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What is the Difference Between Traditional and Automated Expense Management?

Img Expense Management

A business’ success is defined by their ability to sustain long-term profitability. For a business to be profitable, their revenues must outweigh their expenses. Generating revenue is one piece of the equation, however, managing expenses is equally as critical when it comes to establishing business success.

Expense management controls, tracks, and processes employee expenses and transactions. This means reviewing expense reports, issuing approvals, and verifying payments incurred during the course of normal business. If businesses fail to stay on top of expenses, they’ll be unable to make effective financial decisions. Organizations need to have clear visibility into how and why money is being spent by employees.

Many companies still rely upon manual expense management processes, which can result in inaccuracies and inefficiencies. However, automating expense management can provide timely, accurate visibility into employee spend across the organization.

Traditional Expense Management

A few short years ago, expense management was a fairly straightforward process. Traditional expense management involved manual expense tracking and reporting, manual data entry, and a heavy focus on paper documentation. However, these time-consuming and inefficient processes require physical paper and spreadsheets to handle processing, paying, and auditing employee expenses.

One issue with traditional expense management is that manually entering information and data can lead to human errors, mistakes, and inefficiencies. Employees have to submit receipts, then accountants have to spend vast amounts of time verifying and processing each expense. Handling large amounts of paper receipts and spreadsheets can be time-consuming and tedious for accounting teams. If your business has to manage the expenses of numerous employees simultaneously, this can result in countless hours chasing down paper receipts and other forms of supporting documentation.

Accounting automation software tools, such as Docyt, can help businesses automate expense management through increased efficiency and real-time visibility into employee spend.

Docyt Automates Expense Management

Using accounting automation software tools, such as Docyt, can help companies automate and simplify their expense management process. Docyt’s AI-powered accounting automation makes expense management easier by controlling expenses, reducing transaction costs, and automating expense workflows.

Docyt’s user-friendly mobile and web applications provide a platform where companies can easily manage their expenses. Docyt’s accounts payable module provides users with a single place where bills can be reviewed, approved, and paid in one simple workflow on one screen. Make payments easily through Docyt using ACH or Docyt check whereby Docyt can print and mail checks for you. Docyt validates and extracts invoice data, automates the payment process and continuously updates your accounting software with the appropriate journal entries and supporting documents.

Lastly, Docyt’s accounting automation software provides real-time insights into your expenses by generating a real-time profit and loss statement and balance sheet. If you’ve been searching for a centralized accounting platform to help you manage your expenses, Docyt has you covered.

Docyt Makes Expense Management Easier

Docyt helps business owners simplify expense management. Automate bill pay, automate your accounting, and make payments seamlessly within Docyt.

If you’re searching for a tool to automate expense management for your business, Docyt can help. Schedule a free consultation today.

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Sheila Kilbride - Docyt Director of Marketing

Sheila Kilbride

Director of Marketing

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