How to manage your company spending using cloud accounting
One of the frustrations of an SME owner is the administration of expense claims from employees, which could get extremely time-consuming when the process is manual and the volume is high. In this post, we explore Xero Expense, an application within the Xero cloud accounting software, and how it can help you better manage your company spending.
What is Xero Expense?
Xero Expense is an expense management tool within Xero cloud accounting software that has the following features among others:
Allows users to submit expense claims by uploading a photo of the receipt via a mobile app
Allows users with approval rights to authorize claims via a mobile app
Users of mobile app get notified of claim status via push notifications
Users code expense claims to the appropriate accounting general ledger code whilst submitting claims
Expense claims can be tagged to unique categories for business expense tracking
Reimbursable expenses can be assigned to projects or customers and automatically included in the next invoice to your customer
Its data capture function uses artificial intelligence and machine learning technology to extract information from uploaded receipts for seamless recording into the cloud accounting software
Benefits of using Xero Expense
Submit and track your company spending on-the-go from any mobile device
Streamline and automate the expense management workflow and reduce human error by eliminating manual data entry
Massive cost savings and improvement in employee productivity since manual data entry currently takes up 30% of accountants’ and bookkeepers’ time (see this article by Xero)
Seamless integration with cloud accounting software to maintain data integrity and achieve accurate financial reporting
Read more about the features of Xero Expense here.
Speak to your accountant
Using a new application can be stressful at times. Check if your accountant offers app advisory services. If you have any queries on Xero Expense, feel free to drop us a message or email us and let us know how we can assist you. Our general response time is one business day.
