Expense management is a crucial part of any business. Given the current circumstances however, companies have been compelled to adapt and digitalize their operations to ensure continuity. Most businesses have taken their operations online to facilitate greater convenience, accessibility & transparency to all parties concerned. Digitalizing the back office is not a recent phenomenon although it may have been accelerated in the case of most organizations due to the pandemic outbreak in 2019.
Most organizations have since embraced digital expense management to ensure businesses continue profitably under the ‘new normal.’ What an expense management system usually does is automate and simplify the reporting process to minimize lags and ensure smooth functioning of an organization. There are many benefits to digitalizing including better productivity, greater efficiency and accuracy.
The automation is usually done via dedicated software or applications. DigiEx is one of the leading expense management tools in the market today which is popular especially among the understanding and navigating. Despite being simple however, DigiEx comes with a guarantee of security as the app is highly encrypted to protect the business from potential breaches & attacks.
While acting as a platform which facilitates smooth functioning of expense management processes, DigiEx also acts as a virtual archive storing all documents such as invoices & vouchers for future retrieval. The product helps businesses streamline establishing much needed order and discipline within the organization especially when working from home – “Work from home” doesn’t have to mean making compromises on professionalism & integrity.
DigiEx is particularly helpful for managing petty cash expenses, other employee reimbursements. All payments can be authorized and monitored centrally and around the clock. The app can be particularly helpful in ensuring external parties such as suppliers are paid on time. Payments can be made via the app itself and the fund gets updated real-time.
The DigiEx acts as a virtual office integrating all departments into a single platform to ensure ongoing inter and intra-department communication. The app can be installed free of charge and explored prior to making a commitment by updating to premium. The platform has a pay-as-you-go approach which makes sure that you only pay for the services you obtain.
There has been an influx of such apps since the pandemic but selecting the best, most uncomplicated platform is crucial because computer/mobile savviness may vary across different employees. Managing expenses is one of the most critical areas for any business without which the strategic direction cannot be determined. Businesses globally are confident that even in the aftermath of the pandemic, these web/digital process management solutions will remain relevant because they’re fast, efficient and precise.
Businesses that embraced digitalization survived and stayed afloat as opposed to those that didn’t. Platforms such as DigiEx that are paperless will also be the future of how businesses function, aligning their corporate culture with the global priority of sustainability.
DigiEx can be integrated with the company’s existing ERP or accounting system and can be easily used for the purpose of carrying out internal and external audits. If you use conferencing platforms to carry out administrative functions and communication within the organization, think of digital expense management as a natural progression from that – gradually digitalizing processes, one by one, will be an efficient way to ensure staff members are not overwhelmed.
Aside from communication & expense management, there are digital tools to facilitate other basic operations such as applications that assist with HR functions within an organization. The best way to identify which tool works best for your particular requirement is through research.
CEO/Co-Founder at DIGIServices.