By: P Paul
The lifeblood of the modern business enterprise is a series of daily financial and administrative processes that enable organizations to monitor and control expenses, track payments and invoices, and organize and manage workflow. The smooth functioning of these processes has always been essential to the efficient and profitable operation of the business. But in this era of increased regulatory scrutiny, these processes must also be able to supply documentation critical to compliance.
Most organizations have hundreds or even thousands of personal expenses every month, be it petty cash, expense returns or credit cards. The cost of completing, authorizing, reconciling, re-checking, adjusting taxes and re-keying the data into an accounting solution is both tedious and inefficient.
Automating your expense management process with an online payroll service can reduce reporting and processing time and overall costs by as much as 70%* or more! Expense Management uses the power of the Internet to prepare, approve, process and even reimburse. Management can look at expenses by person, department, project, client or any other level of analysis. Reports can show year to date and month comparisons with multiple levels of analysis.
Online Expense Management generally includes a suite of applications that provides cohesive control and analysis of all employee-initiated corporate spending. These applications can be either deployed individually or collectively to create a complete expense management solution.
Some of the benefits of automating your employee’s expenses are:
Increases employee productivity
- Gain authorized access to the expense report software system at the office, from home, or on the road
- Standard templates and smart lists with pre-populated fields enhance expense tracking and expense reporting speed and accuracy
- Expenses can be downloaded from company-issued cards
- Expense tracking reports are routed automatically for review and approval
- Email notifications provide expense report approval and payment status
Improves expense policy compliance
- Examines expense items for designated compliance issues
- Proactively identifies expenses with missing information
- Flags out-of-line expenses
- Lets you configure policy compliance specific to your company's rules
Provides a rapid return on your expense management investment
- Quick to implement and easy to use
- No need to purchase equipment
- No requirement for new expense tracking software
- No special support needed from your IT staff
Online payroll service helps keep your expense management information secure
- 40-bit and 128-bit secure sockets layered encryption
- Multiple-layer password protection
- Several separate layers of security
- Periodic, automatic security upgrades
The online software provides the ability to capture organization-wide travel expense data for faster payment, less administration overheads and detailed real time management analysis to control costs.
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