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, expense reports software 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!
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.