The key to building a machine that succeeds in its job is a marriage of all its elements and coherence between them. Each system needs to be visualized with its goal in mind. Every element is like a cog in a machine and as is familiar to us, even an individual not getting integrated into the system will result in the outcome being unsuccessful.
If we talk about Travel and Expense Automation, we are talking about the marriage of Finance and Information technology. As stated, before a machine is built, its purpose should be very well defined. Specifically talking about the domain of accounting, which includes responsibilities such as Financial Reporting and timely closure of tax books, the focus must be on creating a well-defined process with an aim to automate and ease it with respect to Travel and Expense.
There are some classical problems that are associated with a system that tries to record expense. Whenever organizations implement a Travel and Expense Management Solution they should ask themselves the following questions:
“One Nation, One Tax” has taken the whole nation by storm. Manufacturers, wholesalers, retailers and traders have been agglomerated under a blanket tax, known as the Goods and Services Tax (GST). When it comes to Travel and Expense, let us consider the sheer volume of receipts/expenses that will have to be worked on by the Finance Team of an organization. Even if we consider 200 on-field employees whose expense must be recorded along with the GST overheads, there are around 10,000+ individual expenses that need to be processed.
A feature of EaseMyExpense- a Travel and Expense Management Solution, is GST Vendor Integration. At the deployment stage, all of an organization’s registered vendors are fed into the system. When end-users are recording expenses, all the individual amounts are processed along with GST. A fully functional report with multiple drill downs can be viewed accordingly, along with a tax summary that helps accountants in closure of tax books.
All of the 5 pre-requisites that were earlier defined are fulfilled which results in a beautiful marriage of the IT and Finance environments of an organization. What follows is a completely automated and streamlined process that saves time, money and human capital.
Enable your accountants to track budgets, not receipts.