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A digital tool called expenditure management software, often known as expense reporting software or expense tracking software aids organisations in streamlining and automating the process of recording, submitting, and managing employee spending. It offers a methodical means for staff to document their outlays, permits effective approval workflows, and enables businesses to manage their spending better.  Companies need it because not only does it make managing expenses easy, but it also makes it easy for remote or field employees to apply for reimbursement claims. To know more, continue reading this article.  What is an Expense Management Software? All businesses prioritise managing business expenses, which can be challenging to manage with manual procedures, paper receipts, and handwritten notes. Businesses can streamline cost management, lower errors, and expedite refunds by employing software to track and monitor employee spending. The process of managing expenses entails several st

Entering each receipt by hand and emailing files around for approval? Looks like your company is still stuck in manual mode. Having an expense management system helps automate and streamline the tracking, approval, and reporting of expenses digitally. Let’s delve into the reasons why an expense management system is a bonus for organisatons looking to optimise and automate financial reporting.  Benefits of Having an Expense Management System (EMS) Cost Control and Reduction An expense management system controls and reduces costs. It protects businesses from overspending or unauthorized expenses, to further prevent financial strain. With expense management tools, businesses can: Set limits on expenses Enforce policies Monitor expenditures in real time Other than putting a limit on unnecessary costs, employee expense management software helps misuse fraudulent use of the company’s funds. Gauging a company’s finances helps in reducing operational expenses and yields significant profits.