The 5 Signs That Your Expense Management System is Not Working Anymore

Many companies count on an online expense management system to speed up the reimbursement process and provide an accurate audit report. However, despite this automated expense reporting, many businesses still encounter struggles in this area. And sometimes, the problems that arise are indicators that you already need to change your expense management company.

Here are the signs of poor business spend management software:

1. Longer Payment Turnaround Time
One of the goals of automated expense reporting is to reduce the turnaround time for reimbursement. Basically, if you are experiencing a longer payment turnaround time, it means that your business spend management software is not working anymore. It can be due to the complex process of reporting and bottleneck areas like the approval, and so on.

2. Ignoring Expense Policy
As much as possible cardholder employees should abide by the company's expense policy. However, overspending cannot be fully monitored nor stopped, especially in cashless transactions. An expense management company can integrate the expense policy into the cards by setting up a spending limit.

3. Mistakes
Another advantage of automated expense reporting is to reduce the chances of human errors. If your company is still experiencing problems such as incorrect dates, amount and so on, it means that your online expense management system is a failure.

4. Lacks of User-friendliness
An online expense management system should make the reimbursement process easy. However, if your employees hate filing expense reports, it is an indication that your business spend management software is not as user-friendly or employee-friendly as you think.

5. Paperworks
Another goal of automated expense reporting is to reduce the amount of paperwork on the reimbursement and auditing process. However, if your process still relies on the collection of physical receipts and invoice rather than having a digital copy, then what is the use of your online expense management system?

The purpose of an expense management system is to simplify corporate spending. With Volve, you don't have to worry about these problems. Volve allows employees to submit and pay with ease while it tracks and manages expenses in real-time. 

Resource:
https://visual.ly/community/Infographics/business/5-signs-failed-expense-management-system