9 Myths about expense reporting software

Mistrust, misinformation, and misunderstanding. Expense management software has a lot to put up with. Too much is based on false assumptions, and people hiding behind them. Here are nine myths about expense reporting software that are nothing more than that. Myths. Solo Expenses believes it’s time they were de-bunked. Now read on…

1. If it ain’t broke, don’t fix it. You don’t honestly believe that, do you? The horse and buggy wasn’t broken, but it still lost out to the Model T Ford, and that lost out to stuff with heated seats and parking sensors, and now there will be models without drivers. Just because it ain’t broke is no reason not to have something better. Expense management is no different.

2. Our current system works. On what evidence to base that claim on? Do you have real data about the way you’ve audited your company’s expense reporting system; the time spent on paper forms and the spreadsheets that back them up, and the people queuing at the cashiers’ window to get cash on a Friday afternoon? Oh, you moved on to bank transfers? Good. You’re not entirely resistant to change then. Maybe it’s time to move up a level, and get an app on your side.

3. There’s not that much to be saved. Once again how do you know? Or is that a finger in the air assessment based on inertia whilst you work on something else that’s higher up the corporate agenda? Everyone can be forgiven for having a tight focus on what the CEO wants, but he or she doesn’t have a monopoly on good ideas. Pull some good data together, and you might be able to shift the focus slightly. And earn brownie points too. Why not? It’s for the good of the company, after all.

4. A new system would be complicated to implement. Why would it be? Putting baked beans in tins by the million is complicated. Building and flying aircraft is complicated. Running a country is complicated. Good expense management is about using an app. A small but powerful piece of expense management software. It could hardly be simpler. Children use apps! (OK, sometimes children might make a better job of running countries. We’ll concede that point – but you get the drift).

5. It’ll be too expensive. See point 3. Firstly, you don’t know how much cash is being wasted (or pilfered, and it’s a sad fact that employees are guilty of expense fraud, we’re sorry to say). Secondly, effective expense management using good cloud based expense management software is cheap; it really is. And because it’s effective, it tightens expense control and makes it accurate, so it saves money almost from day one. Also, don’t confuse ‘cheap’ with ‘ineffective’. The two don’t go hand in hand when you’re talking about expense reporting software. Solo Expenses has customers in almost 100 countries; they can’t all be wrong! In fact, we’d be so bold as to say that using our system, which has been around for more than a decade, the investment you make in it will be covered by what you save. It could also turn into an income stream. Who knew?

6. Employees are resistant to change. Sure they are. It’s the human condition. People are mistrustful of new things. (At the beginning we mentioned driverless cars. Would you trust one yet?) But who’s running this company? The employees? Unlikely. It’s a manager’s job to manage, and if the company decides to change the way it controls its expense reporting, then we’d say that’s the company’s prerogative, and management would need to manage the change process.

7. It could cost jobs. Well, it could, but the harsh reality is that companies aren’t in business to keep people in jobs. If expense manager software threatens to put people out of work, isn’t that proof that the system currently being used, which keeps them in jobs, is inefficient? Use some lateral thinking. If people have less work to do because you’ve switched to a new system for controlling expenses, then there’s an opportunity to find those people something to do with their skills that adds value to the company – because recording expenses certainly hasn’t been doing so. It’s been a drain on your resources.

8. We’re too small for it to affect us. On the contrary, in small firms where every penny counts, there’s even more need to keep a tight rein on expense management because there’s bound to be less fat in the system. And small firms can benefit most because expense manager apps are quick and easy to use, which is a huge help – small firms just don’t have the manpower to commit individuals to work which doesn’t generate revenue.

9. We have an accountant to deal with all that. If that accountant is working inside the business, see point 7. Perhaps he could be employed to look at the accounts of other businesses as well as yours, using the time an app frees up. Oh look! There’s an income stream! If you employ the accountant as a supplier company, it’ll take less time to deal with your accounts, so the bill will be smaller. More money for you. Either way, it’s a winner.

You’ve read this far, and we’d like to say thank you for that. Read a little more. Visit our web site to discover what Solo Expenses has to offer your business, not matter how big or small it is. We promise you’ll be pleasantly surprised here.