Management of expenses is a vital task for any kind of small or large business, which comes with monitoring, recording, and organizing the expenses to boost profitability. Employees need to submit their expense reports for out-of-pocket expenses that are later processed and rejected or accepted. Managers have to keep track of all these reports and expenses and present the analyses.
However, with the introduction of KriyaGo, which works with advanced expense management software, the whole tracking and recording process became automated. It made the employee expense claim request pretty easy to submit and approve. You can easily identify how using this expense management service has changed the whole scenario of profit and efficiency numbers compared to traditional expense management.
Furthermore, by taking help from KriyaGo, you can easily boost your company’s productivity by making the overall expense-related functions simpler and more effective.
Benefits of KriyaGo Expense Management
Here, in this section, let’s check out what the companies can expect when they collaborate with KriyaGo to get the best expense management help for their business.
Real-time visibility into your expenses
One of the incredible benefits of using KriyaGo expense management is to monitor the real-time visibility of your financial position. With the expense management software dashboard, you can easily check all the vital data in one go. Moreover, the easy-to-understand display and graphs are super-beneficial to comprehend the whole thing if you are naive in this field.
Besides that, it also helps with real-time visibility of fund movement. It means with the approval of an expense claim; the system will update everything from payment initiation to the employees finally receiving their payment.
Reduce the expense-related errors
Making expense management completely error-free is crucial for any small or large business. KriyaGo expense management is the best solution when you want to automate and integrate software with your accounting system for complete accuracy.
It is very natural to make mistakes like double entering the numbers or missing them when manually entering the expense data into the accounting sheet. However, the expense management software will eliminate all these errors and help you create an accurate and to-the-point database and accounting entry.
Improved fraud protection
It is hard to manually manage all the expense claims, receipts, and employee payments. This may lead to errors or inaccuracies in audits and accounting. However, when you get help from an expense management company like KriyaGo, it is easy to identify any errors.
Moreover, there will be no possibility to make any kind of changes in expense data numbers by employees. As it is understandable to overlook any well-camouflaged fake entries by the contractors or employees. Only some authorized people from the company should have access to change the data when needed. A global estimate of $4.7 trillion in revenue is lost due to fraud each year, according to the Association of Certified Fraud Examiners. (ACFE).
Establish policy enforcement
Staying updated all the time and enforcing every new expense policy is a pretty challenging task for companies. Also, it is nearly impossible to check on every employee whether the expense policy is being followed or not.
However, by using KriyaGo and expense management software, you can make it possible by having a customized expense policy according to your business needs. So, whenever there is a possibility of any changes in the policies or new additions, that will be updated automatically into the system.
Employee reimbursement process
When you incorporate an expense management system, all you have to do is instruct your employees to submit their expense receipts and raise a claim. Afterward, the manager or approver scans those receipts and checks the necessary details. Next, the manager will approve the request, and the employee will receive the money. That’s it—a straightforward process for expense creation.
This reimbursement process is seamless for both the manager and employees. There is no need to use any paper expense claims, go around to the manager, or run for wrong numbers or missing receipts. Everything will be so easy by collaborating with KriyaGo expense management.
Boost the operational efficiency
In a McKinsey Global Survey, it was found that companies that made quick decisions were twice as likely to be successful, suggesting that racking up data or lingering over a course of action is not always the best decision.
Integrating KriyaGo expense management with the business enterprise resource planning software can be beneficial in preparing expense reports, tracking the reports, and giving approvals. Expense management automation can improve the cash flow and productivity of a company when both the manager and workers benefit from it.
There will be no need to continue with the boring and repetitive work that software can handle easily and accurately. It makes time for employees to invest in other important tasks like going through sales calls, preparing strategic plans, and financial forecasting to add some extra value to the business. This management service is the reason for the increased popularity of start-up businesses in recent times.
Enhance Compliance
With Expense Management, you can make your company stay on the safe side with the state, local, or federal tax agencies. Travel and office expenses can be categorized and tagged appropriately in a business.
Some expenses are now tax-deductible, such as most entertainment and dues for country, golf, and athletic clubs. The inclusion of these expenses may bring the IRS' attention. In addition to providing easy access to electronic receipts and reports, the KriyaGo expense management is invaluable for the audit.
Bottom Line
Businesses must integrate expense management services to improve efficiency, save time, build policy enforcement, and eliminate errors. This system is also helpful for detecting fraud, visibility into expenses, and boosting productivity. In short, you can take your business to the next level using KriyaGo, which mainly works with top-rated software vendors.
