Technology has changed the way we do things–and this includes how we buy. For your organization, you may feel this change as your own employees exhibit a shift in their buying behaviors, which affect spending, expenses, and visibility.
When it comes to employee-initiated spend that occurs as they perform their jobs, things have changed. Like travel and expenses, employee initiated spend also contribute to business operations, and the bottom line. However, due to the changes and technological advances we are experiencing today, visibility becomes a more pressing concern, on top of course of timely recognition and reporting of expenses.
We all know the drill: purchases are made, payment disbursement needs to occur, reports should be filed and reimbursements need to be submitted. However, it’s not as easy as it sounds, as financial managers would tell you. It’s actually a game of juggling expenses, accruals, deadlines, credit card transactions, and so many more. This is why expense reporting tools need to be more advanced and intuitive than ever.
Visibility is a Must in Expense Reporting
This is because visibility can become a problem that can snowball into bigger issues that can affect reconciliation and budgets in the long run. Through manual methods and legacy systems, it can be hard to reconcile expenses in a timely manner, and of course, there’s a matter of accuracy and compliance. This can affect margins and budgets, not to mention major confusion as to the actual expenses.
To gain better visibility, a new breed of expense reporting tools must be put in place. They should have the following features, to start with:
- easy access to dashboard that report on the get-go multiple aspects of the spend on the current period
- timely alerts as actual spend nears the budget ceiling
- easy review of corporate credit card transactions on a daily and weekly basis
- integrated spend categories with insight into upcoming spend
Choose Gorilla Expense
Good news is, Gorilla Expense can help you gain more visibility into spend without any hassle. It seamlessly works with the systems that you already have and you can use it to gain more visibility, insight, and control.
For one, it’s a paperless solution that allows you to have a digital bird’s eye view of everything you need to know when it comes to expenses and costs within a given period through the dashboard. It gives you the big picture. At the same time, it also allows you the option to easily take a deep dive into the details, such as spend by department or by employee, spend by category, credit card transactions, air travel bookings, hotel rates, and many more.
As for alerts, Gorilla Expense notifies you promptly when you approach a certain spending limit you have set on a particular budget item. Having Gorilla Expense also allows you to get valuable and first-hand insight into upcoming spend by tracking costs, such as hotel rates or booking costs. Employees can also have an easier time using their corporate accounts because you can easily send your reports and expenses to the finance department in real time, through Gorilla Expense.