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There are certain needs that your company’s teams have that help them achieve their goals for growth, success, and impact. Each team is different, as they’ll have different requirements in order to do this. Your financial teams might need advanced software or tools to help them arrive at exact conclusions so that profit and loss, revenue, payroll, and so much more are accurate to the penny. Your marketing team might need to get creative with their campaigns and provide options or activations that are not within their normal window of capabilities. Your sales team likely has the greatest area of wiggle room, as they need to travel much more frequently, and they’re entertaining clients to ensure a positive relationship and display gratitude for their business. Their budget and expenses are likely a bit more expansive to fit those needs, which means that there’s a great deal of requirement to monitor this spending to ensure that it fits in with your company’s regulations.
Managing these expenses can be a tedious process, as each team will need to be held accountable in managing these budgets and ensuring they don’t exceed their limit. Additionally, your financial team will need to approve each and every one of these spends to be sure that it aligns with the business case and to reimburse the team member in an appropriate time. In our busy digital world, you company needs a digital solution to this part of the business to ensure that processes are as streamlined as other procedures and that your teams don’t spend too much time analyzing this data.
With Zoho Expense, you’ll have capabilities for every team to find the balance between what’s been spent and how it matches with your bottom line. Here are just a few ways the tool can expedite your processes while also making it easier for all of the teams involved.
You can say goodbye to the days of taping your receipts to a piece of paper, scanning them, uploading them, then sharing additional data manually when it comes to submitting your expenses. With Zoho Expense, your teams can easily capture the receipts via their mobile device and information will auto-fill into the form based on the information that’s already there. This saves everyone time, and you can trust that the information provided will be accurate and easy to identify.
For those that use company funds often to fulfill the needs of their business, like sales and marketing, it’s likely that they have their own corporate cards to simplify the process of reconciliation and processing. Zoho Expense can also cater to these specific cards by directly linking the activity line to the app so that the processing is even easier for those that need the process the spending and approve the transactions, saving all parties valuable time and energy.
While every business and department needs are likely different, you’ll need a product that can satisfy your specific requirements and those that will be using the product. With Zoho Expense, you’ll be able to set up the natural order of who needs to approve the expenses and the order in which the request is sent through. Each person will be able to receive automatic notifications when it’s their “turn” to approve the expense for it to ultimately get processed.
Each department within your company likely has a limit of what they can spend for traveling and other expenses, and that limit is dependent on team, but either way, Zoho Expense makes it easy to set those limits and guidelines so that your team members know when they’re approaching their limit and how much they have left to spend. Not only will this alleviate uncomfortable conversations in the future about overspending, but your approval team members will also be appreciative of the communicated expectations.
It’s common for all of us to get a little nervous around tax season. We can be as dedicated and diligent as we can with this part of our financial management, but there’s always a little bit of worry that we let something slip. With Zoho Expense, the tool will easily provide a report for you so you can see everything that’s been done for the year, and you’ll be able to avoid anything suspicious or incorrect when it comes to tax season, which will also alleviate more time spent in tracking and analyzing.
Managing expenses is just one part of the job for your accounting team, so they’ll likely appreciate that Zoho Expense can be integrated with any other financial software they’re already using to manage other financial arms of the business. This will ensure that nothing slips through the cracks with expenses, and the broader expenses line in the financial breakdown of the company will be able to fit seamlessly with the rest of the business.
Your business also relies on other applications to run the successful business that it is, and depending on the needs of your employees, they probably use other apps in their regular life to maintain their own practices, and often those align, like travel apps, financial apps, and even productivity tools, so having those features integrated with your Zoho Expense will make everyone’s lives that much easier.
Managing the extra finances spent from your teams can be a tricky task, but Zoho Expense makes the consolidation and approval processes easy to use and practical for all parties involved from the spender to the final approver. With mobile capabilities, your teams that are already busy and on-the-go can take care of their expense organization no matter where they are easily and quickly so that they can focus on the work that they were hired to perform.