Expense management can often be a pain point for companies because the process involved in staying on top of business expenses can be time and cost-consuming if there are gaps in the workflow and too many manual steps.
So, how can a business make sure that its expense management process is the simplest and most streamlined it can be? For many, the solution lies in the powerful combination of an expense management system and ERP software.
In a 2019 report, it was revealed that 82% of companies say that they invest in new technology to simplify expense reporting for employees and managers.
According to Expense Manager, automation has reduced costs and time spent on expenses and supplier invoices by up to 85%.
Other notable results came from research by Aberdeen Group that showed that expense-processing costs decreased by 33% and reimbursement was 35% quicker with the help of an ERP and Expense Management integration.
Here are some of the reasons why you should be considering combining the strengths of ERP and expense management systems:
Better visibility for better budget insight
By integrating your expense management solution with your ERP system, you will be able to view all the information from both databases. Because the data in an ERP is always up-to-date, you will also have real-time visibility. From this data, it’s easier to make decisions that will help you stay in control over your business expenses.
Improved cash flow
With complete visibility on cash flow, businesses can expect quicker billing and collection processes while also allowing them to take immediate action on necessary steps or take advantage of opportunities.
Simplified and automated functions
With a seamless synchronisation between ERP and expense management systems, businesses can eliminate manual tasks such as transferring data from Excel sheets into another system, not only saving time but also reduces the risk of errors.
“A finetuned expense management solution—when integrated with the ERP—can be instrumental in helping you track and analyze T&E (Travel & Expense) data across your business,” according to a whitepaper on ERP and expense management integration.
Integrating an ERP system with expense management software requires the help of partners that know your needs. If you’d like to know more about improving your expense management, contact the AlphaBiz Team and let us assist you.
