The relaunch of ExpenseOut will have new features powered by AI for small businesses. And as companies emerge from the pandemic, the goal is to help businesses cut down on indirect expenses. The company says this going to usher in the next generation of expense management.
ExpenseOut App for Small Business
Managing business expenses is a time-consuming and costly process for businesses large and small. ExpenseOut is using AI to make this process more efficient. You scan bills automatically, evaluate them for accuracy, policy compliance, and authenticity. This is going to give businesses the tools to introduce better productivity in their workflow. Likewise, it is going to help them enhance operational efficiency, cost control, and expense management.
With ExpenseOut employees can claim their expense with just a click. Furthermore, they can digitally store receipts, track their expenses, and submit expense reports. This will save many man-hours for the person in charge of verifying and approving these expenses.
This paperless expense tracking solution allows employees to make a purchase, snap a picture of the receipt in their smartphone, and store it in the e-vault for future reference across multiple currencies. And they can classify their expenses according to the spend category and project while adding notes or creating special fields.
These data points can also be tracked from anywhere in the world, so you can update your expenses in real-time. Additionally, there are options the new software provides for accurately tracking mileage data with GPS and making reimbursements.
Another benefit of using ExpenseOut is you can get spending insights vendor-wide. Whether it is suppliers, hotels, flights, or car rentals, you can see what you are spending on each. You can then use this data to get bulk discounts from each vendor because you have better visibility
Better and Accurate Visibility
One of the challenges businesses face is not having full and accurate visibility of their operational expenses. ExpenseOut provides expense analytics that gives you actionable insights in real-time regarding your business and travel expenses.
As a small business owner, you can now see individual and department spending to identify top spenders, policy violators, duplicate expenses, and weekend/holiday expenses. All of this and other information are available on the interactive dashboard. Moreover, you get instant updates on critical information, such as approving expense reports.
ExpenseOut starts out with a Free tier along with Premium and Enterprise pay versions.
This article, “ExpenseOut Relaunches with New Features for Small Business” was first published on Small Business Trends