Time savings and improved efficiency:
Automating expense management tasks reduces the time employees need to spend on them, allowing them to focus on other essential business areas. Additionally, automated processes are more efficient than manual ones, which can improve the speed and accuracy of expense management.
Cost reduction:
Expense management automation can help reduce company costs by minimizing errors and fraud, ensuring that expense policies are met, and avoiding unnecessary expenses.
Improved visibility and control:
Expense management automation provides greater visibility and control over company expenses. Managers and finance personnel can access real-time information about company expenses and make more informed decisions.
Regulatory compliance:
Expense management automation can help ensure the company complies with expense-related policies and regulations, reducing the risk of sanctions and fines.
In summary...
Expense management automation can help companies save time and money, improve efficiency, increase visibility and control, and ensure regulatory compliance.
Benefits of EMA
Expense management automation has several benefits, including:
Monobank
Ukrainian neo banking, is one of the top fintech apps in this field because managed to combine main digital banking features with a user-friendly interface, fast payments, easy credits, and bonuses like cashback, and giveaways in the app. Monobank has no physical branches and is based fully online without physical branches.
Related apps
MoneyLion
The most recognizable example of mobile banking worldwide, its developers emphasized the user-friendly interface and overall comfort of using its services, despite the fact that it targets a young audience it won't be a problem to operate an app for grown-ups or even the older public.
NuBank
NuBank is probably the most successful combination and illustration of precious cases. In fact, it provides similar features like a free account, easy-to-use design, investments, rewards for the users, etc. Its main advantage is that its number of clients it's about 40 million and the possibility to operate so many users
Robinhood
They skipped the web platforming and started directly with a mobile app, they provided stock market options and they added a crypto assets marketplace within an app, they increased their proposition into a digital wallet feature, known as Robinhood cash card they transformed their product from the stock market into a multilocational fintech mobile app
What does EMA mean?
Expense Management Automation is a process by which companies use technological tools to simplify and optimize the management of their business expenses. Expense management automation involves using software to automate manual tasks for capturing, tracking, approving, and reimbursing business expenses.
Some tasks that can be automated with expense management include capturing receipts, assigning expenses to specific categories, reconciling payments with credit card information, and approving and reimbursing costs. Automating these tasks not only reduces the amount of time and effort that company employees must devote to expense management but also helps to prevent errors and fraud.
Automated expense management can help companies improve efficiency, reduce costs, and improve compliance with expense policies.
Disclaimer: the information provided is for informational purposes only and is not intended as a recommendation or endorsement of any particular product, service, or course of action.
Expenses Management Automation - EMA
“IT expense management software is programming that provides an organization with full visibility into what budget is being spent on information technology. Full visibility includes how much budget is being spent, why it is being spent and which department has authorized a specific purchase.”
Technopedia
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Examples of EMA:
An example of how expense management automation is used is a software solution allowing employees to submit their expenses through a mobile application. Once the expense receipt is captured in the app, the information is automatically sent to the company's expense management system.
From there, the expense approval process is automated. The manager or supervisor responsible for the company's budget receives a notification about the expense request and can approve or reject it directly from the app.
If the expense request is approved, the employee will receive a notification that the expense has been accepted and will be reimbursed according to the company's expense policy. The reimbursement process is also automated and done through the expense management system.
The expense management solution can also be integrated with the company's credit card information, allowing for easier expense reconciliation and reducing the need for manual adjustments.
In summary, expense management automation simplifies and streamlines the expense submission and approval process, reduces errors and fraud, and increases overall expense management efficiency.
