Technology is changing the corporate landscape at a rapid rate, meaning that leaders can save time on everything from supporting their customers to ordering supplies.
One area of business that is being revolutionised by technology is business expenses. Expenses are a vital part of many companies, as their staff might need to buy items for their work that the business needs to reimburse them for.
Traditionally expenses were common among those who travelled for work, but the pandemic has led to a rise in expenses for those who work from home.
Whatever type of expenses your business offers to staff, it’s important that business leaders manage them effectively, and the best way to do that is to use cutting-edge technology.
Here are some of the main ways that technology is changing the way businesses manage their expenses in 2022 and further into the future.
Company Cards Have Gone Virtual
In the past, company cards were the same as regular credit cards, except that the account was paid for by a business, and employees had to submit expenses reports to detail how the card was used. Today, companies can offer their staff a virtual credit card. Providers such as Payhawk offer innovative virtual visa cards that come with a unique platform so that employees can input expenses claims digitally. Business leaders can then view everything they need to manage their expenses in one place, making this a convenient alternative to traditional expenses cards.
Business Expense Forms Are Digital
Much like company cards, expenses forms are also digital now. Most companies have swapped paper forms for digital tools. While some companies still use template forms on Microsoft Word, many have now invested in digital platforms that offer expenses forms that can be instantly updated and uploaded to company portals. With these solutions, employers and employees alike can save time and effort when inputting and reviewing expenses.
Expenses Are Integrated With Other Business Management Tools
Expenses management solutions are useful in their own right, but when they’re integrated with other business management tools, they can bring even more benefits to organisations. Integrating your software means that it will work well with other tools that businesses use. As such, business leaders don’t have to spend time and effort manually transferring data to other systems and can instantly get full visibility on all company spending, including employee expenses and other costs. Most employee expense management technology integrates well with other business management tools, so companies can get the chance to review everything they need on one platform.
In Summary
Overall, technology is helping to streamline the process of managing expenses for both staff and their employers. By using the latest state-of-the-art digital tools, organisations can save time both for staff making expense claims and administrators looking to review payments. Many tools now have the ability to offer unique reporting solutions that will give everyone full visibility over how much organisations are spending, reducing the chances of fraud and costly mistakes. Clearly, the future of company expenses is online.
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