Tuesday, 22 May 2018

Benefits of Using Talygen’s Expense Tracking Software for Your Business

Technology has eased down the burden of managing employees’ expenses, which is considered as one of the most time-consuming tasks for managers of an organization.

Earlier, entire expense management was done manually through a pen-paper process. It was a tedious process which cost both time and money to the company. Thanks to online expense tracking software that brings a number of benefits to the organization, expense management has never been easier.

Talygen is one of the most popular expense tracking applications today. Talygen offers an expense tracking system which allows users to log various expenses related to projects, trips, and other official expenses. Later, they can send the expenses for approval and get them reimbursed by the client or organization.

In this post, we have compiled 5 key benefits of using Talygen’s expense tracking software to achieve your business’s financial goals.

1.Reduce Mistakes and Delays Caused by Manual Process:

Traditional ways of managing expenses were full of risks. Managers used to draft paper-based reports related to expenses and then shared those papers/spreadsheets with managers for their approval. This was a lengthy process full of numerous errors and wastage of paper.

Talygen’s online expense tracker is an easy to use application that allows users to log expenses for multiple projects and trips, send for approval and ultimately get them reimbursed by the client or company. To add expenses, a team member can enter the expense details associated with a project and also add other expense details as an attachment. Talygen enables an easy submission of expenses through the web, desktop and mobile application.

2. Pre Defined Roles:

Expense management of an organization usually brings lots of confusion for the upper-level managers. This is due to lack of transparency and accountability. Often, there is a lack of clarity on who is responsible for approving the expenses. There are multiple approvers for each type of expense.

Talygen’s expense approval system is highly flexible according to business needs. It automates and streamlines workflows associated with creating, approving and managing expenses. Here, roles are clearly defined. Senior Managers have authority to appoint different approvers under an organized approval chain and approval group in accordance with company’s policies.
The approvers are solely responsible for approving or rejecting expenses submitted by users. Senior Managers can define time limit within which expenses should be reviewed and approved by approvers. If expenses are not approved within the set time period, approving managers can be notified. This process tends to save your precious time and reduce possibilities of errors.

3.Automated Communication Process:

Lack of effective communication is also one of the biggest reasons for delay in the expense management process. For example, a team member returns back from an official trip and sends expense report to his manager but it is still pending because his manager  doe not have the time to read  his e-mail or in certain scenarios the finance department does not know that the expense has been approved. All these are block holes in managing expenses due to communication barriers.

Talygen’s expense tracking software is completely automated and its seamless communication process allows users to get quick approval for expenses they have made. Talygen’s expense management system comprises of pre-defined approval chains and groups. Defined by Senior Managers, these approval groups and chains include list of expense approvers.

With sequential and non-sequential feature, if an approver is not able to approve or reject the expense, then any one of the approvers in the list can approve the expense. The moment, any of the managers approves or rejects an expense, a notification message or alert will be sent to all the managers/approvers. This ensures timely completion of tasks without any work loss or bottlenecks.

4.Faster Reimbursements:

When expense reimbursement process takes too long, it becomes a frustrating for team members and entire expense management system fails to work properly. Talygen’s expense tracker application offers an online reporting system which helps users get faster reimbursement of expenses. With Talygen mobile application, users can submit expenses while they are not in office. Approving managers can immediately view and approve these expenses with their comments.

Final Words:

Today, organizations are looking for cost-effective and time-saving solutions to get maximum output in minimum time. Talygen’s expense tracking application saves time and money by reducing traditional paper-based expense management processes. The best part of Talygen is that it enhances expense monitoring system and reduces company’s costs.