We all know the feeling of setting up a Monopoly board – dealing out the right amount of money to each player, getting the houses and hotels separated, and making sure all the cards are lined up perfectly. Now, with Monopoly it’s quite satisfying to get everything perfect before you start, but then again you only play it at Christmas right?
Imagine if you had to manually, repetitively make sure all the pieces of your expense processes were set up each day. But many of us don’t have to imagine this as we’ve been through the pain of managing expenses manually!
Today, we’re going to talk about how systems used to be separated but now have come together under one roof and how beneficial that is for all of us.
Not Enough Hands
Although it isn’t unique to expense management, the systems we all use have, until recently, separated out the different core functions of expense management.
Not so long ago in fact, we used individual platforms for receipts management, mileage logs, and per diems. This led to more and more work for accounts teams everywhere – and this increased cost was paired with greater chances for human error to creep in.
Frustration Station
Manual work is uninteresting and ultimately can be demotivating for the people that have to do it – those who have to interact with accounts teams for their expenses. The rest of the business end up feeling like they have to jump through all these different hoops when all they want to do is have their expenses processed to get their money back.
There is a good chance you’ve been on the receiving end of this treatment actually. Many employees have been left hanging after they part with their own money to cover overnight trips and client meals: all for the good of the company. Systems that make recovering expenses more difficult negatively impact everyone within a business and in turn the business itself.
Put Your Feet Up
The new wave of technology that is now washing over every industry takes the need for much of our intervention away from us. To take the board game analogy again, how great would it be to sit down to a pre-prepared game of Mousetrap with everything already in place without need to set it up?
Automation allows for just that with basic processing and data handling within expense management. The time savings alone that can stem from cutting out manual work is staggering.
Perhaps, you’ve recently moved to a combined software system or maybe you’re still being pulled across multiple solutions. Needless to say, we all have felt the pain of trying to tie all the strands of expense management together. With Findity, everything you need is in one place and as we’ve touched on in this piece – that’s really helpful.
For better, more integrated management of your business expenses, contact us today.
