How An Expense Management App Can Help You With Effective Business Management?
If you are the owner of a business and still practicing the outdated method of manual processing for expenses, then its time you rethink about the disadvantages and how it is costing you. How long are you going to rely on dozens of receipts that end up remaining in briefcases, pockets or just thrown away? Yet these are so valuable for your company because they are expenses that need to be recorded for your monthly and yearly statements. Misplaced expenses that are tax deductible would amount to a considerable loss for your business creating a false yearly account. This is one huge factor that several companies worldwide are struggling with but yet there is a simple solution staring you right in your face.
1Automated business and expense management is needed for all businesses today
In the digital era, there is an abundance of automated expense managers that seek to simply your business. The only problem you need to worry about us choosing the right expense management app for business because not all that you see on the internet may be suited to your business. Now an automated app for expense management like EXTAM not only giver you full control over expense tracking, it also gives you several features to manage your daily business operations. Here are some reasons why you would need an expense manager.
Manual processes are troublesome when all your employees keep sending information vide paper receipts. Just having an expense management software won’t do the trick what you need is an expense tracker like EXTAM that helps companies get rid of paperwork. EXTAM makes life easier by getting rid of people having to carry around receipts wherever they go.
In such a scenario, all an employee needs to do is enter an expense into the expense management application as soon as it has been incurred and that’s it. This way you get to know about expenses instantly in real time. You also learn where your money is going.
One of the biggest obstacles to any businessman is trying to contain the number of expense frauds occurring in the company. Unscrupulous and petty or useless personal expenses can add up to huge amounts with employees inclined to insert these into the various list of expenses during travel, purchases, and even when engaged in a project. How does one monitor such practice? In the case of traditional recording of expenses, a businessman may only know later on when it is too late but with expense managers like EXTAM, you learn of an expense instantly and can do something about it. Expense fraud is why businessmen invest in an expense management system.
4You get the advantage of business management tools
There may be several expense automated software, expense trackers, and expense controlling apps existing online. But very few will contain innumerous features like EXTAM that gives you the power of business management as well.
In every business, there are several departments of operation such as Human resources, purchase department, accounting, project management department and the like. EXTAM contains several features to integrate all of this departments into one consolidated operations management system. To this effect EXTAM becomes a foolproof and powerful business management app with extensive features of expense management.
5Business management features of EXTAM
- Expense tracking and registration
- Human resources management
- Project management
- Vendor management
- Client management
- Payroll management
- Complete transaction management
- Reports and analysis
- Bank transactions
- Employee tasks management
- Security checks and data protection
6How EXTAM helps in business operation
Every department in a business is interconnected. Thus, EXTAM is one such business manager that helps you control your business online. Whether it is business reports, task allotment in projects, employee’s management and even purchases, it helps you with a single screen monitoring method that will not waste your time and eliminate the need for human responses that take time. You can interact and track employees instantly and allot them the work of the day without wasting a minute.
7Reimbursements, data security
Even as a business app like EXTAM prevents fraudulent expense, it can also verify and record genuine expenses that won’t require an employee to wait for days on end for reimbursement. It keeps the valid expenses of an employee safe and secure for instant reimbursement that will encourage the employee to go on further business trips by gaining their trust.
That being said, EXTAM also makes sure your business data is locked in and safe. Once any data entry has been added, it is impossible for anyone to add details of an earlier date, delete details or even edit details and data without an approval from an admin. This is helpful in keeping expenses in check where fraud or personal expenses cannot be added later after is has been approved. In the same way, your business management data is also secured and safe too.