The average time employees spend collecting, scanning, creating, and submitting expense reports is 30 minutes. What is supposed to be straightforward becomes a time-consuming task. Modern expense management systems circumvent this by utilising optical character recognition (OCR). Gradually, the time spent on these tasks reduces by up to 70% and frees up 1.5 days per month that would be spent on monotonous tasks. Moreover, more than 10% of approved expenses are duplicated or non-compliant. Redundancy and noncompliance in spending can be scaled-down or eliminated using the Traffic Light feature–a hero feature in Reimburse. Assuming each expense is $20, this saves up to $40 per employee monthly.Â
Similarly, expense management is highly critical in an organisation. It’s not a choice to manage expenses wisely; it is what breaks and makes a company. Not one organisation is enthusiastic about putting business capital at stake. A wise expense management strategy pinpoints the money-draining parts of a company’s operations. In addition to boosting productivity and saving money through fewer expenses, it gives management a more accurate picture of the company’s financial situation, which aids in making sound decisions and keeping capital healthy.
Expense Management Automation: Why does it help businesses thrive?Â
Tools like travel expense management software bolster businesses’ ability to keep better tabs on and control their outlays for the trip’s many costs by
1. recording transactions.
2. monitoring budgets.
3. approving different expenses.
Your business trip’s cost-effectiveness can now be evaluated in light of those above, yielding managers an idea of how much money is being spent on the trip.
Cherry-pick what is best for your business.Â
Imagine this situation: you’re hunting for the ideal pair of shades. What makes it the best pair? It’s a great fit, functional, and won’t break the bank. Choosing the wrong pair ticks off unsatisfaction with what you’ve got, offering no sense of practicality.Â
Organisations should also investigate how well the product integrates with its current system and the product’s cost, budget, and expectations. With one of two options, sometimes the lower cost provides you with the highest benefits. This article will highlight two significant products in the market, Reimburse and Concur. Let’s dive deeper.Â
Reimburse vs ConcurÂ
The products mentioned offer similar benefits and structurally similar features. What, then, differentiates them from one another? Commonly, solutions like the full-fledged software Concur provide a more in-depth overview. The pricing is somewhat higher than Reimburse (an extension was explicitly made to integrate with SAP SuccessFactors).Â
With one being a developed system and the latter being an add-on, you might expect differences between those two. Safe to say, the price doesn’t restrict the ability of a product. Although it can be a benchmark for many things, it does not solely become less valuable or practical due to its lower cost. Remember, choosing a product can be tiresome, but the result should be of the highest quality. Â
More to look for in an excellent choice of software:
Why Reimburse?
One word: simplification. Reimbursement simplifies time-consuming tasks to motivate us to add value to our organisation. It climbed up the popularity ladder to become a trusted software, implemented by well-established corporations like Bank Islam (a leading and renowned Islamic banking and finance company).Â
Starpoints for Reimburse
Many chose Reimburse because it is embedded with advanced features, making it an excellent investment for an organisation. Of course, people would decide what is lower in cost but delivers better results than systems that appear to be capitalistic but deliver weak results. The hero feature here is the “traffic light” attribute, which helps eliminate duplicate and non-compliance expense approvals. Along with features like Optical Character Recognition (OCR) and multi-language capability, they’re sowing the unique selling proposition (USP) of Reimburse.
Reimburse over Concur: Affidavit from Credible UsersÂ
These made people choose Reimburse over Concur:
1. Easily track and manage travel expenses.
2. Communicative process in dealing with expense approval and deposits.
3. Interface is easy to navigate and straightforward.Â
4. Efficiently manage employees’ expenses and requests.
5. Simple and comprehensive.Â
6. Easy to download reports.
7. Managing all expenses in one system across all organisations.
No complexity here, only an expense management system that caters to an organisation’s efficient and accelerated processes.Â
ConclusionÂ
By offering a transparent view of actual expenses and better integration with SAP SuccessFactors, Reimburse helps businesses generate and provide better spending reports. Overall, both alternatives are remarkable in their own right. However, Reimburse validates more promising features with far less cost than Concur. With an element that waives approval for duplicate and non-compliance expenses, Reimburse has superior pricing, tools, integration capabilities, and more comprehensive features. While it’s true that their features seem similar, Reimburse is an add-on that doesn’t require much maintenance and no extra effort to install, making it stand out. Â
