The expense management process entails several steps through which employees within an organization can submit their claims, have them approved or denied, plan their payment claims, and ultimately be reimbursed. It might look like a simple multi-step process but there could be various barriers in between. For example, an employee might accidentally spend more than the approved allowance. Having the appropriate system set up, managers can easily avoid these unwanted scenarios and encourage good practice through real-time confirmation and approval of expenses. Another common challenge posed by traditional expense management is the struggle to find occurring issues through a manual system. Receipts and necessary paperwork to claim expenses, can easily get lost. Missing information slows the whole process and distracts employees from their focus as time is wasted trying to solve these issues. Good news is, it doesn’t have to be that way. With the right expense management solution, this whole arduous process can be facilitated through a digitized solution. With the possibility of having real-time insights about expenditure as well as the possibility to claim instantly, processes are facilitated and efficiency is increased. More than that, having all the organization’s spending all in one platform rather than outspread in numerous spreadsheets and documents, leaves no room for error or waste of time.
Traditional vs Digital Expense Management
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