Before the COVID-19 pandemic, the market incentivized firms to make operational changes and migrate to cloud-based solutions for essential services. But, over the past year, as the pandemic gripped the globe, the need for accounting firms to transform themselves became imperative to continue operations, meet client expectations, and work effectively.
As a result, many firms are pivoting towards cloud-based, centrally managed, and automated models to help create a path of certainty to meet their needs. Implementing a digital expense management system (EMS) is fundamental to creating this path forward, as it:
- Provides visibility into employee expenses across departments and categories
- It is an effortless modern platform for employees to track and report expenses
- It gives much-needed certainty to manage client and team expenses remotely
Register for "Certainty in expense management during uncertain times" on July 20 here!
Steps to implement an expense management software at your firm
There are three critical steps to implementing a cloud-based EMS that provides a streamlined, seamless, and secure solution for your firm and your clients:
1. Transitioning from paper to digital expense management -
Having clients and your firm relying on paper-based expense receipts and other documentation is an outdated and inefficient way of managing this key business function. A paper-based process increases the likelihood of errors and omissions. It also makes expense submissions cumbersome, which can lead to non-compliance by employees. In contrast, implementing an expense management software has the potential to save time, money and increase the overall efficiency and accuracy of your firm’s EMS workflow and services.
2. Supporting remote teams with automation and artificial intelligence -
A modern expense software eliminates time-consuming workflows and captures receipts, invoices, and other documents using AI capabilities. This allows expenses to be managed digitally, accurately, and conveniently in the cloud and from any device throughout the entire process, from initial purchase to end-of-month accounting procedures.
3. Paying employees faster and closing books on time -
Using a digital EMS, employees can submit expense reports and supporting documentation easily, without the risk of losing receipts in the paper shuffle. Supervisors can then quickly and conveniently review submitted reports facilitating faster reimbursements while also avoiding delays in closing monthly accounting records.Further, EMS like Fyle automatically match credit card transactions with corresponding receipts and card statements. This automates the credit card reconciliation process end-to-end, saving accountants from having to verify and approve a large number of transactions manually.
Register now for “Certainty in Expense Management During Uncertain Times”
A cloud-based, centrally managed, and automated model of business has emerged from the pandemic. Firms that forge a path of certainty by adopting these new solutions for fundamental needs such as expense management will be able to persevere, bringing out the best in their teams and their expense management service delivery.
This webinar showcases how accounting firms can pivot to a modern expense management model to get better visibility into employee expenses while providing a more advanced expense management tool for employees as well as much-needed certainty to remote client management teams. You will learn:
- The benefit and process for moving from paper to digital expense management
- How automation and AI can help remote teams
- How to pay employees faster and close client books on time
Register for "Certainty in expense management during uncertain times" on July 20 here!