What Is Expense Management & Why It’s Important

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Introduction To Expense Management

Welcome to Swipey Digest, an original SME blog based in Malaysia. Here at Swipey, we are on a mission to empower SMEs with the knowledge and tools to succeed!

Let’s start with the basics. Let’s talk money. More importantly, how to manage your cash flow. It is no secret that cash is the blood of a business and by that logic, cash flow management is similar to leading a healthy lifestyle. Healthy life, healthy blood flow (cash flow).

Ask yourselves this. What expense management system do you currently have in place to manage cash flow? Typically, whatever the answer, you are likely to fall in one of two groups. Just like a driving a car, you either prefer a manual process or an automated one.

As a solutions provider you would think we are heavily biased in this matter but that’s not the case! We understand that there is heavy appeal on both sides. From a manual perspective, you might have a small enough team to convince yourself that the paperwork and reconciliation is worth it. You might not feel that your expenses are diverse enough to justify paying for an expense management software to handle it all. But as you grow and expand your business, minor recurring expenses will snowball as you end up wasting time trying to track and reconcile it all.

So how can this be solved?

The All-In-One SME Corporate Card Solution That Comes With An Expense Management Dashboard

Above all else, the feature that is key, is visibility. With our corporate card solution backed by an expense management software that comes with an analytics function, all your expenses are managed and tracked in real time. Issue a physical or virtual card for your employees and integrate company policy into your card restrictions! You can set limits to each card and specify the type of transaction to be made, be it F&B, E-Commerce or travel expenditure.

Take it a step further by issuing cards with a pre-set lifespan. Once the terms of usage are set and met, the card will dissolve. This avoids the likelihood of any fraudulent transactions to occur with employees. For example, if your sales agent is taking a client out for lunch, you can issue them a single use card dedicated for F&B expense and include a limit on it. After serving its purpose, the card will no longer be valid.

In the modern world, not only cash is not the only king. The next to take throne is data and with greater visibility on transactional data, our software helps you better analyse trends to capture and zero in on key areas. With policy integration, identify where the bulk of your expenses go and curate plans to restructure spending to improve overall cash flow management.

Save Time & Lower Operations Cost

As a business owner, how do you decide if it’s the right time to start using expense management tools? Like making any other purchase, you need to confirm that;

  • It will bring more value and functionality
  • It saves more money in the long run

We have already laid out how and why our SME corporate card solutions bring you more value. The next is to find out will it save you money? It is a well-kept secret that manual processing costs higher than automated processing, however these costs are intrinsic and are often missed by business owners.

Stay tuned to our next article to find out what are these intrinsic costs and how impactful are they to your business process. We are in the midst of research and surely the findings will be an eye opener!

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