As the majority of business processes switch to digitised and automated solutions, expense management in many firms remains low down on the list to review.

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Truth, lies and myths. We take a
closer look at the misconceptions
surrounding Expense Software.
Expense Software Myths

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COST COMPLEXITY BUSINESS SIZE JOBS
As the majority of business processes switch to digitised and automated solutions,
expense management in many firms remains low down on the list to review.
We get to the bottom of common Expense Management Software myths.
Introduction

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Expense Management Solutions
are expensive in comparison to
spreadsheets/ paper based solutions
MYTH 1: COST

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Businesses often focus on the initial outlay, overlooking the
costs associated with manual processes.
As firms already have finance professionals who can handle
the reimbursement process and spreadsheets that can
store expense data there appears, at first glance, to be very
little additional cost.
A major flaw of spreadsheet based solutions is the manual
data entry required at every stage of the expense
management process. Consider how long it takes...
Expense Management Solutions are expensive
in comparison to spreadsheets/ paper based solutions
MYTH 1: COST

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Employees to record and submit their monthly
expenses. From manual data entry, to scanning
receipts and submission.
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A team leader/ expense approver to review submitted
expenses, checking against company policy for
compliance.
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The Finance team to correct VAT codes, amounts,
merchant details where mistakes exist. To then
manually transfer data to their accounting software
and process reimbursements.
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Consider how long it takes...
MYTH 1: COST

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Each stage of the process involves manual, time consuming
work that often gets in the way of employees core
responsibilities.
Calculate the financial cost of time spent on expenses, time
taken away from revenue generating roles and the impact
this has upon motivation.
With expense automation available from as little as $5 per
person, per month, the ROI for businesses with regular
expense claiming employees can be significant and
immediate.
Expense Management Solutions are expensive
in comparison to spreadsheets/ paper based solutions
MYTH 1: COST

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According to research conducted by PayStream Advisors there “can be a
$15.59 cost difference between expense reports that are processed
manually vs. using a fully integrated automation solution.”
Expense Management Solutions are expensive
in comparison to spreadsheets/ paper based solutions
MYTH 1: COST

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The learning curve and resources
required to switch to a new
system outweigh the benefits
MYTH 2: COMPLEXITY

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Organisations are right to be hesitant before switching systems, the
learning curve and resources required to roll out systems vary from
provider to provider.
Before signing a contract, it is important organisations outline key dates
and milestones.
Plan when account setup, user training, testing and final roll out will be
completed in addition to what individual task involve.
The learning curve and resources
required to switch to a new
system outweigh the benefits
MYTH 2: COMPLEXITY

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Only large organisations benefit
from expense management software
MYTH 3: BUSINESS SIZE

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The benefits achieved by automating expense management include; lower
processing costs, the ability to enforce expense policies, spend transparency,
quicker reimbursement of employee expenses, improved employee satisfaction
and better compliance with regulatory requirements.
Benefits that are advantageous to all businesses regardless of headcount.
From early start-up, SME to large corporate, the number of expense claiming
employees is a far better gauge in relation to the relevancy of expense solutions at
an organisation.
Only large organisations benefit
from expense management software
MYTH 3: BUSINESS SIZE

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Expense Management Software
will put someone out of a job
MYTH 4: JOBS

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Accountancy software has not put accountants out of a job, marketing software has not
put marketers out of a job.
Instead they improve the way in which work is carried out, improving processes and
effectiveness.
Expense Management Software is designed to reduce the time and resource spent on the
expense management process.
Adopting an expense management solution will free up time and prevent the traditional
bottleneck as all employees submit expenses just before the deadline.
Expense Management Software
will put someone out of a job
MYTH 4: JOBS

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The ability to automate expenses and shorten reimbursement
time will result in happier, more motivated employees that have
more time to focus on core business tasks.
A beneficial situation for all parties.
Expense Management Software
will put someone out of a job
MYTH 4: JOBS

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