The corona virus outbreak is not just a health crisis but an ecnomic one as well. Global economy is trying to see whether the corona virus pandemic will roll out a financial blow that’s likely to be equal or worse than what it experienced during the Great Recession. Financial discipline is one of the important survival measures for the companies to tackle this issue at micro level. Employee's expense is one of the major cost overheads that concens most businesses.
The level of competition for reasources and comodities at the market has become extremly intense. And as the competitiveness of the industry has soared there's been a lot of pressure on the bottom line for companies too. In this current market scenario, as much as it is important for them to grow their revenues and their Top Line, It's also become very important for them to increase their bottom line. And one of the best ways to increase your bottom line is to manage your expenses better. And make your organization's more efficient and increase the productivity of employees. Expense management is one of the powerful strategies for companies to increase the bottom line. And this is the reason why expense management is strategic for all companies.
Expense Management – Powerful Strategy
Keep in track of Employees expenses manually is extremely time-consuming . Recording employee expenses , maintaining receipts and records as well as tracking their associated accounts is a tedious process. Manual expense management is overtly process oriented and had involvment a lot of manual hours . A fully automated expense management would be the best solution for your company in case care for your bottomline and overall perfomance.
Automate with Odoo
When you think about fully automated expense management solution you may require intuitive user interface. Intuitive GUI will make sure that the employee is not spending too much time learning how to use it and able to use the solution very and its adoption rate is very high. there's no point in having a solution where very few people are using it because expense management is only effective if every one is entering expenses through solution. GUI should be designed in such a way that employees should not waste too much time in figuring out how to use it rather than using it. There should be substantial time saving and use that time for more productive work. In Odoo, managing your expenses is much easier than before.
When an employee is traveling abroad it will generate a lot of bills in his hand to claim. And if his travel becomes more frequent there will be multiplier effect. By automating travel requisitions and capturing all expense using an expense management solution an organization can able to eliminate extra burden of keeping track of expenses done on the trip. Any automation makes it harder for employees to inflate expenses and far easier for companies to detect fraud. Automation helps to reduce expense reporting time and makes employees’ reimburse Faster. Considering all these, it is obvious that Odoo keeps everything in one place.
Real time management is Possible
You need to have a Mobility solution because today we spend almost 70% of our time on a mobile phone very little time on a laptop or desktop. So if you really have people traveling a lot , they will always have a phone with them. It's very important to have a robust Mobility solution because it allows you to manage expense on real-time basis. And this is becoming a reality in today's world because people want speed they want things to be done now. So employees should be able to submit expenses on the go by snapping a picture of their receipt with their mobile phone and sending it to an email address or directly enter into system in single step, It should automatically create an expense record for the total amount and attaches the image of the receipt to the record instantly. Odoo can be accessed from anywhere in the world using your phone.
Expense management software should be able to manage the expenses of multiple companies and currencies which is perfect for keeping our international team and contract employees in sync with our local offices. The expense Management application also need to integrate seamlessly with the accounting application so we can issue reimbursement for our employees in just two clicks. This saves our time as as well as keeps all of our financial records clean and easy for the accounting team to review.
We should be able to even designate the analytic account of a client project. If expenses are to be reimbursed directly by the client adding each expense as a line item to the customer invoice without any additional work from our accountants.
In today's environment organizations need a solution where it is easy for them to boost employee benefit process and the productivity and also reduce costs overheads incurred on Manpower Logistics. Because employees are going to be driven by the compensation and benefits and if u can manage the benefits powerfully it will add to the productivity as well. Thus Odoo benefits for total productivity of your firm.
Have a clear view of all your expenses
An Expense Management solution definitely need Analytics and multiple formats of report. It is important to figure out what are the different ways you can optimize your cost for them. If you're spending too much money with one particular Vendor, may be you can negotiate a better rate from them so that you can reduce the cost for that particular line item. Analytics becomes more and more important when there are a large number of employees and this team’s spent is large.
As the company grows in size, the amount of money spent on employees will go up. The settlement ratio, the time invested in verification of spend data is also increasing along with this, policies and level of complexity is also go up. If company is in the growth stage it might need a real-time settlement dashboard. That means for companies in a growth phase it is important to manage company finance Judicially to take more informed business decisions. Real-time settlement gives a detailed view of employee expenses against the company allocated funds and avoids confusion between departments over report. For a growing business , it is very important to manage the working capital efficiently. employees expense is one of the major cost overheads for almost all business . So we need to have a solution which automate the whole cash distribution and has to mitigate discrepancies like cash leakage fraudulent activities and brings visibility by automating the employee reimbursement process. It’s the role which Odoo plays in your business.