Why Expense Management is Set to Take Off ?

Modern expense management solutions offer significant benefits

The impact technology has had on our world is profound. Be it in the office or the home, hardware and software is changing how we go about our daily tasks. It is also changing the physical environment in which we live and work.

Where once the bookshelf was the centerpiece of a living room, more and more of us are choosing to read books on iPads or Kindles. Our DVD collection is being replaced by Netflix and Amazon Prime, and our daily newspaper is increasingly being read on tablets.

For those living in major cities, where square footage costs are high, the extra space resulting from the decluttering effect is a welcome development.

This trend is also playing out in the workplace, as our work environments become less cluttered with paper as we increasingly rely on online documents. Even our PC desktops are cleaner, as the days of having a screen full of icons and folders has been replaced with a simple cleaner look, and a folder structure often based around a simple Dropbox logo. For increasing numbers of applications, the access point is now a browser icon. Software is indeed eating the world

However, there are some areas of the workplace where the change has not happened as quickly as others.

One obvious area is expense management — the bane of the lives of countless numbers of entrepreneurs, CFO’s, accountants and sales people all over the world.

Many of us still persist with stuffing our wallets with paper receipts before transferring them to our desk drawer. Mañana, mañana.

Every time we open the drawer they peer out at us, representing a stark reminder of the work that need to be done.

“With so many demands on our time, is it any wonder that we let them build up in the hope we’ll have some spare time tomorrow? For most we are simply postponing the inevitable.”

The good news is that sticking receipts into an envelope or drawer can also be consigned to the past.

Expense management solutions offer users a quick and easy way to manage expenses.

Now, it is simply a case of forwarding an email receipt, or taking a photo of the receipt and forwarding it to your expense management account. The application takes care of the rest, pulling the data from the receipt, and saving it in a report which can be easily shared with accounts, finance and key stakeholders. The benefits are numerous and the costs are remarkably low (Xpenditure’s entry level solution is a mere £5/ month / user). When set against the time taken alone to process receipts the return is significant.

What is clear though is that those who eschew modernisation, and low cost SaaS solutions are increasingly getting left behind, as modern companies ensure they are operating as efficiency as is possible. After all ‘time is money’. And for those companies willing to embrace newer approaches to old ways of doing things, the productivity gains are significant.

Alan Gleeson is a B2B Marketing Consultant based in London with a passion for helping SaaS businesses to grow.

Follow Alan on Twitter or visit Work With Agility to learn more.

The original version of this post appeared here