While end-of-month may be just another workday for most employees, it’s far from a cakewalk for the finance department. It means chasing down expense reports and accompanying receipts, tediously trying to vet each report for mistakes or fraud, authorizing payment and reimbursements, and ultimately spending way more time on activities that you really wish could be done faster.
No matter what you do, there’s never enough time to do everything that needs doing, and you’re ultimately forced each month to make decisions about what you can afford to spend your time on. It’s not what you’d call an optimal situation.
An incomplete solution
Many companies turn to expense management software to help mitigate the end-of-month insanity. The problem, however, is that nearly every software suite still requires you to process expense reports manually. There are a number of obstacles involved in trying to manage expenses manually; here are the main four:
- It’s a time suck
- It’s prone to error
- It’s vulnerable to fraud
- It doesn’t offer real-time expense visibility
For organizations hoping to reduce workloads for their finance team, these platforms are going to fall short. What you need is something that can do some of the work for you, and only one expense management software suite can offer you that kind of automation: Divvy.
The benefits of Divvy’s automation
Through automation, Divvy does what no other expense manager can: it eliminates the need for expense reports. Beyond that, it removes the above-mentioned obstacles, streamlines business processes, and allows you to get back to revenue-generating activities faster. In other words, it makes your job easier.
The Divvy platform does this in a couple of ways. First, it tracks your expenses as you make them. This allows purchases to be assigned to an expense account at the time of the transaction, and it records the expense in real-time. So at the top of the list of benefits is an accurate insight into expenses.
Next, since Divvy tracks expenses as the purchases are made, it’s already collecting a report for you. So when the month is over, your employees don’t have to bother with the time sink of writing an expense report or assigning each purchase to a category.
Then, we help you dodge most fraud attempts, both because Divvy doesn’t record false purchases and because it accurately records inflated charges. It also removes the human element, which takes care of errors and unintentional mistakes.
Finally, because you can have more faith in the system being used, finance managers can spend less time reviewing expense reports and more time making informed financial decisions with real-time data.
Automation and more
If you’re looking for a platform that’s capable of all of the above and more, sign up for a free demo with Divvy. Divvy includes tools that can help you budget, access to amazing travel deals, plus physical and virtual credit cards (with spending limits). Best of all, it’s free to use, so give us a try. It’s the most secure payment platform you can use, and we’re helping businesses spend smarter every day.