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Automated vs. Traditional Means of Expense Management

With the rise of technology, many companies have begun to automate their Expense Management to reduce human error, decreases labor cost and time spent on processing expenses. <br><br>Read how switching to an automated Expense Management Software can deliver outstanding results to the business - https://www.datasciencecentral.com/profiles/blogs/automated-vs-traditional-means-of-expense-management

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Automated vs. Traditional Means of Expense Management

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  1. Automated vs. Traditional Means of Expense Management

  2. Manually documenting expenses and data and manually entering it into a spreadsheet can lead to missing important information in today's world of business transactions. Mistakes are a common occurrence, and managing expenditures is a chore. Human assistance is necessary at every stage, making the process useless. In addition, there are additional costs associated with paperwork in the expense management process. To summarize, firms that resist automation of cost managementhave a higher occurrence of mistakes, redundant procedures, and overall lower morale among employees. Traditional expense management In traditional expense management, the corporate employees need to submit the receipts of their office expenses. They will then spend time verifying and processing them with an employee or contractor responsible for managing the expenses. This method works well when only one person is doing all the work; however, if it has multiple people involved in this process, they typically end up spending about 20 hours a month on processing expenses.

  3. Issues with the traditional way of expense management • Wastage of time and Efficiency • Information about spending trends • Increased risk of fraudulent claims Automated expense management Most business owners know that their companies spend an average of 6% of their revenue on expenses. The more income you can generate, the less your expenses will weigh down your bottom line. With automated expense management softwarein place, business owners can create a virtual handle on the discretionary spending in their company, which they can tighten and loosen as need be. Automated expense managementwill automate the following critical areas of your business- • AR & AP Management • Multiple Payment Gateways • Estimate Management • Financial Forecasting

  4. Ideal expense management tool for your business Invoicera is a cloud-based accounting tool for businesses. It is designed to help you manage your business finances, save time and do more with less. Invoicera automates workflows needed to process invoices and get data into your company systems. You can create templates for recurring revenue streams or daily tasks that need attention, then copy the templates as required to ensure consistency across team members and departments. Invoicerais successfully delivering outstanding results for more than 17 years to the following industries- • Utility • Telecommunications • Transportation & Logistics • Real Estate • Legal Firms • Tours & Travels • Restaurant and Hotel  The ideal option is to use an all-in-one platform like to house your transactions centrally, giving any level of management real-time insight into spending patterns and trends. This, of course, results in greater budget use and increased employee morale by allowing employees to do what they were hired for. SOURCE:Automated vs. Traditional Means of Expense Management

  5. THANK YOU Feel Free To Contact Us : Invoicera Inc. 2nd Floor, Plot no 55 P, Sector 44 Gurugram, India E-Mail : support@invoicera.com

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