Small businesses are now able to take advantage of new automated cloud technology to increase efficiency and generate extensive time and money savings. Manual driven processes have a significant impact on the efficiency and growth goals of smaller businesses, particularly businesses that employ less than 40 people, because of their inherent resource constraints. Automated cloud technology such as expense management, takes the burden off business owners and their staff so they can focus on core income-generating activities.
In 2020 there will be a rise in small businesses taking advantage of new automated cloud technology, particularly expense management automation. These emerging systems tailored to small businesses provide access to world-class, affordable tools that deliver greater spending visibility, focus, and control.
Traditional invoice processing can be cumbersome and inefficient, often involving expense claims processed without careful review. This can have a detrimental effect on small businesses, as they are left to pay inaccurate, over-exaggerated, or even fraudulent expense claims. Expense automation uses the data the business already has to independently and accurately write expense reports, as well as flag unusual activity. This helps the business not only remain compliant and within budget, it also gives business owners and staff a higher capacity to contribute to business growth, saving thousands of dollars annually due to time, mistakes and fraud.
Automated expense management systems provide businesses with an unparalleled tool to increase productivity, accuracy and ROI. It is essential for small businesses, particularly those with less than 40 employees, to embrace the power of automation, as it prevents revenue loss as a result of incorrect payments, or operational inefficiency – something they can’t afford.
Fabian Calle, General Manager – SMB, SAP Concur ANZ