How Can Clarity365 Give You a Greater Element of Control?
Are you wondering how Clarity365 gives you a greater element of control as a business owner or administrator? Our specially curated blog series focuses on key aspects of the newest Clarity365 suite version, introducing you to our expense management module, ClarityExpense and guiding you on how to get started.
What is Expense Management?
Expense management refers to solutions that process, pay and audit employee-initiated expenses. Often, employees make business trips or purchase products and services on behalf of their company. Expense management monitors employees’ spending and facilitates reimbursement of any costs incurred.
All companies need to manage expense reports and it often comes with challenges. Some companies still do expenses through individual receipts and spreadsheets – generating more issues than they solve by not having the appropriate tools to audit and create reports, and often lacking the detail required.
Expense management software plays a vital role in reducing the risk of human error by automating and digitising expense claims and reimbursements. Our solution, ClartiyExpense, simplifies and automates a business expense entry, eliminates paper trails, and reduces administrative efforts by saving time on repetitive tasks.
Why is Expense Management Important?
Every company with employees who conduct business outside of the office must capture the expenses incurred, making an expense management solution essential. Even paying for a client’s lunch as a sales manager needs to be documented as proof, approved and reimbursed. However, submitting expenses in large volumes can become repetitive and tedious, not to mention the possibility of making mistakes.
Below, we have outlined how our expense management software can benefit your business, large or small.
Reduction of Time Wasted
ClarityExpense reduces the amount of time your employees spend on time-consuming tasks, such as manually entering a report and attaching receipts. These processes are as laborious as inefficient. If employees do not complete these manual reports on time, this may lead to issues with your internal accounts, employee reimbursements and billable deadlines. Automating this process increases compliance and auditability whilst decreasing the occurrence of potential errors and fraud.
Submit and Track Receipts
Many of us have experienced the nightmare of old receipts that have become faded and worn. ClarityExpense utilises Data Clarity’s bespoke technology, allowing you to scan invoices, upload receipts and submit expense claims in just a few clicks without printing.
Automated expense solutions make it easier for your company to monitor spending and give you the power and visibility to analyse expenditures. Businesses need to measure expense claims for assessment and potential reduction of their companies’ costs and spending.
Increased Employee Satisfaction
Simplifying your company expense process makes the life of your employees easier. For example, automated expense management software reduces the number of complaints about complex expense processes. Suddenly, the back and forth of various email threads of queries or people requesting updates disappear. As a result, engagement and productivity increase whilst enabling you to build a greater level of trust between employees.
Fraud is something you hope not to encounter. Still, there are internet risks with some business processes, as individuals may not follow company policy, or human error can contribute towards the exposure of company financial losses. Automating procedures helps reduce critical risks and creates a digital audit trail, increasing compliance for HMRC. A digital audit trail contains the entirety of records that document each step in a business transaction, such as invoices and receipts.
By using ClarityExpense, businesses can make expense claims on the go. Add general business expenses in seconds no matter the cost or currency, get expenses authorised promptly. Our key features include:
- Add expenses and attach receipts via desktop or mobile in seconds.
- Claim expense in multiple currencies.
- Assign expenses to clients and bill them for your time.
- Send items for approval with one click of a button.
- Use approved HMRC GL codes or add your company business codes to achieve full compliance in expense claims,
- Claim mileage expenses in multiple ways
- Export data to all standard formats
To see results for your company, contact Clarity365 for your free trial and demonstration today.
Clarity365, powered by Data Clarity, provides you with the ability to manage your business at any time or any place. We provide you with a single platform suite that includes easy to implement tools for expense, time and absence management. Thus, increasing your businesses productivity, level of control and profitability.