Traditionally, expenses were managed using ledgers and spreadsheets which were not easily accessible and prone to human errors. Thanks to technology, that is about change.
Expense management covers everything from business purchases to mileage against business travel. Keeping track of these can be daunting even for startups, let alone big companies. A fully integrated cloud-based expense management software can save you a lot of time, money, and a host of other benefits which we will discuss below.
Benefits of Using CakeHR’s Expense Management Module
#1 Access and Monitor Your Business Expenses 24/7
With CakeHR’s Expense Management module, you don’t have to wait till the next business day for your accountant to run through your business expenses.
You can submit your expenses to the company for approval. Attach an image or document for evidence & add any additional comments.
Cloud-based expense management software allows you to see your expenses in real-time using your laptop or smartphone!
#2 Speed Up Approvals
The administrative costs of manually submitting and processing each expense report can add up to large sums at the end of the month.
CakeHR Expenses module dashboard
An expense management module simplifies the entire process, speeds up approvals, and saves you lots of dollars in administrative costs.
#3 Submit Travel Expenses While on the Road
Do you have employees that are always on the road? Make sure you don’t burn out all your cash in travel expenses! CakeHR’s Expense Management module allows employees to submit their travel expenses while on the road using their laptops!
This unique feature helps you make sure that every mileage is within the allotted budget.
#4 Less Prone to Human Error
Manual processing of expenses takes several steps — from encoding the data on a spreadsheet, approving, and accounting. Every step increases the risks of human error. Using expense management software like CakeHR’s removes all the unnecessary steps — simplifying the entire process, and reducing the chances of human error to get into the system.
A list of all expense claims submitted.
With a fully automated system, one-click approvals, and detailed reporting, the potential for human error is nearly eliminated.
#5 Prevent Expense Fraud
Fraudulent and over-inflated expense reports are costing the US $2.8 billion dollars a year. Manually verifying every submission and following each accounting trail to combat fraud is impractical and can cost a business thousands of dollars in administrative costs alone.
Has this 2-month old receipt been submitted before? Or did the employee just discover it in his bag’s pocket? Can you see how hard it is to verify these? Automated solutions like CakeHR’s cloud-based expense management module makes submissions fully automated. Duplicate receipt tracking is done in just a few clicks and travels mileages are estimated accurately using Google Maps.
These 5 are just some of the many benefits a cloud-based expense management software can offer. By removing all the unnecessary steps and fully automating the expense management experience, you are making your employees more productive and happy.
Let CakeHR help you make sure that every hard-earned pound or dollar is spent properly.
Give CakeHR’s expense management module a try today!
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