Expense management is one of the most important aspects of running a growing business. Get it right, and everything falls neatly into place. Get it wrong, and it’s chaos.
So, what’s the best approach to handling it?
Well, as huge fans of cloud accounting, we urge our clients to put Xero at the heart of their business. It should act as the financial hub to and from which everything else is connected. And expense management is no different.
The Xero Expenses feature works seamlessly with the core Xero accounting function to help you capture, track, and manage expenses with ease. Here’s how:
How does Xero Expenses work?
● Using the iOs and Android apps, you and your employees can snap photos of receipts and submit claims for work expenses directly into Xero.
● The software is smart enough to grab the relevant information, meaning an end to manual data entry, costly errors, and tedious paperwork.
● Lines can be itemised to charge multiple accounts within one claim.
● An authorised approver then reviews and approves the expense claims, before paying and reporting on them.
What are the benefits?
By using the Xero Expenses feature, you’re further integrating a key function into the overall cloud accounting process, reducing time and money spent on submitting and processing claims.
But the benefits don’t end there. In fact, here are five more:
1. Improved visibility
A manual or email-driven expense management workflow can leave vital information spread across various departments and bloated inboxes. Switching to Xero Expenses puts the most important information in one place, so you always know where you stand.
2. Simplified submissions and communication
Employees can capture costs as they happen. As soon as they have a receipt in their hand, they can take a photo with their smartphone or tablet and submit their expense. They’ll also be kept up-to-date on their claim via push notifications, avoiding unwieldy email chains.
3. Practically paperless
Thanks to the simplified submissions, you and your employees can wave goodbye to drawers, wallets, and purses stuffed with receipts. Snap a photo and discard the receipt. Everything’s recorded and easy to find at a later date.
4. Real-time tracking (from anywhere)
With one login, you can access valuable real-time reports and in-depth analytics to identify patterns, plan for the future, and make the right call at the right time. And you can do that from anywhere, at any time via your phone, tablet, or computer.
5. More control
Company and user permissions give you total control over who can view, submit, and approve expense claims. This is especially important as your business grows and you wish to delegate, while keeping your employees fully accountable.
Who should use Xero Expenses?
Businesses of all shapes and sizes will benefit from using Xero Expenses, but multi-department, cross-border companies stand to gain the most.
Streamlining and consolidating the expense management process can help these types of companies save time, save money, minimise errors, and better facilitate growth.
Change the way you manage expenses with Stepping Stone
If you’re ready to modernise your approach to expense management, Stepping Stone can help.