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Expense Tracking Software

Expense tracking software helps reduce the costs of processing expense reports


Expense tracking software is a technology enabler that reduces expense processing costs while improving compliance. The software solution introduces best practices in managing corporate expenses.

T&E spend management is a complex process and entails compliance risks if not handled well. Eliminating manual intervention in collecting and processing receipts improves policy compliance and efficiency. Expense tracking software does exactly that but with an added advantage of realizing savings through reduction of processing time and costs.

Organizations need to focus on compliance, cost reduction and employee goodwill when processing expense reports; this spend category contributes to around 9% of the corporate budget and there is immense scope to bring this percentage down. Travel booking and authorization, expense report creation and submission, approvals, reimbursements, and back-end reporting are typical functions that can be managed on a common platform using expense tracking software. Automating expense reporting transforms the process from a mere back-office function to a business enabler that adds strategic value.

The priority for most organizations is to improve management processes and drive value out of business travel. Moreover, organizations need to build a formidable analytics tool that magnifies the growth chart through data-driven management of expenses. Expense tracking software tabulates every transaction undertaken by employees when filing expenses and helps maintain a central repository on corporate expenses. This database is useful in assessing the current spend of organizations and hone in on the specific steps that need to be taken to reduce the costs of T&E. Visibility helps firms drive strategic value from this complex spend category and make room for a fixed budget to manage T&E.

Expense tracking software ensures quick reimbursements; this aspect of expense management is useful in converting variable costs into fixed costs. End-to-end automation reduces expense processing costs by 50% to 60%, improves compliance rates by over 35% to 40%, and helps link processes along all business units, departments and divisions (Aberdeen, August 2012). The solution improves business process efficiency and provides a standardized structure to process expense reports.

For more information about the product, please visit SutiExpense. Click here to view Demo.