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7 Signs that You're Ready for an Expense Management Solution

  • October 19, 2017
  • |
  • Sunny Manivannan

  •  |
  • Expenses

This past summer, our travel and expense management product team went on a two-week road trip, visiting a dozen customers in the Southwest on what was essentially a listening tour. One of the things we wanted to hear more about was the organizational pain that drove them to buy Coupa Expenses.

 

Listening to their stories, we came to a deeper understanding of the impact that efficient--or inefficient--expense management can have on the health and well-being of a company. We identified seven distinct symptoms that affect accounts payable, finance and the employee population at large. If you’re suffering from pain around expense management, perhaps you'll recognize these seven common symptoms at your own organization:

 

 

In talking to our customers, we found that most of them suffered from three or four of these symptoms, and some suffered from all of them. With Coupa, that is no longer the case.

 

With Coupa, finance can see everything that’s being spent in real time. You know what's outstanding because even if an expense report is not submitted yet, a lot of it has been automatically prepopulated using geolocation and credit card data. That makes it easier on employees, and finance can go see it. They can also set reminders to get people to submit those outstanding reports.

 

Employees can also create line items using their voice, and they can take pictures of receipts and upload them to their expense report, and then throw them away. They can track their expense report all the way through the process, so they don’t have to bother A/P. With everything electronic, finance has all the data it needs to see where they can improve. And, with our cloud platform, they can take advantage of benchmarks and community intelligence to see how similar companies are doing with their expense management programs, and where they could do better.

 

If your company is suffering from more than half of these, you need to consider making a change. If you're always being reactive and trying to fix these problems with bandaids, it's going to stop you from scaling quickly and efficiently. Adding more employees is only going to compound your misery.

 

How you manage expenses has a huge impact on your organization. Automated systems quickly pay for themselves with the time you save. Beyond that, what I came to believe after speaking with our customers is that expense management is a referendum on what kind of company you want to be: slow, bureaucratic and paper-bound or modern, nimble and efficient. Becoming the latter is a real morale booster and is a sign of a winning organization.

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