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4 Key Benefits of Using Spend Management Software

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Did you know that expense fraud costs US businesses approximately $2.8 billion every year? That is a massive sum of money that your company might be throwing away due to bad expense management. 

With spend management software, you can reduce expense fraud and manage company finances better. Still not convinced? Check out these 4 reasons why your company should be using a spend management tool.

1. Faster Processes 

Spend management software simplifies and speeds up processes that are otherwise costly and time-consuming. Why spend time sorting through paper copies and physical receipts when you can digitize and automate everything? 

The turnaround time for expense approval and error reports is incredibly quick with expense management platforms. 

What’s more, employee reimbursement is much faster too. It’s easy to submit expense reports and documentation on the employee’s side. On the manager’s side, they’ll get a notification as claims come in, so they can review and approve them quickly. 

Interested in knowing more? Check out https://bentoforbusiness.com/ for all of the features of spend management software.

2. Reduces Errors and Fraud 

Unfortunately, there are plenty of expense errors and fraud that happen daily. Many of these fraudulent expenses are due to human error and innocent mistakes. Others are blatant lies made by employees. 

Identifying these errors is time-consuming and difficult, but not with spend management software. The software will identify and flag errors that require attention such as duplicate entries. 

The software compares credit card and bank account data and expense reports to make sure everything is in order. 

This helps to drastically improve the fraud management of company finances, saving the business a ton of money. 

3. Expense Policy Enforcement 

The basis of good financial management is a firm and clear expense policy. However, once you’ve defined the expense policy, it still needs to be understood and adhered to by the entire company. 

You can add custom expense rules to your spend management software, centralizing everything in one place.  It’s easy for managers and employees to refer back to the policy. 

What’s more, the software will enforce the policy. If you set a certain amount for travel or food expenses, for example, the software will flag any expenses above said amount. 

4. Increased Compliance 

There are so many plates that one must spin when it comes to business management. Staying on top of local, state, and federal tax laws is complicated and confusing. 

Spend management software assists your company in remaining compliant according to all of the aforementioned laws and agencies. You can tag and categorize expenses on the software and get full reports should the company ever be audited. 

Invest in a Spend Management Tool 

Do you really need more reasons to invest in spend management software? These nifty platforms reduce the headaches of managing expenses so that you can focus on running a successful business. 

If you’re a business-savvy individual looking for more tips and tricks, then you’ll love the rest of our content. Keep exploring for more articles just like this!

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