The finance team uses multiple solutions to account for business expenses and incomes. Generally, organizations have primary accounting software that keeps the books in order. In addition, finance teams may use various resources like an expense management tool to handle payments.
Ideally, these solutions should be interlinked to boost productivity and efficiency. However, many businesses still use them as standalone means and invite a lot of manual tasks.
Let’s see what you can gain by integrating your account software with your expense management tool.
You cannot get a clear picture of your finances unless you account for all inflow and outflow of cash. In traditional settings, that means waiting for someone to enter data in all tools manually. Naturally, it makes the process time-consuming and laborious. Additionally, manual data entry always creates the risk of errors.
Linking your expense management and accounting software will enable the seamless flow of data. Any payment recorded on your expense management tool will show up instantly in your accounting solution under the right accounts.
The process is instant and provides real-time visibility into your spending.
Reduce Fraudulent Claims and Expenses
According to PwC, 47% of businesses have been victims of fraud in the last two years. So, the $30 claimed by Jim from marketing last month might have been spent on a date instead of lunch.
Integrating your bookkeeping solutions helps you validate expenses without effort. Your employees can upload e-receipts or screenshots of invoices directly to your database. Your expense management tool will match the invoices with the right transaction and update your accounting software automatically.
In addition, you can track every expense and drill down to granular details for investigation. The process might also uncover any unnecessary costs that are no longer bringing value.
Accurate and Valid Data
Accounting is one area where you can’t entertain any ambiguity, errors, or misinterpretations. Manual processes are never entirely reliable and always leave room for frauds, typos, and mistakes.
Integrating your accounting and payment management tool will help you take advantage of accurate data. You can rule out any possibilities of errors or typos as no human intervention is involved.
You can always put complete faith in your bookkeeping and make informed financial decisions.
Save Time, Effort, and Costs
Businesses can enjoy an automated accounting process by integrating expense management and bookkeeping software. It can save hours of effort and stress due created by repetitive manual tasks. Additionally, the process can eliminate the need to validate your data in different tools and save more time.
In addition, you don’t need to pay for hours of unproductive data entry jobs. Your accountants can also focus on their real task of guiding you to make sound financial decisions.
Moreover, you can save more by ruling out fraud, duplicate, and redundant expenses.
Your accounting solutions should be in sync to foster productivity and flawless bookkeeping. Neuswyft can help you integrate your financial tools and software to create a connected ecosystem. Contact us today to discuss your needs.