Have you heard about the expense management system (EMS) yet? If you are financially concerned about your business, you can take advantage of EMS to track, process, and control expenses more efficiently. It basically automates the process by reducing the paperwork and manual errors.
How EMS Works for Your Business
Initially, it can store the receipts or expenses through a web or mobile application. There are a lot of systems that will allow the scanning of receipts using optical character recognition. This type of system can check the expenses against the policies of the company. So, this can easily flag violations being committed.
Another thing is that EMS can help managers review and approve or reject expense claims. It can also process approved expenses for payment automatically through payroll or direct transfer. In addition, some companies integrate EMS with accounting software. This is intended to keep seamless financial tracking. Businesses can also get real-time insights about spending patterns, helping them with budgeting and fraud detection.
Types of Industries to Benefit from EMS
Almost every industry can find EMS beneficial, particularly those with frequent employee travel expenses, reimbursements, and operational costs. For instance, industries such as consulting, finance, IT, and legal firms often need EMS. This is because they often have employees travelling for client meetings and business expenses that require tracking.
Healthcare and pharmaceutical industries also need an expense management system for compliance and budgeting. The same goes for retaining e-commerce because they have to track inventory purchases, logistics costs, and employee expenses across different locations.
The need for EMS also includes construction and real estate to manage project-based spending, materials, contractor payments, and site travel expenses. Moreover, schools and non-profit organisations require transparent financial reporting due to operational costs, staff reimbursements, and grants.
Training Needs for Staff on EMS
Your staff usually requires training to effectively use an expense management system. However, the training level they require may depend on the complexity of your system. Basically, employees dealing with expense submission need to learn how to upload receipts, submit claims, and follow company expense policies.
Managers or approvers also need a certain level of training to understand how to review, approve, or reject expenses efficiently. Furthermore, finance and accounting teams should undergo more profound training on system settings, policy enforcement, reporting, and integration with accounting software.
Types of Training Required by Your Team
Certain levels of training are required for your staff. Basic onboarding training offers quick guides, videos, or step-by-step instructions to your team. For complex systems, you can choose live training that involves webinars or in-person training. Ongoing support is also provided, such as help desks and refresher sessions for certain updates or new features.
Most modern EMS platforms provide a user-friendly interface with intuitive dashboards and mobile applications. This type of system will reduce the need for extensive training. If you need help with expense management systems, you can talk with our sales team so that we can scope your smart expensing moves today!
