Expense Management with Digital HRMS: Features of an Automated System for Managing Business Expenses
Managing the expenses of an organisation can be a challenging task because of the multiple aspects involved. What adds to the complexity is that even a small error in the expenses management can make entire calculations go haywire. It is very important for a successful enterprise to have its finances sorted out in a coherent manner. This enables the management and decision makers to draw key insights regarding the major areas of expenditure, how much is being spent on various overheads, money spent on business travel and so on.
Gone are the days when organisations could manage with the paper-based manual system for expense management. As enterprises today go global and there are employees traveling on business trips and clients coming for a visit, tracking the expenses becomes crucial.
This is where an automated expense management system like Digital HRMS comes into the picture as the ideal solution. Digital HRMS is a modular customisable HR software that offers a dedicated module for enterprises to effectively manage expenses and reimbursements for the employee and the organisation. Given below are the key features offered by Digital HRMS for enterprise expense management.
1] Easy Accessibility from Mobile Devices
Mobility is one of the primary features to look for in an expense management system. Digital HRMS allows employees to access the system on their mobile phones or any other smart devices, even as they are on the go. After all, business trips form a major share of the employee expenses and so the Digital HRMS expense management system allows employees to raise requests and track the status on their mobiles. Also, the Digital HRMS mobile app, available on Android and iOS, makes it possible to access any and every module from a smart device and from any location.
2] Seamless Integrations
Expense management system of Digital HRMS is not an independent module, because there are other departments involved in expense management, for example, the reimbursements are credited by the accounts department. This is the reason the system integrates seamlessly with the accounts and payroll software and even the ERP software used by the organisation. This helps in seamless tracking and management of business expenses as and when required. Integration with accounting software makes it easy to get access to the data required to process the reimbursement to the accounts of the employee.
3] Automated Notifications
Expense management is a fairly long process that starts with the employee raising the request and goes up to the final step involving the reimbursement being credited to the employee's account. This can make it difficult for the employee to keep a track on the status of the request. Digital HRMS simplifies this through automated notifications that are sent to all the stakeholders at every stage of the processing of the reimbursement request. This is a simple feature introduced to make it possible for everyone to be on the same page when it comes to the processing of the request.
4] Reports and Analytics
The advanced reporting and analytics capabilities of Digital HRMS are a part of the expenses and reimbursement module as well, which makes it easy to generate automated reports on the expenses of the organisation with just a few clicks. These reports provide the insights that the management needs in order to learn about the expenditures of the company and make necessary changes in the strategy if required.
Want to explore how Digital HRMS can help your business manage expenses and reimbursements seamlessly? Visit our website www.digitalhrms.com or drop us an email on firstname.lastname@example.org and our team will get in touch with you.