The right expense management software can help reduce compliance risks and improve operational efficiency by using automation, electronic payments and analytics to increase transparency.
These tools are crucial today. Organizations are facing a greater risk of penalties and fines as they’re caught between increasingly complex regulations and tight budgets for managing compliance. According to an article on the Business Finance magazine website, a recent survey shows many organizations are looking to automated, centralized systems as a solution.
In the survey, conducted by ADP and CFO Research, over 70 percent of respondents said their organizations use several different systems to manage compliance. Switching to a centralized, automated expense management system provides a more consistent platform that integrates key policies.Using electronic expense reports and payments makes the accounts payable process more transparent. It also fosters greater compliance with company policies and procedures, as well as IRS regulations.
The ADP survey also found that 75 percent of finance executives lack access to timely, centralized compliance data. That’s where expense management software can help. The software’s analytics make it easy to track and aggregate expenses associated with various types of customers and sales activities.Tracking this data can be critical in managing compliance with government regulations and legal requirements.
In addition to streamlining compliance, automated expense management systems can also lower costs by replacing a substantial amount of human intervention. Adopting such a system frees approving managers and corporate finance from manual, tactical tasks, allowing them to focus on more strategic and revenue-producing projects.
We’d love to get your perspective. Why do you think it’s important for finance executives and managers to have access to the most current compliance data? Share your thoughts!
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