NetSuite + Nexonia = Success
Leveraging technology to eliminate inefficient processes in day-to-day tasks help organizations grow and control company spend. So why are so many businesses still using manual, paper-based processes to deal with employee expenses?
Without an automated system to control expenses, you have little or no ability to actively manage company spend. Excel-based expense reports are often still the norm. What does that leave you with? You are left to hope that spending decisions remain within budget and are in compliance with company policies.
Automation is the key to controlling and reducing employee expenses. Here are the top 10 reasons you should automate your expense report process using NetSuite:
#10. Human error costs your company money. Manual processes increase errors. It’s simple. And these errors are costly. Also, incorrect information leads to poor decision-making and missed opportunities. Automation can reduce and eliminate these errors, leading to cost savings throughout the organization.
#9. You need to do more with less. Today’s economy requires businesses to accomplish more with less. Automation enables companies to process more transactions with less people, increase efficiency and eliminate busy work.
#8. You like really big, fast ROIs. The result when you deploy SaaS solutions? The path to positive ROI becomes shorter. Expense control initiatives allow for more accountability over operating profitability. Also, partnering an automated expense solution with NetSuite allows you to scale and grow revenue.
#7. Great decisions require great information. Even if spending has been well documented, the individual transactions need to be manually manipulated when using spreadsheets to cross-compare data. This lengthens the time to analyze when problematic spending occurs. Automated expense report software gathers business data in a centrally accessible location, enabling you to make faster, smarter decisions. And with a strong NetSuite integration, you can sync against a number of dimensions, increasing accuracy of the data.
#6. Your sales team thinks the Ritz-Carlton is the only hotel in New York. A key driver for automation is policy enforcement. With automated expense reports, required expense fields can be setup in NetSuite in compliance with company spending policies and approval chains. This not only reduces costs, but also changes behavior.
#5. Chasing paper around the office is a waste of time. Manual processes are not just costly, but also time-consuming. If you are stuck completing complicated expense reports, focus is taken off of your core job tasks. Automating expense reports saves time, allowing you to get back to more important tasks.
#4. You have no idea how you went over budget, again. Budget accountability and timely reporting are essential to promoting expense control efficiencies. With an automated expense report system, managers can see accurate budget information in real-time and analyze business impact.
#3. Reducing costs improves your bottom line. Travel and expense is just one area where companies experience unnecessary spending. Automation is one of the most beneficial and effective ways that companies can reduce costs without eliminating staff or increasing end-user prices.
#2. You don’t want to see yourself on the nightly news. Automating your expense process is an efficient and less expensive way to achieve and maintain corporate accountability and compliance. This is critical given the significant pressure on executives to increase regulatory compliance and focus on the audit trail.
#1. You need control! You lose a little control every time a paper document changes hands. Automation gives you that control back by defining, managing and monitoring expense transactions. Partner this with NetSuite’s real-time analytics for increased visibility into company spending.
Partner your NetSuite ERP with new cloud-based, customizable, configurable solutions, such as Nexonia Expenses, and you will quickly gain control over spend. The benefits are tangible – you can see actual dollars being saved.
For those of you already using NetSuite, Keystone strongly recommends taking a look at and talking with our friends at Nexonia.
Nexonia is a very user-friendly, flexible and convenient solution for employers who need their employees to log their expenses or track hours on a project. With their mobile app, it’s as simple as a few clicks and your hours are now digitally tracked. We’ve found it’s a critical component for anyone with staff in the field needing to enter time and/or expenses. Pairing NetSuite & Nexonia is a win-win for many businesses we work with.
For more information contact Keystone today!
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