A Quick Look at Expense Management
We know we might be preaching to the choir, but it’s worth outlining what expense management is - and how it works. The process involves everything from an initial purchase, to submitting the expense, approving it, reimbursing it, and keeping the record on file. If all of that is done manually, it can take up a significant amount of time and lead to frustrated employees, a very busy finance team, mistakes, and potentially even expense fraud.
For all these reasons, manual expense management systems are losing their appeal and businesses are increasingly choosing automated solutions that are fit for the digital era. This shift isn’t just happening in expense management either, digital transformation and uptake is picking up pace in many other areas of business.
The 2021 Better for Business Report from the Ministry for Business, Innovation and Employment (MBIE) found that the number of New Zealand businesses using cloud accounting software has increased by 40% since 2017, and the use of cloud payroll software has increased by 62% since 2017. Overall, 57% of businesses acknowledge that there’s room to improve their efficiency and productivity in a digital world, and smart software is a big part of that.
So, how Xpensme can help your business?
When it comes to choosing the right software solution for your business, it’s important to take a close look at the details. Not all expense management software is created equal and there can be significant differences in cost, scalability, and available features.
Xpensme has been designed to help New Zealand businesses save time, money, and future-proof their systems. It’s a smart software solution that lets you manage your company expenses online or through our intuitive app, streamlines your processes, saves your employees time and hassle, and gives your finance team peace of mind and visibility over spending.
The platform is packed with helpful features for businesses of all sizes. It offers real-time receipt capturing, automated coding, customisable limits for different spending categories, detailed and timely reporting, full integration with existing accounting systems, and customer support if you ever need it.
Xpensme lets your business load funds to your wallet that can then be used by employees, so there’s no paying back the credit card or incurring extra interest. You can issue your team with plastic or virtual cards, with limits in place to minimise risk and maximise transparency. Our card technology uses Mastercard, which is accepted right around the world for contactless, chip-and-pin, and online payments.
The pricing is another thing that’s hassle-free. Unlike local or on-premise solutions which can come with complex pricing and fixed contracts, Xpensme lets you choose from a monthly, six-monthly or annual subscription, based on the number of cards your business needs and the billing option that best suits you.
