Expense management solutions have evolved a lot over the last few years, transforming from simple reporting tools into platforms of automation and artificial intelligence.
These advanced expense management software solutions are becoming integral tools for all businesses no matter size or industry.
There are significant benefits to adopting expense management software such as mitigating losses associated with expense fraud and wasted resource time. However, speed of adoption needs to maintain its pace with emerging trends in the industry.
With a predicted 12% market growth in the period of 2019-2023, there have already been several advances in expense management processes including; Digital transformation, cloud hosting, user centric interfaces and accepting spend outside of preferred channels. This trend is set to rise, as we continue to see the progression of sophisticated advances in software functionality.
Here, are 3 of the key trends that are set to become integral to business processes.
1 – Integrated Systems
Most business information systems share a lot of common data; therefore, it makes sense to connect all those platforms in one place and ensure data integrity.
This year expense management software is expected to begin consolidating previously separate processes into a single seamless system, incorporating bank accounts, credit cards, accounting, payroll, CRM and much more.
When these types of systems are integrated correctly it will allow transactions to be entered directly, without the need to manually re-key data across systems and ease the reconciliation of bank statements with expense reports.
2 – Mobility
In an increasingly mobile accessible world, many businesses are recognising the importance of mobile applications and accessibility. A 2018 report found that a huge 47% of organizations pinpoint mobile expense reporting software as of critical importance.
Expense management software is already beginning to respond to this requirement with the ability to submit and approve reports from a smartphone. Over the coming months and years mobile applications will become more intuitive and responsive resulting in increased adoption and fewer errors.
3 – Artificial Intelligence
Through the evolution of AI and machine learning we will see an added sophistication to software such as Expense Management Software. With improved ability to assign expense general ledger codes based on submissions and more intelligent categorization of expense types.
AI powered automation is also expected to minimize fraudulent expense reports by monitoring, tracking and approving expenses. Compliance related issues would immediately be flagged and eliminated.
Whilst significant leaps are being taken in the advancement of expense management practices and technology many companies are lagging behind when it comes to automated travel & expense processes. Ensuring efficiency of your expense management processes doesn’t need to be a challenge, by utilizing the right tools you can have total control over your business expenses and provide role-based access for additional security.
Workflow for SunSystems, from FinanSys has been developed to integrated seamlessly into SunSystems. Its configurable and flexible workflows enhance reporting capabilities and provide valuable audit trails to improve your expense management processes.
To find out more about the advantages of Workflow for SunSystems, talk to our team today.