What are the keys to making saving by using spending notes? Any manager or administrator of a company must always look for ways to achieve savings in the company and thus optimise its economic performance. ¡Keys to saving by using spending notes! saving by using spending notes!
One of the elements that is often underestimated and inadequately managed are the expense notes. Saving by using expense notes is possible if we know the necessary keys to be able to do so. That is why we are going to review how we can facilitate these savings that will allow companies to optimise their economic resources thanks to the proper management of any ticket or invoice.
How to make savings using expense notes
After working with many companies over the years, we at XPENDOR have become aware of some of the main problems that companies have when it comes to managing their expense notes. ¿Keys to saving by using spending notes? These problems are the ones that prevent them from making savings in corporate expense management:
- Failure to digitise expense notes.
- Lack of standardisation.
- Complex expense note management systems.
- Lack of expense policies.
- Lack of control of mileage and per diems.
- Failure to deduct VAT on deductible expenses.
These situations often result in administrative penalties from the tax agency to which the company is accountable or in an unknown loss at the end of the tax year. ¿Keys to saving by using spending notes?
The 6 keys to saving by using spending notes saving by using spending notes!
Opting for the digitalisation of expense notes
One of the keys to making savings with expense notes is digitisation. Poor digitisation is one of the endemic ills of many companies in our country, despite the fact that the landscape is in the midst of a transformation process. Contrary to what it might seem, it is a problem that affects small, medium-sized and large companies alike.
The scarcity of digital procedures also affects the expense notes themselves and their management. Working manually or using spreadsheets to record these entries can even be counterproductive on the part of the employee and the company. It takes time, training and sometimes costs money.
Having a web solution and app like XPENDOR frees companies and employees from the task of recording expense notes. They only have to take a photograph of the invoice or ticket in question and send it to the administrative team. saving by using spending notes!
Investment in money and time for both company and employee
Time is money, and when it comes to working hours, even more so. Most expense reports are made for invoices or tickets for representation expenses, mileage, meals… In other words, items reported by executives or workers who are temporarily or permanently away from the company’s headquarters and who have to dedicate time out of their working day to reporting expense reports. This, which may be trivial, can ultimately result in the employee spending several full working days over the course of the year writing down the day’s expenses.
With digital and automatic solutions such as an expense note application, this problem is reduced, as the employee can instantly and visually report, by means of a picture, which expense has been incurred. This results in an improvement in the time taken to carry out this type of procedure, which in turn results in a better investment of the working day for commercial, logistical or representation tasks, among others. saving by using spending notes!
Greater control, avoiding internal fraud
One of the advantages of proceeding in this way is that we have greater control over fraudulent practices that may be occurring within the company. Internal fraud is something that affects many companies, and the larger the company, the rate of this type of fraudulent activity grows exponentially if it is not remedied. Because “who’s going to find out, with all the paperwork involved?”
One of the best ways to nip this problem in the bud is through proper management of expense notes, having to present the invoices and receipts themselves at the time the expense is incurred. Applications such as XPENDOR can save on expense note management in this regard, as they allow information to be sent instantly to the company’s administrative team.
Coordination with the company’s ERP and the AEAT (Spanish Tax Agency)
Intra-company coordination of expense note management is another of the usual headaches. Having the possibility of integrating expense notes in our ERP is essential in order to be able to manage them properly. In this way, a total centralisation of the company’s services and departments is achieved.
At XPENDOR we collaborate with GOLIVE, a company specialised in the implementation of ERP systems and customised developments for medium and large companies. For this reason, we can guarantee an optimal integration of our expense note management system with an ERP of any kind. It is important from a legal point of view that the expense notes are passed through a system approved by the Tax Agency.
Provide the tax authorities with the complete invoice for the expense notes.
A complex expense note management system will allow us to submit our complete invoice to the tax authorities. This can be achieved as long as we have the capacity to digitalise all the information and a system endorsed by the AEAT itself, as is the case of XPENDOR. This management is something that makes things much easier for the company’s accounting team and avoids the compilation of a large number of expense notes with results that do not add up, etc.
Forecast costs to save more
Good cost forecasting is also very important for any company. If we do not have an estimate of what it is going to cost us to deal with a particular year or period of the year, we will not be able to prepare adequately.
However, if we make a cost forecast thanks to the information we have, we will be able to face any situation that is going to come at an economic level. A very interesting way to do this is by assessing the expenditure notes of the previous year. That is to say, to analyse them by concepts and see where you can cut back a little without affecting the correct functioning of the company. ¡Keys to saving by using spending notes!
Streamline your company’s expense notes with XPENDOR
In XPENDOR we make it easier for the management of expense notes by the company to be as agile as possible. Thanks to the implementation of all the elements we have highlighted above in our app, we are able to make it easier for companies to make savings with expense notes.
But this goes much further, it is about creating technology so that companies can enjoy more facilities in their management, that they can have more time for their employees to take care of their business and that they can have more security in their accounting management. All these elements are key for any company to be able to move with ease in the competitive environment in which all companies live nowadays. ¡Keys to saving by using spending notes! saving by using spending notes!
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