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Your accounting team needs to manage expenses better. What cloud-based tools should you use?

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If you are in charge of a corporate accounting team, you know how important it is to manage expenses efficiently and accurately. Expenses affect your cash flow, profitability, tax liabilities, and compliance. However, managing expenses can be challenging, especially if you have multiple employees, clients, projects, and locations. That's why you need to use cloud-based tools that can help you streamline, automate, and optimize your expense management process. In this article, we will introduce you to some of the benefits and features of cloud-based expense management software, and suggest some of the best tools for your accounting team.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |

1 Benefits of cloud-based tools

Cloud-based expense management software offers several advantages over traditional methods such as spreadsheets, paper receipts, and manual approvals. Accessibility is one of the key benefits - you and your team can access the software from any device, anywhere, and anytime with an internet connection. This makes it easier to submit, review, and approve expenses on the go and reduces the risk of losing or misplacing receipts. Automation is another great feature of cloud-based software; you can set up rules, workflows, and policies for your expense management process, and let the software handle the rest. The software can automatically scan, categorize, and validate receipts, flag anomalies and violations, calculate reimbursements and taxes, and integrate with your accounting system. In addition to this, cloud-based software can be used to generate reports and insights on your expense data to identify patterns, trends, and opportunities for improvement. You can also use the software to monitor and enforce your budget compliance and audit requirements to reduce errors and fraud.

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Peter Kinyanjui

Budget and Financial Management Professional
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Cloud based tools for managing expenses are convenient to use. First because the initiator, reviewer and approver do not have to be in the same location. The cloud tools enable convenient collaboration gathering adequate information that is useful and mandatory for expenditure approval. The cloud tools can also be used for reconciliation purposes and as such control expenditure from time time. Cloud tools once encrypted also provide a secure and seamless process by internal users, the vendor and the bank.

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Gireesh Bhat

Senior Finance Manager @ USEReady | Financial Analysis
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NetSuite ERP offers comprehensive financial management, including expense management. It is suitable for all types of businesses with more complex accounting needs.

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Edson C A Silva

C-Level | Controladoria | Planejamento Estratégico | Planejamento Tributário | Contabilidade | Compliance | Legisla??o | Benefícios Fiscais | Impostos Diretos e Indiretos
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Para gerenciar melhor as despesas contábeis, opte por ferramentas em nuvem que ofere?am integra??o bancária, faturamento, acompanhamento de fluxo de caixa, e relatórios financeiros em tempo real. Busque solu??es que permitam automa??o de despesas, aprova??o de relatórios e integra??o com sistemas de planejamento de recursos empresariais. Plataformas acessíveis, seguras e facilitem a colabora??o em equipe. Considere funcionalidades como rastreamento de despesas, gest?o de faturas, e suporte ao cliente, além de verificar a facilidade de uso e escalabilidade. A escolha deve alinhar-se com as necessidades específicas da equipe, tamanho da empresa, e or?amento disponível, visando otimizar processos e melhorar a precis?o dos dados financeiros.

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2 Features to look for

When choosing a cloud-based expense management tool for your accounting team, you should look for some key features that can make your life easier and more productive. For instance, a mobile app can allow you and your team to capture receipts, submit expenses, and approve requests from anywhere. Additionally, Optical Character Recognition (OCR) technology can scan and extract data from receipts, invoices, and other documents. Integration with existing accounting systems such as QuickBooks, Xero, or Sage can also simplify the data transfer and reconciliation between your expense management and accounting software. Furthermore, customization of the software can tailor it to your specific needs and preferences. You can customize the expense categories, policies, workflows, approval levels, currencies, tax rates, and more to suit your business and industry.

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Peter Kinyanjui

Budget and Financial Management Professional
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a) Security of the workflow - Reduced risk of hacking b) Compatibility with existing ERPs c) Ease of administration and use by all stakeholders

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3 Best tools to use

When searching for a cloud-based expense management tool, it’s important to compare different options based on their features, pricing, reviews, and support. Three of the best tools to consider for your accounting team are Expensify, Zoho Expense, and Rydoo. Expensify is one of the most popular and user-friendly tools, with over 10 million users worldwide. It offers a mobile app, OCR technology, integration with accounting systems, customization, and more. Zoho Expense is another great option for expense management, especially if you are already using other Zoho products. It also has a feature called Auto-scan which can scan multiple receipts at once. Lastly, Rydoo is a newer but fast-growing expense management tool with over 8,000 customers worldwide. It also has a feature called Rydoo Travel which can help book and manage business travel expenses within the same platform. Prices range from $3-$10 per user per month depending on the plan you choose.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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A great option for businesses already using other Zoho products, offering expense management, corporate card integration, and multi-currency support.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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Consider a newer but fast-growing expense management tool with a focus on automation and compliance. Look for Features including AI-powered fraud detection, spend management tools, and real-time reporting.

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Your accounting team needs to manage expenses better. What cloud-based tools should you use?

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1 Benefits of cloud-based tools

2 Features to look for

3 Best tools to use

4 Here’s what else to consider

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