Key Benefits of Using an Expense Management Tool for your business

As a small business entrepreneur, we bet you already know all about your expenses. But what do you know about expense management?  Well, it is not something many small business entrepreneurs and freelancers think of when they are starting their business, but it is something you should take care of as it is very important. Your business can succeed or fail due to your expense management.

What is Expense Management and why is it essential?

To put it simply, expense management is the system or processes you follow for processing, paying, and auditing your business expenses. These are all different across businesses depending on the industry and field of work. However, regardless of whether there are many of them or only one, you need to track them to know how much you are spending. Fortunately, you can now simplify this whole process of tracking your expenses and creating expense reports by using an automated expense management tool with dillali

Now, let us share some reporting statistics on this topic:

- 85% of the organizations that plan to switch to cloud-based solutions said they would do so within a year.

- 81% of organizations that use a cloud-based expense management solution said simplifying expense reporting was the reason they deployed the technology.

- 78% of survey respondents from organizations with fewer than 50 employees said that automation of manual processes is the most important feature of a cloud-based solution.

- 76% of respondents said deploying a cloud-based solution improved expense report processing.

- 46% of companies achieved positive ROI in less than one year after switching to a cloud-based expense system.

- 27% of survey respondents said their organization recouped its investment within six months of implementing a cloud-based.

- An additional 19% of respondents stated they achieved positive ROI within one year.

The stats above show that businesses should switch to an expense management tool like dillali for their business

Key Benefits of using an Expense Management Tool

Businesses usually experience challenges at first with managing their finances and income and that is why using an expense management tool is very important. Here are a few of the key benefits to expect if implementing an expense management tool is done properly:

Simple and fast solution

The old way of submitting expenses included printing a lot of paper copies and attaching receipts. No more paper here! Having expense management tools means that this is all automated now. Just press “Submit” when entering your expense and there you go. Simple and fast as that. Another thing worth mentioning here is cutting on costs and on processing time. Yes, it is a lot faster. This kind of tool is automated so you will get a report on your expenses without having to wait and sort through papers.  

No errors. No delays

You get better accounting accuracy. With manual expense reports, you or your employees can make a mistake or even a minor data-entry error that may cause big problems later on. However, with an expense management tool, you can prevent this. No error and no delays. You can send a reminder when a payment is overdue.  

Increased efficiency

Startup businesses can benefit a lot from expense management tools. Have one less worry on your back and do not think of the numbers and reports. You will spend less time dealing with your finances, meaning that you will have more free time to focus on other important things and bring value to your company.

Improved visibility

Everything you need to know is visually set in your dashboard and report. No matter if it is charts or graphics or text only, your data is well organized so that every person can understand where their money goes.

Fraud prevention

Busy finance teams or managers may overlook some fake entries, especially from trusted employees or contractors and once the money has been paid, you may never get it back. The expense management tool gives you total control of your money, so you don’t get fooled at any time.

Simplified reporting

You can have real-time insight into your expenses. The reporting and analytics provide you with all the necessary information you need to consolidate your expenses into a single report. Simple and easy.

Finally we can conclude is that using an expense management tool helps your business grow. Why not try and see for yourself?! Visit us at dillali.com or register here for free!

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