense Management Technology Benefits Your Business

What is Expense Management?

Expense management is a system deployed by a business to process, pay, and audit employee-initiated expenses such as travel and entertainment. To comply with regulations and ensure employees are spending within budget and according to expense policy, expense management technology provides visibility into what funds are coming in and out of the business. Expense management technology allows you to automate manual processes, decrease time from expense occurrence to employee reimbursement, and increase efficiency within the organization without the need for additional software.

Why Expense Management Technology Works

Let’s say your staff person in charge of expenses is processing 125 or more expense reports a month using a highly manual process of spreadsheets and paper receipts. That person accidentally skips a line in Excel and adds an expense to the wrong employee. That employee gets wrongly reimbursed for another’s travel expense, and then the other employee has to wait even longer to be reimbursed because the manual error.

If you had been using an automated system to track employee expenses, the technology could have eliminated the error, matched receipts with expense line items and sent the expenses through an approval process.

An automated process will reduce human error, automatically send to payroll and save time eliminating manual processes. Employees get reimbursed faster and with minimal friction. Finance teams maintain accurate records and financial planning. And management increases productivity, reduces overhead cost, and boosts employee satisfaction.

10 Benefits of Expense Management Technology

1. Automate your workflow: Build custom expense fields and assign delegates to simplify the expense reporting process for employees and managers.
2. Reimburse employees faster: Streamline the expense process by empowering employees to manage their own expenditures and offering a tool that can be accessed anytime and anywhere.
3. Boost employee satisfaction: Create a positive and purposeful culture through a better employee experience to increase productivity and engagement across your organization.
4. Improve financial health: In less than one year of switching to a cloud-based expense system, 46% of companies have achieved a positive ROI.
5. Reduce administrative burden: Eliminate paperwork by removing the manual expense process and providing administrators full visibility of expenses in one place.
6. Increase operational efficiency: Encourage team collaboration by providing a fast and accurate expense processing with simplified dashboard and reporting to provide real-time insight.
7. Enhance fraud prevention: Digital expense reports are required to have a receipt and all pertinent information to support submitted expenses, providing a centralized location to manage employee expenses.
8. Reduce errors: The automated workflow will alert employees when expense reports are incomplete or incorrect and highlight the items that need to be updated.
9. Improve and maintain compliance: Build and update customized expense fields to ensure employees are always following the latest rules in accordance with compliance laws.
10. Enforce expense policy: Expense Management tools are customized to follow a company’s travel and expense policies with built-in alerts to notify employees of any non-compliant expenses.

Our Expense Management Solution

Streamline the expense reporting process with a system that seamlessly integrates with isolved Payroll

The easy-to-use isolved system, GTM’s human capital management platform, simplifies the expense report process and shortens work. This also increases employee satisfaction by allowing for a quick turnaround for the employee’s funds. Employees and managers can submit, oversee, and approve single entry expenses whether they are at their desk or on the road. Employees will have access to their expense status, pay history and any documents needed for their personal tax statements. Meanwhile, administrators can get what they need quickly to ensure accurate processing with a single view of automated approval workflows, reporting and more with the configurable system to meet the requirements of each organization’s expense policy.

Improve your organization’s financial health by identifying opportunities to save costs and avoid potential risks.

Benefiting from a single system of record, administrators can keep control of expenses and tax reporting to enhance employee compliance. They can track expenses by business category, purpose, subcategories, departments and other drill-down reporting – including integration into their finance general ledger all in one place. GTM customers benefit from the highest security and compliance standards of Microsoft Azure and isolved People Cloud. By eliminating another third-party application and bringing expense management into a company’s single HR system, potential weak spots are reduced, eliminating entrances for hackers to access.

GTM eliminates the unnecessary and unwelcome workload of submitting, reimbursing, and tracking expenses for you and your employees. And it helps you keep control of expenses and your tax reporting, all from the same fully mobile experience.

Eliminate the frustrating workload of managing expenses, reimbursing employees, and creating reports. Part of the isolved platform, Expense Management is intelligently connected to every aspect of the employee experience, from core HR, Payroll, Workforce Scheduling, and even learning and skills development.

Request a free quote to learn more and to see a demo.