With the businesses going global, there is an increased need for the employees and employers to travel across for globe, making the travelling expenses a major portion of the business expenses. Business leaders are finding a perfect solution to manage the complexity in the procedure on day to day basis. Digitized Expense Management Solutions are making the process easy and helping business to increase productivity.
"The India expense management software market is expected to grow to USD 593.3 million by the end of year 2025 at a CAGR of 14.1% and likely to be the fastest growing region during the forecast period."
As the technology is evolving at a faster pace the need for Cashless and Paperless Solution is more relevant and sought-after tool to tackle the employee’s expense report.
Let’s examine the key features that should be considered before selecting a right tool:
1. Cashless and Digital transactions:
One of the most important features required is the provision of digital transaction. Card based transaction removes the cash dependency, and makes the process easy and transparent. Digitized payment modes through a mobile phone has reduced the need for carrying hard cash.
With OCR, (Optical character recognition) not only digital receipts can be uploaded but also the amount can be converted in editable format.
2. Expense Report generation:
Expense report generation is the most important part of the entire process, so the ease of generating a report is essential. The real time expense processing helps in giving real time data update, email alerts to the reporting manager for quick validation of the expense and keep compliance policy checks and avoid fraudulent transactions.
3. Travel Automation:
Integration with travel portals is the feature that simplified the travel documentation process, where one can make travel arrangements through the app which will eventually making the reimbursement claims and verification swift and accurate.
4. Mileage Tracking:
Mileage tracking feature will be helpful to both employees and businesses. This feature helps to
. Permit a well-documented tax deduction
. Provide real-time insight travel expenses
. Enables centralized decision making chance for finance teams
5. Security& Access Limitation:
Keeping a limit on the expense is the feature brings security to expense management system. With this feature employer can control the amount spent, instantly lock the card of the employees, enabling administrative control over the expenses. Depending on the structure of the organisation one can put multiple levels of authorization for the budget allotment and to avoid the misrepresentation of data.
6. Integration with ERP system:
Integrating the expense management system with company’s ERP software creates a continuous flow of data into the accounting system and enables auto approval of expenses based on company’s compliance policies predefined by the management.
Integrating the expense management software with company’s ERP reduces expense-processing cost by 33%; The frequency of compliance with travel policies increased by 34%; The reimbursement was 35% quicker.
7. Fraud Detection System:
Artificial Intelligence (AI) based fraud detection system looks for any deviations in the expense reports such as – duplicate claims, policy exceptions, overstated expenses, personal expenses or fictitious claims. Machine learning algorithms recognize patterns in data looking at – historical claims, trends of expenses for employees in similar roles to flag off suspicious claims.
If you are looking for a perfect expense management system to comply with your company’s compliance structure, then you are at a right place:
Zaggle Save - Expense Management software integrates your company’s expense workflow from end-to-end, and gives real-time visibility and control over all travel & business spends, from any place, any time. Zaggle Save eliminates cash and paper and makes expense management simple and hassle-free.
Learn more: https://www.zaggle.in/expense-management.html