Innovative expense management methods are better than traditional ones in every way. They are flawless because they take into account all employee expenses. They do not absorb a huge amount of working time and do not require additional human resources. Full control over corporate expenses eliminates the leakage of the company’s finances and promotes the development of trust between employees.
Disadvantages of Traditional Approaches to Accounting for Corporate Expenses
A company’s expense policy may vary, but in most cases, this procedure is tedious for employees and management:
- Ordinary employees must collect a lot of paperwork and wait for the manager’s approval, who finalizes the payment. If they spend their money on business-related expenses, they have to wait a long time for the reimbursement. As a rule, these expenses are covered at the end of the month, when managers have a clear picture of all corporate expenses.
- For the company’s management, traditional methods of expense verification are also a headache. They cannot verify expenses in real time and do not have a clear idea of how much resources have been spent. Some forgetful employees may submit their expense reports long after the purchases have been done. This complicates accurate accounting.
As a result, chaos may arise in the company’s finances:
- Corporate payments are not accounted for at the time they are made. Sometimes, this takes weeks, especially if the employee is on a long business trip.
- The accounting process is complicated since employees need to collect many documents to receive reimbursement.
- Errors creep into financial reports because the accounting staff is overloaded with work.
- Out-of-policy spending is difficult to notice because the mechanisms for distinguishing authorized and unauthorized payments are poorly developed.
The result is a lack of transparency in finances and regular overspending. But this situation is not inevitable. It is simply a consequence of the absence of mechanisms to ensure financial transparency in previous epochs. Modern innovative technologies for managing corporate finances eliminate these shortcomings. With Wallester Business platform, you can get a complete picture of all corporate expenses in real time. And the task of verifying employee payments is solved in one click.
How to Increase the Level of Control over Corporate Expenses
Ensuring accountability of all corporate expenses is possible with the help of modern digital expense management systems. Such a solution does not require serious investments in software development, acquisition of the necessary infrastructure, and hiring professionals. A full range of financial tools for tracking and verifying employee expenditures is available on the Wallester platform by subscription. Due to the low cost of the subscription and the ability to choose different tariff plans, the service is accessible for large corporations and small and medium businesses.
At the same time, there is no need to replace the company’s existing software. The Wallester Business solution is easily integrated into your software using the API. As a result, the company receives complete financial transparency, elimination of company resource leaks, and many other benefits.
Automated Expense Verification with a Corporate Card
Issuing corporate cards is an innovative solution that makes company funds available to all authorized employees. At the same time, the company or department management retains full financial control over all expenses:
- An individualized spending limit is set for each card.
- If the purchase of a product or service for the company requires verification by a manager, it is carried out in one click.
- Any suspicious expenses are immediately detected by the software and become known to managers.
Virtual Business Cards
Wallester’s expense management solution allows you to issue any number of corporate cards with a single click. The basic plan comes with 300 free cards, while more advanced plans offer 3,000 or 15,000 cards.
Each card is personalized, as the project manager sets how much of the company’s funds can be spent on the card. The responsible employee can deactivate the card at any time if there is a suspicion of misuse of the card.
Wallester offers a comprehensive solution for managing your company’s finances. So, you can track, verify, and analyze all employee spending on one platform. This will eliminate overspending and make future planning straightforward.
Automated Accounting
Employees will be able to generate an expense report in one click, while accountants will be freed from tedious routines and errors. An employee will only need to take a photo of a receipt and upload it to the cloud using the app. As a result, the expense verification process is simplified for ordinary employees and accountants.
The software solution from Wallester takes the expense verification process to a new level: accurate, instant, and error-free. As a result, employees feel trusted by management, and company leaders receive transparent finances that are easy to manage.