Symptoms that you are not managing your company’s expenses well

Keep track of the expenses of a company It is not always an easy task, especially in small and medium-sized companies. The lack of specialized personnel or time are usually a burden to keep this fundamental aspect for the development of any business project up to date. However, technology offers solutions that they automate many of the tasks that previously required more resources. An example is Factorial Expenses, an expense management solution that has already allowed its more than 350 clients to save more than 27 hours a month, thanks to its software that automates Human Resources management.

There is no excuse anymore. If your company has the following symptoms, It is time to rethink expense management with specialized software.

  1. Analog management of company expenses: Many companies still choose to have a dedicated person to read each receipt and fill in the information in an Excel spreadsheet. In this way, they dedicate time and personnel to tasks that can be easily automated with expense management software, especially in SMEs. Updating old processes will make us a modern company, more aligned with the current needs of our customers.
  2. Decisions based on perceptions: Databases are a very valuable source of information for decision making. Ignoring or underestimating these sources distances us from reality and from the objectives. On the contrary, unifying financial information in a common database allows us to have a global vision of the company’s budget and to be able to make decisions with greater precision, in addition to gaining efficiency in our day-to-day activities.
  3. Platform diversification: Working with different bank accounts and payment methods and collecting invoices on different platforms (Excel, emails, on paper) make team leaders lose the global vision and compromise the tax declaration (remember, you need to reveal the financial activity for all your workers using tax forms w-3), aspects that are especially sensitive in small and medium-sized companies Business. Centralizing expense management with specialized software is synonymous with less workload and always up-to-date analysis. On the other hand, access to all the information on a single platform avoids duplication of expenses or fraud attempts.
  4. Paternalistic relationship with employees: The internal bureaucracy of the company’s expenses supposes an avoidable wear and tear on the worker. Through expense management software, which can be integrated with the company’s own ecosystem of programs and tools, we not only encourage the responsibility of our professionals, we also empower them within their own jobs without sacrificing control of expenses.

In short, if your company meets these four symptoms, you should consider introducing an expense management solution.

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