Expense tracking solutions have evolved a lot over the last few years, transforming from simple reporting tools into platforms of automation and artificial intelligence.
These sophisticated expense tracking software solutions are quickly becoming indispensable tools for all firms, regardless of size or sector.
Adopting Expense tracking software has a number of advantages, including reducing losses from expense fraud and wasting resource time. The rate of adoption, on the other hand, must keep up with emerging industry trends.
Various advancements in expense management methods have already been made, with a projected 12 percent market increase from 2019 to 2023, including:
Accepting spend outside of preferred channels, digital transformation, cloud hosting, user-centric interfaces, and accepting spend outside of preferred channels As we continue to witness advanced developments in software capability, this tendency is expected to continue.
Here are three significant trends that are poised to become ingrained in corporate operations:
- System Integration
Most commercial information systems share a lot of data, so connecting all of them in one place and ensuring data integrity makes sense.
This year, expenditure management software is projected to start combining previously disparate procedures into a single, seamless system that includes bank accounts, credit cards, accounting, payroll, CRM, and more.
When these systems are properly connected, transactions may be submitted directly without having to manually re-key data across systems, making reconciliation of bank accounts and expense reports much easier. - Mobilization
Many organizations are recognizing the value of mobile applications and accessibility in an increasingly mobile-friendly world. According to a 2018 study, 47 percent of businesses consider mobile expense reporting software to be critical.
With the ability to submit and approve reports from a smartphone, expense management software is already beginning to meet this need. Mobile applications will become more intuitive and responsive in the coming months and years, resulting in more usage and fewer errors. - AI (Artificial Intelligence)
With the advancement of AI and machine learning, products like expense tracking software will become more sophisticated. With more sophisticated categorization of expense kinds and a better ability to assign expense general ledger codes depending on submissions.
By monitoring, recording, and authorizing spending, AI-powered automation is intended to reduce bogus expense reports. Compliance-related issues would be recognized and eliminated right away.
In Conclusion
While substantial advances in expense management methods and technology are being made, many businesses are lagging behind when it comes to automating travel and expense operations. Keeping your expenditure management operations efficient doesn’t have to be difficult. With the appropriate solutions, you can have complete control over your business expenses while also providing role-based access for added protection.
There are many different types of Expense tracking software on the market to pick from. The majority of them have been designed to work in tandem with SunSystems. Its customizable and adaptable workflows increase reporting and give vital audit trails to help you optimize your cost management processes.
