Saving in the Cloud: 4 Benefits of Cloud-Based Expense Management

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Saving in the Cloud: 4 Benefits of Cloud-Based Expense Management

By CFO Tech Outlook | Thursday, August 13, 2020

Utilizing a cloud-based business expense management boosts productivity by deploying simple automation that drives efficiency and eliminates the need for paperwork.

FREMONT, CA: Cloud computing is one of the most impactful technologies that have transformed the way businesses have been run so far. Cloud technology has given the entire process of data collection, storage, processing a phenomenal makeover. Today, at many organizations, finance officers are taking note of the savings and operational benefits offered by cloud-computing solutions. According to a recent report, cloud-based services and tools provide a number of advantages, including low cost and efficiency. Here are five benefits to consider in relation to business expense management solutions.

Top 10 Business Expense Management Solutions Companies - 2019Dispense with Paper

By migrating to a cloud-based expense management system, where employees can just snap and submit expense receipts using a mobile app, managers can review and approve online, and accounts staff can reimburse effortlessly. With this, there is no need to keep stacks of paper receipts stapled to the expense claim sheet, and less to get lost or misplaced.

Save Time and Speed Up Process

A clear benefit of replacing the daunting, error-prone, and slow process of collecting and approving piles of paper receipts with cloud technology is a huge time saver. Expense receipts can be snapped and submitted on the go, instead of waiting to be logged. For accounts teams, expense claims can be submitted and approved directly. Additionally, cloud-based expense management software integrated directly into accounting software works efficiently.

Improved Accuracy

Errors will happen. Whether accidental or intended, a paper-based business expense system is prone to mistakes. In such cases, the claim needs to be questioned by the accounts team or supervisor, leading to needless wasted time and potential confusion. By dispensing paper and adopting cloud-based expense management processes, there's less room for mistakes.

Cross-Technology Collaboration

The cloud technology enables the finance team to work together seamlessly from multiple locations. The accessibility helps team access project reports from centralized storage and use it within a secure ecosystem. The cloud-based expense management systems are increasingly flexible and can also be integrated with other enterprise applications without impacting any of the ongoing operations.

See Also: Top Cloud Solution Companies

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