All businesses need a system to accurately track their expenses. Without it, they would not be able to keep reliable records and would likely soon find themselves in financial trouble.
To track expenses, most businesses rely on some form of expense management software. However, not all expense management software options are created equal.
Some offer more and better tools, providing some significant advantages to their users. One such example is expense management software that’s powered by AI.
What Is AI-Powered Expense Management Software?
Through the use of AI, the software is able to handle more complicated operations, much more than your typical spreadsheet-based software options.
It also learns more about its users over time, making operations even faster and more efficient as you use it longer. Below, we’ll outline some of the major benefits you can find in AI-powered expense management software.
Faster Expense Tracking
The first major benefit of AI-powered expense management software is that it allows users to more quickly track their expenses. Anyone who has spent time manually entering all their different expenses knows how much time it can waste throughout the day.
With this more powerful software option, you can do things like submit receipts with a single click on your mobile device. You can also sync your mobile and desktop applications, allowing you to complete expense report tasks from anywhere.
Ensures Policy Compliance
In some cases, an employee may submit an expense that your business does not cover. When this happens, it may take some time to discover it. You then need to spend more time undoing the mistake.
With AI-powered expense management software, it will automatically check all submissions against your current expense policy. It ensures compliance, not allowing any expenses that don’t fit your requirements. This saves everyone time and ensures your business isn’t reimbursing for additional expenses.
Track Mileage Automatically
If your business reimburses for travel, having AI-powered expense management software can greatly improve your tracking process. Some software options use GPS to accurately track the miles traveled and record them in your expense report. It can even calculate the cost based on different types of vehicles.
The person in charge of approving the expense reports can also view a map of the travel before approving and ensure that it is accurate. With the help of AI, you and your employees no longer need to spend time adding up miles or trying to calculate just how much you spend on gas.
Automate Reimbursements
Another important part of expense management is sending out reimbursements to your employees. Whenever your employees spend money on business-related expenses, you need to reimburse them as soon as possible. With AI-powered expense management software, you can automate expense claim reimbursements.
This improved software allows you to directly transmit payments to your employees’ bank accounts based on approved expense reports. Your employees will certainly appreciate the improved turn-around time on reimbursements and you’ll appreciate not having to send out each payment manually every time an employee spends money on your business’s behalf.
Quickly Prepare for Audits
Finally, AI-powered expense management software helps you to quickly perform any audits. It’s easy to search through all of your records, finding any expense or receipt stores. You can also generate reports based on your specific requirements and see just the information you need.
If you’ve ever spent time trying to find a mistake somewhere in your records, you know how much a hassle it is. And even though AI-powered software makes these mistakes much less likely, they may still happen. When they do, you’ll want a system in place that makes it as easy as possible to perform an audit and find the mistake. This improved expense management software does just that.
Making Use of the Best Software
If expense management is a major part of your business, you deserve to have the best available tools to help you with it. Take some time to assess your current expense management software and see how quickly you can perform your necessary tasks with it.
If you feel like you are spending too much time on expense submissions, reimbursements, reports, and audits, then you may benefit from AI-powered expense management software.
Then, it’s just a matter of finding the right software option for your organization and spending time switching over to the new software. With the number of benefits you can get from the switch, though, it’s likely worth your time and effort.
