Love is in the air, but is it in the cloud? Certainly, there are several benefits to onboarding an automated, cloud-based expense management solution for an end user or administrator, but the head of finance won’t necessarily be wooed by bells and whistles. Implementing new financial management software purely for the sake of integrating something new is obviously not enough of a reason to choose an expense reports program. So what exactly will a CFO find most attractive about a potential SaaS solution?
In a 2014 study by the Aberdeen Group, 43% of organizations surveyed stated that T&E expense management is a “critical component within their organizations holding high strategic value.” The ability to drive down costs and increase spending visibility remains a paramount initiative by these corporate finance leaders. With that in mind, here are some of the ways in which we think your company’s financial decision-maker will be smitten with our software:
An Attractive ROI
It would be poor business practice to invest in a product or service without first determining its return on investment. In a previous article, we demonstrated how to effectively calculate the ROI of manually managing corporate expenses (which may or may not be your current method!), versus the ROI of expense report automation. In a recent study, researchers found that processing a single expense report costs an average of $20.65 without an automation process. With our automated expense management solution, that number is reduced by over 40% ($8.33). Sure, there is the initial investment in subscribing to a software program, but the money it saves an organization over time is the true cost-savings. Add to that Nexonia’s free implementation, training, mobile apps, new features and ongoing support (yes, all included and at no additional cost), the value of the return becomes incomparable.
Configurability – Flexible Approval Processes & Visibility
If you’re currently using a manual system of tracking employee expenditures, do you know how much money is falling through the cracks due to gaps in corporate policy, human error or inefficient reporting structures? Too much of a CFO’s time can be wasted on inconsistent reporting between the Operations and Finance departments. As an intuitive and highly configurable system, Nexonia Expenses can be adapted to accommodate and simplify even the most complex of approval systems. Nexonia is known for our efficient implementation process and highly accessible (and delightful!) support. As a result of proper approvals, alignment with corporate policies and Nexonia’s capacity to integrate with a variety of accounting systems and credit card transaction feeds, financial transparency and reporting will have drastically fewer errors and increased visibility.
Getting You Good Results (We’re Passionate About it!)
GL reconciliation and management of employee spending doesn’t have to be a difficult and time-consuming process. As forward-thinking and strategic leaders, CFOs are well-adept at identifying opportunities and initiating solutions that drive their organization’s financial success. A strong CFO is not a naysayer, but an enabler of innovation; recognizing that it is only by being open-minded to new ways of improving operational productivity that there will there be an increase of profits and cashflow. A true financial leader understands that better results aren’t necessarily from making cuts, but by paving the way for new, more efficient processes to take place. With a positive ROI, incredible flexibility, full support and visible results, Nexonia Expenses is bound to be a CFO’s best friend.