Author: Xpensys

Risks of Expense Management App. (WARNING* Graphic Content Inside)

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Most of us are fixated in finding out the Don’ts that we start dismissing the Dos even before reading or knowing about them.

expense management app

Expense management apps have been going through this scrutiny since so long that it has now become a habit for marketing people to first let their clients know about the entire process-flow and use case of the software.

In fact, so many companies are fixated upon the idea of CRM that they do not even understand what a CRM exactly is and why they would need one. But apparently, people have this habit of following the crowd that stems from the fear of being left out in the league. So, tech-savvy somehow boils down to being a fancy showcase for their clients (purely a gimmick to attract the customers/clients).

Do not worry, Expense management apps aren’t just another charade. They do much more than just to manage your company’s expenses. Most of these apps are used for easy and straightforward reimbursements. Some of them so much more than that.

Xpensys is also another ‘on demand’

Expense Management app Overview – Key Features of Xpensys:

1.Hierarchy based Approval System

2.Trip and Expense Management

3.Multiple Policy Management

4.Multiple Branch Management

5.Audit Based Payment System

6.Settlement Based Payment System

7.Audit Management

8.Attachment support (image, doc, pdf, etc.)

9.Employee Tracker

10.Budget Tracker

11.KPI Powered Dashboard

12.Push Notifications

Xpensys Mobile App Smart App for Smarter People!

expense management app

Source : Risks of Expense Management App

Embracing Change Vs. Embarrassing Change – The IT Revolution

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There’s plenty of Expense Management apps in this sea of software.

Often it gets confusing when it boils down to getting one for your company since every system promises you something unique. But do they fulfill all your needs?

How do you find out which one’s best for your company?

Expense Management apps

You either need to pay for the demo or else it comes with a definite period of free usage. But why do you have to pay for expense management software simply to manage your employees’ basic trips and expenses? We don’t think so.

What if we told you that we have an app that does all the basic money management for your company keeping in mind all the expense policies at the cost of nothing?

This is because we think that technology has evolved to a point where basic expense management should be a company’s right and every company should have it.

If you find it hard to believe, you can simply download the app from below and start using it right away.

Why wait?

The entire setup takes a minute or two.

Source : Embracing Change Vs. Embarrassing Change – The IT Revolution

DO NOT Buy an Expense Management Software Solution

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Hello everyone!

Yes, we provide a software solution for companies to manage their expenses.

But we believe you shouldn’t invest in a spend reimbursement software.
Here are some points to justify my arguments:

Spreadsheet is bae. Spreadsheet Rules.

If you and your company are comfortable with spreadsheets, then you should not abandon it for specialized expense management software. Comfort zone is quite important in life. It might not give you the progress you deserve but at least it’s going to keep you stress-free (initially). After all, your company has worked on spreadsheets for so long and even if it’s easy to transfer all these data into the new software you shouldn’t ditch your old pal for a new and efficient system. Loyalty is a must, right?

More Money More Worry.

Keep yourself out of the rat-race. Since the advent of IT, most companies are opting for software to make their work easy and keep their company well-oiled. Adopting a new system means that it might not only save more money but also lessen the amount of work required. This means that some of them will lose their existing jobs. Who would want to do that?

Also, these apps bring transparency into the whole reimbursement process and no one would cheat or skim off some extra money from your company. This can anger some of the employees. We wish to keep our employees happy, right?

It’s a waste of time.

Although it might help you save a lot of time in the future, we are talking about the future here and no one knows what’s going to happen in the future. But for now, you’ll have to invest a few hours to set-up and understand the software. Why waste a few hours just because other companies have successfully installed it and have saved so much time, right?
What works them might not work for you.

Why use a smartphone for office work!

Smartphones are for socializing and calling. Why use it for work or expense reimbursement management? Who would want to take their work to places they go? So many companies are moving towards or adapting to the smart way of working that lets them manage everything from anywhere but that doesn’t mean that we need to imitate them. We are not apes. A 9 to 5 job means that one should come to the office to get their work done. It doesn’t matter if they are doing their job efficiently, being there for those 8 hours is important.

We need to stick to our principles and old-school office ethics, right?

Who spends money on spend management software! Ha-Ha-Ha…

Isn’t it an irony that you need to spend money to get expense management software? In business terms, this might be identified as ‘investment’. But why invest in software when you already have employees doing the same thing over a long period of time? Oh! You’re paying them money to do that too. I forgot. But hey, that’s a good thing (at least for them). Do not worry. There are more important things in life than money and business. Counting your blessings is better than counting money, right?

“Mock on, Mock on – it is all in vain! You throw the sand against the wind and the wind blows it back again.” – William Blake

Not convinced yet? It means that YOU, SIR, ARE A REBEL.

For all the rebels out there who wish to revolutionize the way their industry works, here’s an amazing Expense Management Software Solution for you

Be a LEGEND with Xpensys

Source : DO NOT Buy an Expense Management Software Solution

Benefits Of An Automated Expense Reimbursement Solution – Save Time, Money And Office Space!

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Employee expenses are often an essential part of running a business. Many will look at the cost as the face value of the expense, but often are unaware of the hidden costs that these expense reimbursement processes bring. The overall cost of processing expense-claims can escalate to a surprisingly large number.

expense management software

The traditional paper-based methods of expense processing have become a little outdated due to the new, automated, cloud-based systems available.

So what are the savings that can be made by switching to these methods?

“To err is human.”, however, these mistakes can prove to be costly and putting preventive measures in place will help you and the company in the long run. One avoidable expense mishap is duplicated expenses, whether employees have mistakenly submitted the same expense twice or have intentionally submitted a duplicate, your company may be spending much more money on reimbursement than they should be. Unfortunately, when it comes to using manual processes such as spreadsheets spotting these mistakes becomes nearly impossible. That is where employing robust software that will automatically flag any duplicate expenses is essential.

In addition to spotting duplicate expenses, automated solutions make it much easier to enforce policy compliance. You are able to set expense limits for certain categories, expense limits for out of pocket expenses and much more. This means that you have tighter control over how much your employees can spend. If your employees are ever out of policy guidelines, then this will be flagged up and managers can spot any mistakes or possible fraudulent expenses straight away.

Manual processes are inherently long-winded meaning that the time spent on creating and submitting the expense, approving the expense and even processing the expense is taking time away from employees who could be doing more worthwhile tasks in the meantime. Some companies end up having entire departments dedicated to processing expenses. Archisys recently asked some of our customers what did implementing a custom-built mobile expense solution help them achieve and a common answer was that it allowed their staff to get on with their actual work, while they approved on the go. Implementing a quick and easy-to-use system that takes away all of the manual data entry frees up considerable time for your employees. Also, additional features like tracking location and auto credit transfers via banks is a cherry on the top.

Oh, And DO you claim GST back on your expenses?

If not, you have been missing out and if you are, then you’d probably know how complicated the whole process can be. Without the use of automated solutions, claiming back those numbers can be a real headache for your finance team. It is hard to fully quantify but when you start to see the cracks in an old expense management software it is easy to see how time and money quickly gets lost. Companies invest massively in improving and refining other processes so why not take this approach to your expense management Software too?

After all, if a one-time investment can save-up so much for you then why wait? Remember, every second count!

Source : Benefits Of An Automated Expense Reimbursement Solution

Auditing Expenses with Policies shouldn’t be a big problem for Auditors now!

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5 extra checks for a Senior Management and Auditors become cumbersome and time-consuming when it comes to doing all manual. Audits and Policy check are never much fun and lead to a whole load of stress for financial departments and managers.

Compliance or acting to a set of rules or policies is a fact of doing business that requires proactive planning and a defined automated system which helps to compile all expense checks with set in policies.

Such an automated system and software are invaluable to business owners because they take their worry and stress out of testamentary the expenses with the policies, by ensuring a process of a potential audit easier for everyone concerned. The software offers full financial checks in seconds to the expenses record and benefits the reverting consumption time of both the employee and the auditor.

Benefits to business owners  of using Expense Management Software to manage their expenses with policy check

As with many other aspects of business, expense management software can ease the burden of managing and monitoring employee expenses, an often tedious and time-consuming process.

Expenses are the complex procedure which has government regulations and involvement of Employee’s personal time and money, hence despite these concerns,  there is a lack of control on ensuring that these expenses are compliant with organization policies.

Xpensys our solution provides benefits to business owners running up a structured organization unit having a set of policies that are applied to their employees.

  • Assistance Imposition: Software is developed to flag and validate the items that are not valid business expenses, limits for all the types of expenses can be set.
  • Role Ease Manageability: Employees use software from anywhere at any time to upload their expenses and their respective receipts which automatically undergoes an evaluation process customized to a business. Managers and Auditors of the Finance Department just have to validate the reports generated.
  • Multi-currency handler: International travelers book their expense in the currency spend, which the software auto convert and calculates exchange rates and gets reflected in the reports.

Most businesses find the implementation of Expense management system to be cost-saving and having better monitoring experience.

Xpensys: Capitalising your business travel expense today

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One of the most important aspects of expenses for a company is business travel . While employees travel they aren’t doing any other task which often leads to less productivity. Thus in order to turn travel expense into a profitable investment somethings need to change.

1. Direct & Indirect Expenses

It is very important to book direct cost while traveling and also non- direct cost like transportation, accommodation, per diems, travel, etc.

1. Planning:

The main objective should be achieved more in your meeting with clients so planning plays an important role because the shorter the trip, the less the expense and the earlier the professional will be back at the company to perform his/her normal functions.

2. Define the goals and objectives as well as possible.

3. Organize Meeting

4. Attend Events

5.Time Management

6.Classification of different types of meetings and events

The main objective of defining the travel route is that one finds the profitable and convenient means of transport and always have an alternative in case of emergency. It is also highly recommended that corporate travelers have a service for emergencies and unforeseen occurrences, provided by the agency or by the company’s travel manager, so that they know what to do in case they have to make last-minute changes and can avoid wasting time, money or business opportunities.

2. Appropriate Tool:

A small investment in software for managing, controlling and supervising Xpensys is paramount to improving efficiency, optimizing time and saving costs.

In an increasingly globalized world in terms of markets and business organization, business trips are absolutely essential for a company’s consolidation, growth, and even its survival. Managing them properly means paying attention to a basic part of business, which can act as a relaunch ramp for any organization.

3. Monitor Xpensys:

The statistics are drawn up to obtain information on expenses during trips. In the long run, this information provides records that will help the company plan the future budget. All this information also makes it easy to control the travel policy and optimize budgets. The statistics can include a long list of expenses. Not only the cost of the airline ticket, hotel or taxi. The list also includes other items, such as the following: Visas and their processing. Currency exchange.

Looking for a reliable IT solutions provider?

Get in touch with us for a free  enterprise mobility solution consultation to know how you can leverage our expertise in web and mobile applications to improve your business for higher productivity and profits.

Source : Xpensys: Capitalising your business travel expense today

How Much Money Can You Really Save With An Automated Expense Solution?

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Employee expenses are often an essential part of running a business. Many will look at the cost as the face value of the expense, but often are unaware of the hidden costs that these expenses reimbursement process brings. The overall cost of processing expense claims can escalate to a surprisingly large number.

The traditional paper-based methods of expense processing are starting to look a little outdated with new automated, cloud-based systems available.

 

So what are the savings that can be made by switching to these methods?

Mistakes happen and as the saying goes “you’re only human”, however, these mistakes can prove to be costly and putting preventative measures in place will help you and the company in the long run. One avoidable expense mishap is duplicated expenses, whether employees have mistakenly submitted the same expense twice or have intentionally submitted a duplicate, your company may be spending much more money on reimbursement than they should be. Unfortunately, when it comes to using manual processes such as spreadsheets spotting these mistakes becomes nearly impossible. That is where employing robust software that will automatically flag any duplicate expenses is essential.

In addition to spotting duplicate expenses, automated solutions make it much easier to enforce policy compliance. You are able to set expense limits for certain categories, expense limits for out of pocket expenses and much more. This means that you have tighter control over how much your employees can spend. If your employees are ever out of policy guidelines then this will be flagged up and managers can spot any mistakes or possible fraudulent expenses straight away.

Manual processes are inherently long-winded meaning that the time spent on creating and submitting the expense, approving the expense and even processing the expense is taking time away from employees doing more worthwhile tasks. Some companies end up having entire departments dedicated to processing expenses. We recently asked some of our customers what was one of the best results they have achieved from implementing a custom build mobile expense solution we built for them and a common answer was that it was allowing their staff to get on with their actual work, while they approve on the go. Implementing a quick and easy-to-use system that takes away all of the manual data entry frees up considerable time for your employees. Additional features like tracking location and auto credit transfers via banks is a cherry on the top.

 

Do you claim GST back on your expenses?

If not you have been missing out and if so you will know how complicated it can be. Without the use of automated solutions claiming back can be a real headache for your finance team. It is hard to fully quantify but when you start to see the cracks in an old expense system it is easy to see how time and money quickly gets lost. Companies invest massively in improving and refining other processes so why not take this approach to your expense management too.

Top Companies Have Stopped Doing Expense Reports On Paper, Here Is Why You Should Too

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Do you find any joy as a business owner going through line item wise all the expenses your team did, and approving them for reimbursement? I doubt there is, time can be spent on thing to get done, but this is a very vital task isn’t it. While managers and team members expect all approvals on time is they want to be reimbursed. Think about it all expenses in handwritten in a sheet of paper with receipts attached nicely, a summary with proof of work attached for approvals.

What is joy, if all of that was on a mobile app with a swipe here and there and all is done! If the computer can take care of any oddities & limits and policies checked even before they can submit the expenses. Managers and team members post their expenses at the ease of their home and not wasting valuable time in the office doing all of this necessary reporting. Wowooo that is Joy full. 

There are plenty of reasons why you should consider switching to an expense reporting solution, but below we’ve come up with the top five reasons why it’s time to finally ditch the pen and paper.

1. Vanishing receipts.

ah, “Sorry mam, the counter did not give me any receipt”, “Lost the receipt on the way back”, “Did I not attach it, Oh crap where is it now”, does this sound familiar, not just their faults alone, have to take care of that tiny piece of paper for entire month, few of them will get lost.

2. Spend 130 bucks. Get reimbursed for 30.  

With paper reporting, this is bound to happen. When you have so many backlogged expenses to record, it’s easy to report incorrect values or scribble numbers that are illegible to managers reading your reports. If you’re not careful, these mistakes can add up, and over time, you may lose out on money that you should have had reimbursed

3. Time is (not) on your side.

Do you really want you, team members, to use up their time on creating the most accurate and beautiful expense report, or really be doing stuff what you appoint them for in the first place? Sales teams, for example, are always thinking of what avenues they can use to find new leads, as well as how to convert those leads into customers. Now, imagine salespeople having to take time out of their day to write down their daily expenses on paper and report them to their manager. This massive time loss applies to every team in a company.

4. Expense Reimbursement takes too long.

The expense approval process does not always mean between two people. A lot many levels of approvals can be involved in departments and different area of operations. This can take even longer when one manager has to approve several reports at the same time. For example, finance teams often have to handle ten times the number of reports that other employees have to handle. If this process were automated, it would only take two days, if its paper-based, hmmm, Really LONG.

5. Double the work for the Finance team.

Finance teams are normally always loaded with dealing with paperwork and dealing with company accounts. Imagine they also now have to reconcile Credit card / Debit card statements, receipts and also book them into correct expense heads and cost-centers, taking the finance team’s energy and resources away from more important tasks. And what if they also had to audit them, I can only imagine their plight during year ends and quarterly results.

Save yourself time and money by switching to an expense reporting solution. We understand one size does not fit all, so our solutions will be tailored according to your needs.

Get in touch with us today. 

3 Useful Tips For A Company To Stop Ruining Itself With Travel Expenses

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Employees out on the road for your company is really a good sign which indicates that the company is going good and is continuously looking to seek a new market and new business opportunities. But the problem associated with it arises when it is not in good hands.  If not managed properly, travel expenses can end up unbalancing the budgets of many companies.

Here are 3 tips on how you can avoid your company from ruining itself with travel expenses

1. Define Travel Expense Policies:

You might have a question in mind why policy? how this can save us from travel expenses?. So the answer is quite simple the travel expense policy establishes the company guidelines regarding the different expenses of their employees when they are on the road looking for new emerging markets. This might sound easy but in actual it is not because travel expense takes into account several variables and situations such as:

1. Collection of receipts and proofs of purchase.

2 .Categories of expenses that are borne by the company and those that are not.

3. Spending limits for each category.

4. Mileage policy.

5. Definition of the specific conditions of international trips.

6.  Determination of entertainment expenses.

 

2. Detection of Fraud:

Internal is not new as it often occurs in travel expense either due to misinformation, error or sometimes intentionally. In order to avoid such activities, it is necessary to monitor and address this type of situation because as time passes the small it turns out to be a major expense leading to a negative atmosphere at work. Fraud can be fought effectively on this basis:

  1. Copious detailing in the expenses policy.
  2. Informing employees adequately.
  3. Through measures of monitoring and control.

3. USING SOME FORM OF AUTOMATED SOFTWARE

With the use of some type of specific expense management software, the processes are automated, thus achieving effective management and making it much easier to monitor and detect fraud. Sometimes the use of these computer applications can be combined with the procurement of specialized consulting services, which increases their effectiveness.

These simple measures, which involve a minimum investment, are crucial for any company that wants to handle the business expenses of its employees effectively and profitably, without wasting resources and working hours.

If you are looking to save your company from getting ruined, have a look at our Xpensys Software that can make a difference.https://www.archisys.co/xpensys

 

Xpensys: Smart Expense Management Software Solution you definitely don’t want to miss!

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Businesses all over the globe have their financial teams waste too much time editing business expense reports to make sure they maintain accuracy, reduce spend leakage and pay employees on time. Xpensys software at Archisys solves all the above expense management issues by providing a globally viable expense solution with the capabilities needed to ensure global compliance and delight employees.

Xpensys, a good idea for your industry?

Xpensys- Expense Management is designed so your organization can easily enforce spending policies, capture receipts, process expense claims and make better business decisions based on timely, accurate data.

1.Manage Xpensys easily with mobile apps:

Create and approve from your mobile device, clear visibility as spend happens including approval workflows, real-time updates with push notifications.

2. Trip Management:

Expenses can be linked to individual or trips. Get trip reports on trip closure directly on mobile devices

 3 Real-Time GPS Tracking:

Approvers can track team members under them, check the history and last known location.

4. Custom Approval Leaves:

Custom reporting structure can be defined and levels of approval all as per companies and business units configurations.

Let us share some light on our Xpensys Software by talking to Chitral Jain, Operation Head at Archisys about what it is that makes expense management software truly cross-sector.

 

Q.1. What do you think it is that makes Xpensys a truly cross-sector product?

Well if you ask me, I will say it’s quite simple really, unlike many other Expenses software out there in the market. Xpensys is incredibly flexible, and that is key. Furthermore, we have also worked with clients in various sectors to understand the spending habits of their employees and as a result, we provide a complete solution that fit their actual needs.

Q.2  How is this different from other systems?

Most systems expect the user to select from a standard list of Expense Types, and these usually have more in common with account code descriptions than items people actually buy. Nobody goes into a shop and asks for ‘Staff Welfare’! We present a list of items that people recognize, and then we ask simple questions designed to make sure we can accurately post the expense.

In all these cases, and many more, we have worked with clients to identify their core challenges and then configured the software to match their needs, offering accuracy and efficiency beyond the scope of other products.

The only way you can know about it is by getting in touch with us now. Yes ! you heard it right book a 2-hour free consultation with our team and let them take care of all your problems