Acumatica’s expense management function makes it easy for companies to save time and minimize mistakes. If reconciling expenses is taking up too much of your accounting team’s time, Acumatica’s ability to process expenses and find errors may be the solution you need.
More Companies Allowing Telecommuting
More than 55% of companies nationwide allow some form of telecommuting. Approximately 18% of the workforce telecommutes. Companies such as Twitter, REI, Microsoft, and others have also softened their telecommuting policies since the 2020 pandemic forced them to allow workers to work virtually. Many companies are realizing that employees can successfully complete their work from their home offices (or kitchen tables!).
We may never return to the days of 9 to 5 again. For many people, it’s a relief knowing there is flexibility available for their working arrangements. Companies are also celebrating, knowing they may be able to attract talent from a wider pool if they allow telecommuting rather than insisting on in-person work. It’s a win-win for all.
Although there are many positive aspects to the new openness regarding telecommuting, some are finding it requires an adjustment to many longstanding policies and business practices. One area that needs to be mentioned is expense reporting and management.
Traditionally, companies shared expense policies with employees that dictated what they could and could not be reimbursed for from the company. Meals to entertain customers might be reimbursable, but a snack en route to the office is not.
Employees submitted written requests along with receipts that justified their reimbursement requests. There were problems in this system. Employees lost receipts or forgot to include them in their reports. Accountants had to spend time reviewing paperwork and receipts and double-checking charges. And if there was a problem and the expense report was returned to the employee, it might take another week or longer for the employee to resolve any questions the accounting team had about the report.
With the new telecommuting model, however, going into the office just to file the appropriate paperwork seems silly. Increasingly, companies are moving to expense management software that makes it easier for employees to submit their expenses online. It’s more than emailing a form. It’s a system that takes the work out of the task for accountants.
Acumatica Expense Management
Acumatica expense management offers a streamlined system for expense reporting. With Acumatica, expenses aren’t just reported—they’re analyzed—and the results can reduce the amount of work for your accounting department.
The expense management feature connects to over 14,000 financial institutions to automatically match credit card transactions to general ledger accounts, taking a huge bite out of the time it takes to reconcile expenses. The system uses a sophisticated artificial intelligence program to analyze which expenses may already be accounted for and which need to be matched. Machine learning makes the program improve with time, so the more you use it, the better it gets.
Scanned receipts can be submitted by employees through their smartphones, making it quick and easy for them to get their expenses in on time. And, if anyone forgets, the accounting team can set up reminder tasks, automating yet another tedious chore.
Acumatica cloud ERP offers many powerful features, making it a top choice for companies looking to support their growth with a flexible ERP system. To explore more features, visit Acumatica.
Emerald TC provides software and consulting for manufacturing companies. We can help you choose the right accounting software, ERP system, payroll, or other software for your needs. Contact us or call 678-456-6919 for more information.