Tracking employee expenses is a tedious activity, and as compliance requirements become more complicated, many finance teams are shifting away from general spreadsheets. All while expense data continues to grow. In addition, there are several pain points associated with a manual expense reporting system like excel.
However, many professionals are still on the fence about transitioning to a Cloud ERP like Yfos. And the reasons have less to do with budgets and software. It’s all about usability.
Why are companies still using Excel?
A lot of small businesses continue to use Excel out of habit and convenience more than the utility. Everyone, from life-long employees to new hires, knows at least a little bit about how to use spreadsheets. And most people have access to the program from their phone and home computer, not just the office.
But while it’s true that Excel or a Google Sheet is accessible and versatile, it’s hardly effective as an expense management tool. This is especially true for businesses looking to grow.
Then, why is Excel considered the «easiest» option?
Using spreadsheet programs like Excel or others requires an intensive manual process. As a result, they are prone to error—and Excel is no different. For expense reporting and AP processes, this makes upgrading from Excel and spreadsheets even more critical.
The First Step to Better Expense Reporting with an ERP
The first step towards high-powered, high-value solutions to manual data-entry woes is more than digitization.
Shifting to an enterprise resource planning (ERP) system like Yfos Cloud ERP provides various benefits. First off, these programs are often elaborate and highly customizable, making it easy to match your specific expense management process to this digital tool.
At the same time, these programs have been shown to have a measurable ROI. Around 95% of businesses saw improvements from implementing their ERP solution, and 82% saw ROI in their expected timeline.
On their own, most of these platforms have limited automation capabilities. But they work with specific, customizable integrations. Most of these additional software options are also easy to find.
We can’t speak for every department, but we do know what a best-in-class expense management solution looks like.
What Features Do You Need for Efficient Expense Management?
For expense tracking, a finance team will often benefit from a third-party integration with the following features:
- Ability to link expenses to an expense category
- Employee self-service options for uploading expense data
- Customizable expense reports
- Cost allocation per project, department, and other categories
- Multi-level approval
- Automate expense report generation
- Accurate mileage capture
All of these specific features reduce the workload for your finance professionals and employees while streamlining the process. Ideally, they will also offer an employee time-tracking application, so you can capture payroll costs in real-time.
But the big differentiator is usability and scalability. Your team should easily be able to understand and use the software. Furthermore, you need an integration with a sound support system to make it work.
The best part? The automated nature of these solutions means it’s easy to scale.
YFOS Cloud ERP can help you streamline your operations and create a highly integrated organization. However, you need to carefully plan each step of ERP implementation to increase the chances of success and eventually generate a higher ROI.
If you need any advice or quotation please contact with us:
Ask for your demo: https://bit.ly/3yB74KK
More information: info@yfos.com.mx
Phone: + 52 (1) 8118656617