One of the essential conditions for stable business functioning is flawless financial performance. Your company can't be considered successful if you don’t control 100% of corporate expenses. For this reason, the executives and CFOs try to pay maximum attention to such an aspect of business activity as expense verification.
Unfortunately, the finance departments of many modern companies still use outdated expense management methods at work. These approaches are quite effective; however, they are time-consuming and largely dependent on the human factor. Let's take a closer look.
Critical problems of corporate expense verification and the importance of solving them
All corporate-oriented expenses are subject to mandatory accounting and systematization. The payment verification process is a standard financial practice requiring a specific payment to be confirmed by a responsible employee other than the person actually making the payment. In other words, it is a set of predefined rules for each corporate expense, which determines who in the company should analyze and verify it.
At first glance, everything is straightforward, but expense verification is a lengthy procedure in real life. The employees have to wait weeks before being reimbursed. The managers have to wait till the end of the calendar month to get a clearer picture of corporate spending to be reported. The preparation and approval of financial documents are also time-consuming. This is a vivid example of one of the outdated approaches to corporate spending management that should be abandoned.
Due to these bureaucratic nuances, many newcomers to business usually opt to get by with “little blood” – not by optimizing the payment operations, but by trying to deal with this task using available resources. Yet after a while, they face some difficulties:
- Insufficient transparency of financial flows
- Loss of optimal control over all corporate payments
- The noticeable complications of financial accounting
- Incorrect payments and errors in invoices
- Fraud and waste
At the heart of all these financial struggles lies the human factor and mismanagement of finances. Therefore companies' problems will only worsen if no practical solutions are implemented. Fortunately, modern business already knows how to manage without complex formal procedures and wasteful use of working time.
Solutions for complete financial control
As proved by the successful experience of modern companies, the best results in business management are achieved by applying innovative high-tech solutions. At the same time, the company’s profile and scale don’t matter; the latest fintech developments help optimize almost any business process.
A great example is the solution by Wallester Business, which easily integrates into an existing corporate accounting system. Thanks to its comprehensive functionality, it can be adapted to any business goal. Let's look at the options Wallester Business can offer your company in terms of expense management.
Expense verification automation
Both the previously mentioned reimbursement of already processed corporate expenses and the pre-approval of payment requests can be automated. Such an approach saves you a lot of time, providing a proper level of transaction security and necessary cash flow control.
In the frames of the Wallester Business solution, company employees use corporate cards to make business-related purchases. The budget and spending policy dictate the funds available to each employee.
If a transaction requires prior approval, the manager or other authorized employee receives an instant notification for prompt evaluation and payment request approval.
Virtual corporate cards
Being on top of corporate spending becomes extremely simple if the employees use virtual cards for business-related purchases. This is true for one-time transactions involving a fixed amount or, for instance, regular payments in the frame of a long-term team project.
The project managers can customize the budgets allocated to each team member and each spending area using prepaid cards. A sales manager can set a monthly business travel budget, considering the team's increased needs in business traveling. The CMO can set up a monthly advertising budget, allowing the employees to spend corporate funds in predefined areas without further approval.
A single platform for expense control
Monitoring and verifying corporate spending can be effortless and fast thanks to the modern functionality ensured by Wallester Business.
The platform provides access to all expense details in real time, collecting and systemizing this data in one place convenient for regular access. The managers and employees of the financial department can analyze the expenses already made and plan for those current and upcoming.
The most challenging moment in financial accounting is collecting paper checks and receipts confirming the expenses. Wallester Business makes this eternal problem obsolete, offering a cutting-edge solution instead. To confirm the payment, an employee can take a photo of the check or receipt and upload it to the application. The program will do the rest, saving time and excluding fraudulent activities.
The Wallester Business solution becomes a lifeline for companies drowning in the flows of payment data and still running corporate finance management by outdated standards. A multifunctional program with easy integration and rich customizable functionality automates the expense verification process and other routine operations, saving time and money and ensuring the security and transparency of corporate payments.