The Importance of Having Tight Expense Management Procedures

Henry Sack • Nov 29, 2022

For any business, large or small, expense management is an essential part of efficient operations and strong financial health. From tracking employee spending to monitoring vendor invoices, there are many moving parts to keep tabs on. Doing all of this manually is not only time-consuming and tedious, but it also leaves room for error. This is where expense management software comes in, offering a more streamlined and accurate way to keep track of expenses. In this blog post, we'll discuss the importance of expense management for businesses, the challenges of manual management, and how software can help speed up the process and reduce errors.

The Importance of Expense Management

As a business owner or manager, you know that every cent counts. That's why it's so important to have a system in place for tracking and managing expenses. Effective expense management allows you to see where your money is going, identify areas of wasteful spending, and make more informed decisions about how to allocate your resources. It's also crucial for staying compliant with tax laws and other regulations.

Business expenses can quickly become unmanageable without a proper system in place to track and manage them. This is particularly true for companies that rely on manual processes, paper receipts, and handwritten notes. Not only is it difficult to keep track of all this information, but it's also easy for things to get lost or misplaced. This can lead to inaccuracies and errors in the data, which can in turn lead to incorrect decision-making.

A good business expense management system should be able to track all expenses, provide accurate reports, and give visibility into where money is being spent. It should also be easy to use and designed to save time and improve efficiency. With the right system in place, like NetSuite and Webexpenses, managing business expenses can be a breeze.

The Challenges of Manual Management

Managing expenses manually is a time-consuming and error-prone process. With so many different invoices, receipts, and bills to keep track of, it's easy to lose track of what's been spent and where. This can lead to duplicate payments, missed deadlines, and other costly mistakes. In addition, without expense management software, you can easily lose track of employee spending that is not in line with your expense policies.

Organisations face many challenges when it comes to managing employee expense claims. Not only do they need to track spending, but they also need to determine how to reimburse employees for costs incurred. In addition, organisations need to have procedures and policies in place to control spending. Expense management is a critical part of any organisation's financial management. Without proper expense management, organisations can quickly find themselves in financial difficulty. By tracking employee spending and implementing policies and procedures to control spending, organisations can ensure that they stay on top of their finances and avoid financial problems.

How Software Can Help Speed Up the Process and Reduce Errors

Expense management software, like Webexpenses, streamlines the process by tracking all your expenses in one place and synchronising this information with your core business management platform, such as NetSuite. This makes it easy to see where your money is going and identify areas of wasteful spending. The best expense management software will also automate repetitive tasks like data entry and invoice processing, further reducing the risk of error. And because everything is stored electronically, you'll have quick and easy access to your records when you need them.

Although most businesses understand the importance of controlling expenses, by using software to track and monitor employee spending, companies can speed up the process, reduce errors and distribute reimbursements faster. By giving employees access to real-time data on their spending, they can make more informed decisions about where to allocate their resources. Additionally, by automating the reimbursement process, companies can eliminate the need for paper checks and save on processing costs. As a result, using expense management software can help companies save time and money.

About NetSuite and Webexpenses

NetSuite is the world's leading provider of cloud-based business management software. It offers a complete suite of applications, including financials, customer relationship management (CRM), and advanced inventory management. More than 34,000 organisations worldwide use NetSuite to run their businesses.

Webexpenses is a global expense management software company that offers a cloud-based solution that integrates with NetSuite. Webexpenses' software makes it easy to track employee expenses, monitor spending, and automate reimbursements. With Webexpenses, organisations can improve visibility into their finances, save time on expense management, and reduce the risk of error.

NetSuite and Webexpenses offer a complete solution for managing business expenses. By integrating NetSuite with Webexpenses, organisations can improve their financial visibility, save time on expense management, and reduce the risk of error.

Conclusion

Organisations of all sizes can benefit from effective expense management. By streamlining the process with software, businesses can save time and money while reducing the risk of errors. If you're not already using expense management software for your business, now is the time to start!

About TeamBlueSky

Team Blue Sky is a NetSuite Alliance Partner and Webexpenses Implementation and Support Partner. We are experts in implementing and customising NetSuite and Webexpenses for organisations of all sizes.

We believe that the right blend of technology, integrated correctly can lead to significant process improvements and efficiencies for our customers. Our team of specialists have a deep understanding of both NetSuite and Webexpenses which means we are able to quickly understand your specific requirements and map them to the relevant software functionality.

If you would like to find out more about how TeamBlueSky can help you streamline your expense management, please contact us today.

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Henry Sack

General Manager

With over 12 years of experience as a NetSuite implementation consultant, Henry Sack leads TeamBlueSky’s team of NetSuite and accounting experts in his role of General Manager.

TeamBlueSky is a leading Australian NetSuite Alliance Partner whose mission is to provide critical NetSuite BPO and Payroll services to NetSuite clients who are wanting to simplify their back office processes and partner with a leading NetSuite administration expert.

TeamBlueSky have also partnered with global Suite Developer Network partners to offer local solutioning, implementation and support services for global NetSuite SuiteApps.