Expenses control: how you can lower your finance costs with branded finance solution

Decentralization

A world free of the need for financial oversight would be ideal. Companies might have faith in their workers if they followed a basic, standardized procedure.

Even though we don’t live in a perfect world (yet), it is possible to accomplish much of what was just stated. You may “decentralize” a lot of the expenditure process, handing off tasks to budget managers and freeing up resources for other workers.

This translates to:

• Staff always has access to a means of payment (expense reports or business cards), but these methods are monitored and controlled to avoid fraud and abuse.
• Budgetary guidelines may be followed by everyone, regardless of education level or experience in finance or law.
• Thanks to solutions designed with remote workers in mind, the status quo is maintained even when employees are out of the office or on other continents.
• Access your accounts in real-time from any device to ensure the integrity of your financial system.

Constructing asynchronous, distributed workflows is the primary focus here. That’s priceless in any situation, but it’s especially important when lockdowns are likely.

Expenses are now fully computerized, digitalized, and decentralized.

You’ve found this post because you know that reconciling your expenses may be a real pain. Simply being told to “get with the times” and “modernize” isn’t enough; you need to know how.

The question now is how to put these concepts into action.

1. Modify your current means of payment

2. Align financial procedures and policies

3. go paperless with invoices and receipts.

4. Make the majority of the reconciliation process automatic.

Let’s address each of these in turn.

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Advanced method of payment

As a first step, you should replace your antiquated means of payment. Traditional credit cards, with their poor statements, are no longer acceptable. Expense reports in Excel or Word format are also becoming obsolete.

The fact that these procedures aren’t made with companies in mind is a major cause of the problems you encounter at month’s end. They’re possible solutions.

In our personal lives, we now have access to convenient mobile-first banks that issue credit and debit cards. Instantaneously add funds, view your account balance, and modify your PIN all from your mobile device.

Then why not establish a similar system for corporations? (Hint: yes.)

Processes for integrating expenses

Diversity in data sources and a lack of financial literacy among staff members have been problematic in the past. In one smooth sweep, you can clear away both of those problems.

Expense reimbursements, credit card purchases (both online and in-store), and invoicing should all be handled by a single centralized application. This ensures consistency across processes for your staff while providing easy access to consolidated data for accounting.

Document digitization

There has been a lot of talk about the benefits of going digital. Employees will be affected in the ways listed below.

1. a smartphone app that allows users to photograph receipts

2. A desktop application for submitting PDF invoices and digital receipts

By using the software on their mobile devices, they can instantly send each other copies of their receipts, preventing them from becoming misplaced or destroyed. These papers may be checked more often to ensure that the proper information is being shared within the finance team.

One major advantage is that data entry by finance staff is much reduced. You may also save time by selecting a system that can automatically link a receipt to a transaction.

Using a computerized system for checking accounts

Following these three procedures will bring you to the Holy Grail, which is fully automating your month-end tasks. In particular, there is software available that records all financial dealings, verifies their legitimacy (by delaying payment for authorization), and then compares the paperwork associated with the transaction to the original paperwork.

That sums up the concept of reconciliation rather well.

If a team member has forgotten anything or made a mistake, the system will let them know so they may fix it without your intervention.

You are responsible for quickly scanning the document to spot any obvious mistakes. The true value you’ll bring to the company, though, will come from the reports and suggestions you’ll be able to provide once you’ve gotten this far.

Spending wisely allows for simple account reconciliation.

Reconciling the books is the final step in a series. In fact, this final stage is commonly blamed when difficulties occur around closing time.

In reality, a weak link in the system is probably to blame for these issues.

The reason is, reconciling isn’t a difficult process to implement. Basically, all you’re doing is verifying that financial dealings are exactly what they’re advertised to be. However, complications and delays emerge in the form of things like inaccurate data, missing papers (often receipts), and incompatible software.

As a result, we think that integrated expense management is essential. Payment options (credit cards, expense reports, etc.) should include receipt recording, error checking, and direct export to accounting software.

It may sound cumbersome and massive, but it’s really far easier to use than the current system of miscellaneous implements, cards, and paperwork.