The major aspect of any corporate compliance policy, rest assured that expense management has shared some of the limelight. Consequently, corporate expense management software has now become of utmost importance to any business concerned with corporate compliance. However, you might wonder about corporate expense management software. You would be skeptical about its use in your company. It would also be imperative to look for the best place to purchase the right corporate expense management software solution to meet your specific company needs.
It would be vital to ponder upon the need to successfully implement and integrate corporate expense management software into your corporate environment. Let us delve into a few vital issues.
Understanding the corporate expense management software
If you were wondering about the corporate expense management software, rest assured that this software program would process the following –
- Cash reimbursement claims originated by an employee
- Transaction records received from a credit card issuer
The target application would be travel and entertainment expenses. A strong corporate expense management software would assist and support procurement activities as part of a broader strategy of managing high volume and lower value business-to-business transactions effectively.
Core steps of any expense management process
There are three vital core steps to any expense management process.
- The input or acceptance of validated source data
- The application of predetermined rules for handling expense records
- The posting of transactions to a corporate repository inclusive of an ERP system
Understanding the purpose of corporate expense management software
The main aims of corporate expense management software implementation should be inclusive of the following –
- Automation of preparation, submission, approval, and auditing of travel and entertainment claims. It would assist in improving the productivity of account holders and reducing the cost and time of accounts staff.
- Enhancing transparency and increasing the governance of financial transactions conducted by the company.
- Supporting the implementation of the standardized best practice methods of managing high volume expenses by using corporate credit cards.
It would be worth mentioning here that corporate expense management software would play a significant role in fraud control. In such a scenario, fraud would be associated in several ways. However, not all kinds of frauds would land the perpetrator in a court of law. Information taken from the customer experience and publications of the Association of Certified Fraud Examiners identify the top four categories of fraud –
- Multiple reimbursements
- Fictitious expenses
- Overstated payments
- Mischaracterized expenses
It would be worth mentioning here that expense management software would play a significant role in the smooth functioning of the company.