What is the impact of integrating your ERP system with your expense management solution, you ask? According to research by the Aberdeen Group, the impact is clear:
- Costs related to expense processing decrease by 33%
- The rate of expense report compliance with travel policies increases by 34%
- Reimbursements are 35% faster
Integrating your ERP software with your expense management solution positively impacts all business processes. Below is a look at the importance of integrated systems, and the benefits for your business.
The power of integrated ERP and T&E
By integrating your ERP system with your expense solution, you overcome challenges that T&E managers face with regards to keeping travel costs under control and business travellers happy.
- Don't waste time with manual processes. Integrate and automate your solutions to gain the power to identify new saving opportunities.
- Increase travel policy compliance by automatically preventing and eliminating fraud and human error.
- Get better visibility with your aggregated data and identify new opportunities.
- Gain more control through better data. End-to-end expense management integrated with your ERP improves decision-making with real data.
1. Informed decision-making for spend
Integrating your ERP solution with your expense system provides real-time visibility into company spending, allowing immediate action to prevent budget overruns. With up-to-date information on cashflow, you can make informed decisions about fund allocation.
Furthermore, integrating your ERP solution with your expense management system provides an opportunity to identify potential instances of fraud or human error. With real-time data at your fingertips, you can quickly spot any irregularities and address them before they become significant problems. This not only safeguards your company's finances but also ensures that your expense management processes are efficient and accurate.
Access to data from both your Finance department and your business travellers allows you to gain a comprehensive understanding of your company's spending patterns. By analysing this data, you can identify trends, patterns, and potential cost-saving opportunities. Armed with these insights, you can negotiate better deals with vendors, take advantage of economies of scale, and ultimately decrease your travel costs.
2. Better cashflow management
Having a real-time view into your cashflow is crucial for effective cashflow management. With the integration of ERP software and your expense system, you can monitor your cashflow in real-time and take immediate actions to remedy any overspending. This enables you to have better control over your company's finances and make more informed decisions about fund allocation.
In addition, the integration of ERP software and your expense system allows you to gain a comprehensive understanding of your company's spending patterns. By analysing this data, you can identify trends, patterns, and potential cost-saving opportunities. Armed with these insights, you can negotiate better deals with vendors, take advantage of economies of scale, and ultimately decrease your travel costs.
Integrating your ERP software with your expense management solution not only provides a real-time view into your cashflow but also allows you to detect and prevent fraud or human error. It enables you to take immediate actions to remedy over-spending, make better decisions with your money, and gain a comprehensive understanding of your company's spending patterns. By harnessing the power of integrated systems, you can effectively decrease your travel expenses and optimise your overall financial management.
3. Decreased travel costs
Combining your ERP solution and expense data with your expense policy not only increases your purchasing power but also opens up a world of possibilities for cost savings. By having access to more data, you can negotiate better deals with vendors and suppliers, leading to higher savings for your company.
Imagine being able to analyse where your employees are spending money during business trips. With this information, you can identify areas where you can take advantage of economies of scale. By consolidating your travel expenses and negotiating with travel vendors based on the volume of business, you can secure better rates and discounts. This not only saves you money but also gives you more negotiating power when dealing with travel vendors.
Having access to detailed expense data also helps you identify areas where you can streamline your business processes. For instance, you may discover that certain expenses are being duplicated or that employees are consistently overspending in certain categories. By addressing these issues, you can optimize your expense management processes and ensure that resources are allocated efficiently.
Integrating your ERP system with your expense solution is easy and efficient, with the right partner. While not all solutions are ERP or HR-agnostic, Mobilexpense can integrate with any solution. Get in touch with us now to discuss your expense needs and find the best solution for you.
