Challenges in Expense Management
1. Manual Processes:
The dependancy on spreadsheets, paper-based processes,outside ERP, which are prone to errors.
2. Receipt Management:
Collecting and managing receipts is cumbersome to most businesses, ensuring all expenses are documented for transparency which proves to be an uphill task.
3. Policy Compliance:
Proactive enforcement of company policies and guidelines on staff expenses is a challenge. Spend limits, categories, frequency etc.
4. Approval Workflow:
Efficient streamlined approval matrix is a challenge for large workforces with layers of management.
5.Visibility and Control:
Lack of real-time visibility into expenses can make it difficult for managers to monitor spending and identify areas for cost-saving opportunities. Without adequate controls, organizations may experience overspending or budget overruns.
6.Fraud and Abuse:
Without robust controls and oversight, expense management processes are vulnerable to fraud and abuse. This may include submitting false or inflated expenses, misusing company funds, or exploiting loopholes in reimbursement policies.
7.Integration and Compatibility:
Integrating expense management systems with other financial systems such as accounting or ERP software can be complex. Compatibility issues may arise when attempting to synchronize data between different platforms.
Solutions and Value Propositions by Churpy EMP
1. Fully Automated EMP (Expense Management Platform):
User management, organisations wallet funding, replenishment, approvals, seamless documentation are all guaranteed as we integrate automation to our EMP.
2.Receipt Management :
The platform enables users to have an elaborate workflow, with embedded controls and duplicate submission, eliminating the need for paper receipts. It can also extract relevant information from receipts using optical character recognition (OCR) technology.
3. Proper Accounting:
All users own a virtual account, all entries recorded in ledgers updated in expenses ledgers in realtime.
4. Cost Savings:
The EMP allows you to save operational costs through 100% automated reconciliation of all expenses into Churpy ERP.
5. Enforce Expenses Policy Decisions:
The platform can enforce expense policies by flagging non-compliant expenses and providing real-time feedback to employees in the system. This helps ensure that expenses are within budget and in line with company guidelines.
6.Streamlined Treasury :
Consolidate cash flows into one organization account, track running balance and optimize budget decisions.
7.Policy Compliance :
The platform ensures that expenses comply with company policies and guidelines. It can flag any expenses that exceed limits.
Churpy Inc offers a Self-service drill-down dashboard, analytics and real-time reporting. Get in touch with our team of experts through sales@churpy.co.