Church leaders in charge of tracking and resolving the organization’s expenses have a lot of factors to keep in mind. Things like summer camps, sponsored events, and fellowship activities all come with an array of expenditures that must be recorded, approved, and reconciled, and these processes can all take considerable time out of a church leader’s day.For these reasons, it’s incredibly helpful to have an expense reporting solution in place to streamline these responsibilities and provide more time for church staff to serve the community. When seeking out a solution for your church, though, there are a few main considerations to make. Let’s take a look at what your institution needs from its expense reporting technology:
1) Real-Time Reporting
Whether staff members are at a store making a church-related purchase, at an event paying a vendor or another location away from the church, they must have a way to quickly and easily report their expenses. Advanced expense reporting solutions enable users to report spending from anywhere it happens, at any time.The best part of this feature is that it means nothing falls through the cracks where expense reporting is concerned. As ChurchTechToday pointed out, real-time reporting can curb overspending as well as spending abuses, and keep your church on track and on budget.“Expense reporting apps allow you to track expenses in real time and maintain closer control of spending without sacrificing convenience,” ChurchTechToday noted. “While your primary focus may be bringing in more members and donations, it’s important to regularly examine the budget.”And with advanced expense reporting technology on your side, organizing the budget becomes much less of a chore.
2) Robust Credit Card Integration
Volunteers who serve the church are special individuals, but asking them to use their own money to support church activities can cause considerable strain. Volunteers then have to wait for reimbursement, and this delay could create problematic gaps in their own finances.A better way to approach spending is with a credit card used in the hands of trusted staff and for church expenses only. Having a credit card makes it much easier for members and volunteers to make necessary purchases without having to stress about reimbursement.These days, many churches prefer to use credit cards as a replacement for staff member or employee reimbursement. In order to make this work, however, your church’s expense reporting solution should be able to support credit card integration to streamline expense tracking. Expense reporting technology that enables credit card integration provides the most visibility and control for church leader cardholders and eliminates the need to manually match transactions with expense reports.
3) Training and Customer Support
Finally, church leaders must keep in mind the level of technological knowledge those using the expense reporting solution have. Even the simplest solution comes with a bit of a learning curve, and it’s important that church leaders and those in charge of managing expenses understand how to use the solution in order to glean the most value from it.An often-overlooked consideration with expense reporting solutions is training and customer support. Your church needs a solution provider that will do more than just serve up software — church leaders should seek out a partner that can offer full support as well as training for users. This puts your church in the best position to make the most of its investment in its expense reporting solution.Churches and religious organizations have specialized expense reporting needs, and finding a solution that offers real-time mobile capabilities, credit card integration, and customer support can significantly simplify expense management.Selecting an Expense Reporting Solution for Your Church: Top 3 ConsiderationsVIEW VIDEOGallery
Church leaders in charge of tracking and resolving the organization’s expenses have a lot of factors to keep in mind. Things like summer camps, sponsored events, and fellowship activities all come with an array of expenditures that must be recorded, approved, and reconciled, and these processes can all take considerable time out of a church leader’s day.
By eclark|2017-08-29T19:18:12+00:00August 29th, 2017|Blog|
For most corporate employees, business travel has become a way of life. In fact, 40 percent of businesses have a workforce that takes part in travel at least one week a year, and another 24 percent of organizations noted their employees traveled for at least four weeks per year.With so many enterprise-sponsored trips happening, company leaders and traveling staff members must have a simple way to keep track of and report their travel expenses. This is where an automated expense reporting solution comes into play, simplifying the lives of travelers and their employers, thanks to a few key benefits. Let's take a look at three top reasons why companies of all sizes are flocking to these solutions:
1) Aligning Expense Practices with Company Travel Policies
A company travel policy lays the ground rules for everything from booking travel to reimbursement for expenses, and ensures that traveling workers and their companies remain on the same page.A travel policy is integral to tracking and reporting expenses, as well as paying employees back for the money spent on corporate travel. In the past, it was difficult to align expense reporting practices with the company travel policy - in fact, 49 percent of organizations cite the need to improve compliance with company travel procedures as a present pressure.An automated expense reporting tool can alleviate this challenge by creating a single solution for inputting receipts and tracking other expenditures. This makes it much easier for workers and employers to remain in step with important policy pieces, like per diem amounts and reporting schedules.
2) Reducing Operating Costs
Travel is expensive, and the cost can increase exponentially for longer trips, or those that require added stops. Half of all companies process at least 500 expense reports on a monthly basis, and another 26 percent process as many as 2,500 reports. And when you consider that it costs an average of $41.12 to process a single report manually, the price of not automating corporate travel systems becomes significant.A top priority among business leaders today is to reduce these costs, and the best strategy to employ here is the use of an automated expense reporting solution. With this technology in place, the cost of processing a report drops to $7.17, saving financial resources that can then be put toward more pressing mission-critical initiatives.
3) Streamlining Employee Reimbursement
From an employee perspective, one of the biggest challenges with corporate travel is the time it takes to be reimbursed. Even if the organization pays up-front for airline tickets and hotel stay, the worker is still responsible for day-to-day expenditures. And when staff members aren't reimbursed as quickly as possible, they can easily become dissatisfied.Lengthy reimbursement cycles are among the top-five travel and expense management challenges companies face today. An automated solution streamlines reimbursement by making it much easier for employees to submit reports on schedule.With a robust travel expense management solution, employees can access the platform via their mobile devices and input receipts from anywhere. This means there's less of a chance that a receipt will be lost, and staff members can get their reports in on time, helping to eliminate any delay in reimbursement.Automated expense management tools are a must for any company with a traveling workforce. To find out more about how this technology can make your life and the lives of your employees easier, contact us today.3 Ways Automated Expense Reporting Makes Your Life EasierVIEW VIDEOGallery
For most corporate employees, business travel has become a way of life. In fact, 40 percent of businesses have a workforce that takes part in travel at least one week a year, and another 24 percent of organizations noted their employees traveled for at least four weeks per year.
Expensing your business Lyft ride just got easier with new Nexonia integration. Lyft and Nexonia today announced a partnership to simplify the expense report process for business travelers. Lyft, the fastest growing rideshare company in the U.S., introduced the number one most requested feature for business travelers: automatic ride expensing. Now, business travelers using Lyft can can set up their business profiles to automatically forward receipts into Nexonia, eliminating the need for receipt screenshots and email forwarding.
K1 Investment Management is pleased to announce it has combined expense management software leaders Certify, Nexonia, ExpenseWatch and Tallie to create the largest independent company in the expense management software space.
The combined business will better serve its more than 7,500 enterprise, mid-market and SMB customers with expanded offerings to reduce administrative overhead associated with employee time, travel and expenses. Near-term priorities include increased investment in product capabilities, expansion of geographic reach and growth of a team of subject matter experts. The combination of Certify, Nexonia, ExpenseWatch and Tallie creates the world's largest expense management software company behind Concur, which was acquired in 2015 by SAP.
The merger is majority backed by K1, an investment firm focused on enterprise software companies globally. K1 has invested over $125 million of equity behind the combination, with additional capital available for further acquisitions.
Read the full press release here.K1 invests over $125 million to form largest independent expense management software companyVIEW VIDEOGallery
K1 Investment Management is pleased to announce it has combined expense management software leaders Certify, Nexonia, ExpenseWatch and Tallie to create the largest independent company in the expense management software space. The combined business will
Don’t underestimate the digital knowledge of your team. Your understanding of social media trends and digital business tools may be limited, but that doesn’t mean that your team won’t have valuable experience and knowledge of digital tools that could help lighten their load and streamline your business.
Take the time to sit down with your team and discuss how they feel technology could help you improve your business. By showing that you are open to suggestions for digital improvements and feedback of your working processes, your employees will feel encouraged to share their knowledge with you.
For example, you may find that individual members of your team have a lot of experience with an app or software you have been considering. This knowledge could prove to be very beneficial to your business, and help relieve unnecessary pressure on your employees.
Take a step back from your business for just a moment. How many routine, repetitive tasks do you and your team spend time on each day? 30 minutes? 2 hours? What if you could free up some of this time, and reinvest it into your business instead?
Time is money – this may be a clichéd phrase, but in business there is no escaping it. Thankfully, technology now makes it possible for us to automate a wide range of business processes – including client communication and even invoicing. Sometimes the smallest time savings can lead to the biggest monetary gains in business. If you believe your time could be better spent on other jobs, it’s well worth considering how you can automate some of your most routine tasks.
3. Explore apps & go mobile
In recent years, there have been some very impressive advancements in the types of mobile apps and services available to smaller businesses. Are you taking full advantage of them?
It’s no longer necessary for you or your team to be tied to a desktop in the office. Cloud-based technology and mobile apps make it possible to oversee a wide range of business tasks from anywhere and at any time. Why wait until you’re back at the office to submit an expense report when you can do it when you’re still in the restaurant? Why spend hours drafting invoices and tracking timesheets when it can all be done automatically?
Investments in technology, software, or even apps to speed up processes should be seen as an investment in the future of your business. Digitization is essential for business growth.3 Ways to Keep Up with Digitization in BusinessVIEW VIDEOGallery
If you feel as though your business is falling behind digitally, don’t worry. Keeping up with the latest innovations doesn’t have to be a full-time job. With just a few small changes, you can ensure your business stays one step ahead of the competition.
Besides the already great pre-built features that its users can take advantage of, Intacct also partners with over 200 software solution providers that provide added functionality to your company’s financial process. Through Intacct’s open API, Intacct customers can take advantage of the variety of specialized solutions built for Intacct. Whether you want to connect your company’s CRM, ecommerce, or payroll systems to your ERP, the Intacct Marketplace has an abundance of solutions that fit the bill.If you’re in the market for an expenses app that will flow report information directly into your Intacct account, you’ve got some options. A quick look at the Intacct Marketplace and it would appear that there’s almost a dozen different expense report software solutions that connect with Intacct. That’s a lot of options, which is great for you because you can choose a solution that actually fits your company’s precise needs. So, when deciding on which expense solution to choose, where do you even start?AcctTwo, a valued partner and three time recipient of Intacct’s President’s Club Business Partner of the Year award, has been helping companies achieve quick growth by providing a combination of technology and services to automate financial processes and reporting. AcctTwo’s CEO and founder, Marcus Wagner, has more than 20 years of experience working with small, medium, and large companies in the areas of financial accounting and auditing, and routinely looks for new software solutions that can integrate with his clients’ systems. Marcus and his team discovered Nexonia through the Intacct ecosystem and “immediately saw the value that Nexonia could bring to [their] customers,” adding Nexonia to their suite of partners. Here, Marcus weighs in on what makes Nexonia a valuable Intacct partner and an asset to his clients.
Get Your Expense Software Up and Running Faster
“As an Intacct partner, the first thing that Nexonia helps us do is bring immediate value and return on investment to our C-suite buyers by giving immediate benefit to the CEO, COO or the sales team who are on the road a lot. Implementing accounting software can sometimes be very painful for companies, so being able to bring Nexonia - a product that's easy to implement - provides us with a quick win, which is always nice.We've had many reports of successes when referring Nexonia to our customers, with our clients finding the Nexonia implementation process to be very fast. Many people have trepidation about implementing new software and it's almost as if they can't believe how quickly their Nexonia account gets put in place.”
Directly Connect Expense Information with Your Intacct Account
“Nexonia's Intacct integration helps our customers tremendously by automatically pushing approved expense reports from Nexonia directly into Intacct, while also syncing all the master data between the two systems. Those of you who are familiar with Intacct or familiar with “Dimensions” - whether that's departments, projects, customers or vendors - there's a bi-directional sync between Intacct and Nexonia that just makes it a breeze to work with.Nexonia is also fantastic because of all the automation it provides! No one enjoys doing expense reports, so being able to have a tool that can download your credit card transactions for you and can auto-suggest coding categories is amazing.”
Mobile Expense Apps Make Business Travel a Breeze
“Nexonia's proved to be a real value-add in the markets we serve because they provide expense reporting features that Intacct might not have the capabilities for, such as mobile device capabilities. With Nexonia’s apps, not only can you review an expense report or a timesheet, but you can actually create reports on your mobile phone. Nexonia stands out because it allows you to work on your mobile expense reports while offline. So many of us find ourselves on airplanes without WiFi, wishing that we could make use of that time. Being able to finish up an expense report using Nexonia’s app offline provides tremendous value.I also personally love being able to go to a restaurant, pay for my meal, take a picture of my receipt and simply walk away without carrying all of that paper with me in my life. There have just been a ton of benefits in working with Nexonia.”
Responsive Team Helping You Get What You Need, When You Need It
“The other thing that I would add about Nexonia beyond just the technology is the organization is just a joy to work with. They're very responsive to us as a partner. We've had last minute demo requests be met without any hesitation. Many times, Nexonia comes into a sales cycle with us in just the right way without going too broad. Instead, they complement the solution that we're bringing to the table to our client, with what they bring to the table, which is best-in-class spend solution. So it's really been a win-win for us, Nexonia and our customers.”For an indepth look into how Nexonia and Intacct work together, check out our video on managing expense reports with Nexonia’s Intacct integration, or book a time to get a personalized demonstration for you and your team.Choosing the Right Expense Solution for Your Intacct ERP: AcctTwoVIEW VIDEOGallery
Besides the already great pre-built features that its users can take advantage of, Intacct also partners with over 200 software solution providers that provide added functionality to your company’s financial process. Through Intacct’s open API,