For a stable business, you really need your financial performance to be flawless. A company simply cannot be as successful as possible without 100% control over its corporate expenses. CFOs and executives are right to pay lots of attention to this aspect of business. However, many finance departments—even those in the most modern of companies—are using outdated expense management methods. Although these still work, they’re filled with flaws, taking time and relying on human resources.
The problem with corporate expenses
Any business expenses must be accounted for and recorded. Best (and standard) practice means businesses must verify all corporate expenses payments through a responsible employee as well as the person who finalizes the payment. This means that there are usually specific rules regarding how expenses are managed, and there’s usually i
Critical problems of corporate expense verification and the importance of solving the information about who is allowed to verify the payment in-house.
It always seems straightforward really, especially for those who don’t deal with it Yet the process of verifying expenses is actually quite lengthly. If you’ve been on the receiving end of submitting expenses, you’ll know that it’s not a quick process and that you’ll usually wait weeks before the reimbursement comes through. This is because managers are often waiting for the month end to review all of the month’s corporate spending. It’s also because it takes a while for financial documents to be approved. However, as many people know from their personal banking experience, the process doesn’t actually have to be as long as it is.
- Dealing with corporate expenses is needlessly bureaucratic, which brings its own difficulties:
- Finances aren’t transparent because a review of spending is delayed, often by weeks.
- There is a lack of control over corporate payments because they’re processed after the fact.
- It complicates the accounting process.
- It leads to increases in errors.
- They’re open to waste and fraud.
So, what links all of these difficulties? Unfortunately, it’s humans. Thankfully, however, companies like Wallester Business are improving how corporate finances are managed and can eliminate many of these issues forever.
How to get complete financial control of corporate expenses
As with most things corporate these days, improvements to corporate expenses can be vastly improved with modern technology. It doesn’t matter whether we’re talking about SMEs or larger corporations, innovative and high-tech solutions can help business owners at all levels. Wallester Business has an innovative solution that integrates with and adapts to existing business accounting systems. Here are some features you can expect:
Automated Expense Verification
Forget about the long reimbursement delays, there are ways to automate expense verification. Not only does this save time but it is also secure and gives a better control over cash flow. Rather than having to submit expense claims after spending their own money, employees can make their business purchase with a corporate card. These cards can be locked down to specific budgets depending on each individual’s role. If transactions do need to be approved, then an authorised employee will receive a notification instantly so that they can evaluate and approve the request in real time.
Virtual cards
You might think that organizing these individual cards takes time and patience. However, corporate cards can be issued virtually in no time—even for one-off transactions. Project managers can issue and customize card budgets for each team member and spending area. The cards can be prepaid with a fixed amount to prevent overspending. This means that businesses can keep better track of their balances day-to-day and don’t get a surprise at the end of each month when employees submit their expenses. It’s also better for employees as they never have to touch their own funds for the sake of their work.
For teams with frequent need to access funds, there can be a monthly budget attached to each card. So whether it’s travel or advertising, these transactions can go ahead without the need for additional approval.
One platform for all of your expenses
With one platform, like that of Wallester, it is easier to monitor and verify corporate spending. All expenses details can be accessed in real time and it’s easier than ever to collect and systemize the data for future planning.
Accounting is automated
Business owners will be pleased to know that with solutions like this, the challenging of collecting receipts and issuing payments is obsolete. There’ll also be no more issues with lost receipts either—employees can simply take a snap fo the receipt on their phone and upload it to the app. This saves time, makes sure employees are reimbursed, and prevents fraud.
Automated accounting means payment data and finance management standards are being brought up to date. Program’s like Wallester’s offer easy integration and customization. The expense verification process—and several other routines—are fully automated, which saves money and time while also ensuring transparency and security.
