Everything You Need to Know About Expense Management Software

The Quintessential Technology Source for Corporate Financial Professionals

Everything You Need to Know About Expense Management Software

CFO Tech Outlook | Friday, December 03, 2021

Adopting expenditure management software has various advantages, such as reducing losses due to expense fraud and wasting resource time. However, the rate of adoption must keep up with growing market trends.

Fremont, CA: Over the last few years, expense management systems have progressed from simple reporting tools to automation and artificial intelligence platforms.

These cutting-edge expenditure management software solutions quickly become essential tools for all firms, regardless of size or sector.

Adopting expenditure management software has various advantages, such as reducing losses due to expense fraud and wasting resource time. However, the rate of adoption must keep up with growing market trends.

With a forecasted 12 percent market growth between 2019 and 2023, effective cost management methods have already been made, including digital transformation, cloud hosting, user-centric interfaces, and accepting spending outside preferred channels. Such tendency is forecast to keep as advanced developments in software functionality emerge.

Here are three significant trends that are becoming ingrained in company procedures.

  • Artificial Intelligence

One will see more sophistication in software such as Expense Management Software as AI and machine learning evolve. With enhanced ability to assign cost general ledger codes based on submissions and more intelligent expense type classification.

By monitoring, recording, and authorizing spending, AI-powered automation may reduce bogus expense reports. Compliance concerns would get instantly identified and resolved.

While substantial advances in expenditure management methods and technology are making, many businesses are falling behind in automated travel and expense operations. Ensuring the effectiveness of the cost management operations does not have to be difficult; with the appropriate tools, users can have complete control over the business spending while also providing role-based access for added protection.

  • Integrated Systems

Because most commercial information systems share a large amount of common data, linking all platforms in one location and assuring data integrity makes sense.

Expense management software will likely merge previously distinct procedures into one seamless system this year, including bank accounts, accounting, credit cards, payroll, CRM, and much more.

When these sorts of systems are properly connected, transactions may get submitted immediately without the need to manually re-key data across systems, making the reconciliation of bank accounts and expenditure reports easier.

  • Mobility

Many organizations recognize the relevance of mobile apps and accessibility in an increasingly mobile-accessible environment. According to 2018 research, a whopping 47 percent of firms consider mobile expenditure reporting software to be vital.

With the ability to submit & approve reports from a smartphone, expense management software is already beginning to answer this necessity. Mobile applications will become even more intuitive and responsive in months and years, resulting in more usage and fewer mistakes.

 

Weekly Brief