How Expense Management Software Helps Accountants Deliver More Value
Expense management software helps accountants add value to their clients’ businesses. Here’s why it’s a win-win for both accountants and the businesses they serve.
As an accountant, you've got your hands full. Between making sure taxes get paid on time, digging through boxes filled with crumpled receipts, and generating reports, there's not much you don't do when it comes to finances.
If you run your own business or work for a small firm, you're also following up on leads, making sure customers are happy, and (trying) to get your email inbox under control. It's a lot to handle. Luckily, technology is making all those tasks a lot easier.
Tired of getting shoeboxes filled with grease-stained receipts? Wish you had more time to dig into reporting rather than following up on a lost receipt for the twelfth time? It's possible—with expense management software.
We're ClearSpend, an expense management and spending control platform designed for accountants and bookkeepers. Here's how expense management software like ours can help you save time, access more data, and provide more value to your clients.
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The benefits of expense management software for small business (and their accountants)
Here's a fun fact—69% of CFOs admit they use spreadsheets to generate financial reports. Okay, maybe that's more of a scary fact than a fun fact. Either way, most businesses don't have access to the financial insights they need when they need them. They're either stuck in spreadsheet hell or don't track at all. 😱
Expense management software can change that with fast, accurate access to tons of data and business insights. Here are a few other benefits for your clients (and you!)
Better insights into data/vendor spending
Expense management software platforms track all types of spending and streamline report generation by porting that data right into your accounting software. Keeping an eye on spending isn't just about making sure your clients stay in the black, it can also catch mistakes (like double billing) and highlight opportunities to save money. Maybe one vendor offers a discount for early payment or if you order 10 widget thingies instead of 5.
Expense reporting software can also increase efficiency by making sure they pay on time and help clients build better relationships with their vendors. And you look like a superhero by making it happen.
Clients need access to their data now, not 30 days later after you’ve closed the books. Expense management software tracks expenses and spending in real-time, which means they have access to the data they need when they need it.
Not sure how well a recent sales trip went? Wondering whether vendors paid or if expenses have gone over budget? With platforms like ClearSpend, clients can see exactly where they stand right now. And so can you. Bonus, if they're looking to switch to real-time accounting, real-time monitoring makes that a whole lot easier. 💪
Reducing accounting workload
More work isn't always a good thing, especially when that 'work' involves tedious manual processes that could be automated or eliminated. Don't worry, expense management software won't put you out of a job. What it will do is save you time on:
Tracking receipts: How much time do you spend tracking down expenses with missing documentation? With expense management software, employees can upload receipts at the point of sale—so you have more time to spend on fun tasks, like getting ready for tax season.
Reduce duplicated data: Expense management tools help track expenses and spending in real-time and automatically send it over to Quickbooks. That eliminates human error and also helps reduce duplicated expenses. 🙌
Making it easier to catch fraud: Expense/spending management tools like ClearSpend offer prepaid corporate cards. These cards give more control by allowing the client to limit spending by category or even set a monthly or daily spending limit. That reduces the risk of fraud, which means you spend less time figuring out where the missing money went.
What could you do with all that extra time? Learn a new language? Take a nap? Dig deeper into data so you can provide even more value to your clients? The choice is yours.
Enabling tighter spend controls
Are your clients still using a credit card to manage expenses? That can cause all types of issues. A standard credit card doesn't track receipts or connect to the ledger system, for starters. So you're gathering all those receipts by hand. Yay. Plus, if someone gets ahold of the card, they can access the client's entire credit limit. Next thing you know, Susan in Sales just booked a vacation to Cancun on your client's dime.
With expense management solutions like ClearSpend, you can set up tight spending controls. Want to limit Sales to $75 a day for meals while at a conference? You can do that. Want to make sure the card you give drivers can only be used at gas stations? You can do that, too. With the click of a button, clients (or you, if you're cool like that) can turn on daily or monthly spending limits, limit where the card can be used, and even generate a card for specific vendors with set spending limits so they can't "accidentally" double charge you.
Generate employee corporate cards
This one has so many benefits, we decided to give it its own section. It's extremely common for companies to get corporate cards for employees—but they come with a lot of downsides, both for the business and on the accounting side. They don't track or store receipts, for starters. Which means receipts get lost. A lot. It's also hard to tell who approved what expense. And, it makes managing cash flow a pain in the a**.
With ClearSpend, you can create as many virtual employee cards as you want, whenever you want. Simply log into the dashboard, generate a number, fund it from the business account, and you're good to go. No credit card bills at the end of the month, no worries about credit card checks. No running out of cash. Just easy to control employee corporate cards. Create 10 or 1,000, the world is your oyster.
ClearSpend—the expense management solution for control freaks
Look, we're not trying to tell you how to do your job. There are plenty of generic small business accounting tips that can help you figure out how to set up a business checking account or balance a P&L statement. We created ClearSpend for the control freak in all of us, including you. Your clients get tighter controls on spending and access to better data faster. You get to see what's going on in real-time, so you can better help your clients grow in the long term. It's just that simple.