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.

The post Seamless Payment  Verification Solution for Corporate Finance Management appeared first on EMC UK.

The introduction of LegalOn for the UK-specific product follows a remarkable period of global expansion for the company, which has seen a significant increase in its customer base. In just five months, LegalOn has added 1,000 new customers, bringing its total to over 6,000 worldwide. Among these are more than 100 companies and firms operating within the UK, reflecting a growing demand for sophisticated, localized AI solutions in the legal sector.

Daniel Lewis, CEO of LegalOn Technologies, expressed his enthusiasm for the UK launch, stating, “With LegalOn’s jurisdiction-specific legal content and AI, our customers are cutting costs and contract review time from Day 1. We’re excited to extend these benefits to UK businesses and those contracting under English and Welsh law.”

LegalOn’s AI capabilities are designed to provide instant reviews of contracts, identifying UK-specific risks and suggesting changes based on language and practical guidance developed by experienced UK attorneys. This feature effectively serves as a comprehensive “playbook,” offering immediate value to legal professionals by reducing the time spent on contract reviews.

The company’s AI contract review playbooks for the UK are part of a wider suite of tools designed to enhance contract management. Key features of the LegalOn platform include:

• Review: Users can instantly review first and third-party contracts, tailoring the AI to their specific risk preferences and playbook positions.
• Revise: The platform generates precise, word-by-word redlines in seconds, ensuring accuracy and consistency in contract modifications.
• Assistant: A generative AI legal assistant can draft new clauses, summarise complex language, and respond to contract-related inquiries.
• Collaboration: Enhanced team collaboration is facilitated through robust version tracking, clause comparisons, and an intuitive contract dashboard.
• Search, Store, & Comparison: LegalOn allows users to easily compare contracts, locate necessary clauses, and conduct efficient searches within their contract databases.
• Access Management & SSO: Advanced access management features and seamless single sign-on integration ensure security and control over sensitive documents.

LegalOn’s launch in the UK marks a significant milestone in the company’s mission to transform the legal landscape through AI technology. As businesses and legal firms increasingly seek to improve their contract management processes, LegalOn’s tailored solutions are expected to play a crucial role in enhancing efficiency and reducing costs.

Companies and law firms interested in exploring LegalOn’s offerings are encouraged to learn more and request a demo of the solution specifically designed for the UK market.

The post LegalOn Launches AI Contract Review Solution for UK appeared first on EMC UK.

The launch of Taegis IDR comes in response to alarming trends observed by Secureworks’ Counter Threat Unit (CTU). The unit has reported a staggering 688% increase in the sale of stolen credentials on major dark web marketplaces over the past three years. Additionally, a review by Secureworks’ Incident Response team of Microsoft Entra ID environments—formerly Microsoft Azure Active Directory—revealed that a significant 95% of these environments are misconfigured. Such vulnerabilities pose a serious threat, allowing cybercriminals to exploit these weaknesses and escalate privileges.

“Taegis IDR has drastically enhanced our ability to detect and respond to identity risks,” remarked Richard Hay, Information Security Director at First Community Bank. “Its integration within our XDR platform allows us to centralise identity and misconfiguration risks, improving our overall cyber posture and reducing risks.”

Kyle Falkenhagen, Chief Product Officer at Secureworks, emphasised the critical role of identity in cybercrime. “Identity is a key asset for cybercriminals, and with Taegis IDR, we are cutting off their access,” Falkenhagen stated. The new solution provides continuous monitoring across organisational environments and the dark web, employing advanced AI and machine learning to prevent, detect, and respond to identity-based threats that might bypass traditional security measures.

Taegis IDR is designed to address 100% of MITRE ATT&CK Credential Access techniques, including methods such as kerberoasting and password spraying. Key features of the solution include:

• Reduced Identity Attack Surfaces: Continuous scanning of Microsoft Entra ID environments to spot misconfigurations and security gaps.
• Credential Leak Prevention: Alerts for exposed credentials from data breaches or dark web sources.
• Identification of Risky Behaviours: Monitoring for unusual activity linked to stolen credentials.
• Full Visibility of Identities: Immediate visibility of identities within 90 seconds, enabling swift action to address potential exposures.
• Protection Against Identity-Based Threats: Detection and response to credential compromise, insider threats, and various attack techniques before they impact business operations.
• Accelerated Response: Automated playbooks for immediate actions like disabling users, resetting passwords, and revoking sessions.
• Unified ITDR and XDR: Comprehensive protection through a single platform integrating ITDR with extended detection and response (XDR).

Secureworks’ Taegis IDR marks a significant advancement in identity security, promising organisations enhanced protection and rapid response capabilities in an increasingly complex cyber threat landscape.

For more information, please click here.

The post Secureworks Unveils Solution to Detect Identity Risks in Less Than 90 Seconds appeared first on EMC UK.