For small businesses, improved expense management can make a big difference in the journey to maximum growth and efficiency. After all, traditional expense reporting methods can slow everyone down with endless paperwork, little insight into spend, and the potential for costly errors.
Modern corporate expense management tools can help.
Let’s explore how these solutions can transform your workflow by automating approvals, deterring overspending, and providing complete transparency. With the right tools in place, your team can spend less time on paperwork and more time on what matters: growing your business.
Corporate expense management is the process of controlling, tracking, and reporting business-related expenses to help ensure they stay within budget and comply with company policies. These expenses include business travel, meals, office supplies, etc.
Historically, expense management involved manual tasks like filling out paper receipts and spreadsheets and relying on approval chains for each submission. This process was time-consuming and prone to errors, requiring finance teams to chase down incomplete information and sort through stacks of receipts.
Managers had to review each expense manually, which led to delays and potential compliance issues. Traditional methods also made it hard to identify spending patterns, detect fraud, or adjust budgets in real time.
Traditional expense reporting methods involve lengthy approval chains, manual data entry, and back-and-forth follow-ups with employees and managers. This process drains productivity, as finance and accounting teams and employees must navigate spreadsheets, receipts, and follow-ups. For small business owners, this wasted time and effort could be better spent focusing on operations and growth.
Another downside of traditional expense reports: Employees also often complete them outside working hours, resulting in rushed submissions, inaccuracies, and further approval delays. This frustration only worsens when companies don’t have real-time insights into spending, which limits visibility and makes it hard to track out-of-policy expenses, forecast budgets, or detect fraud.
The good news? Modern corporate expense management solutions can eliminate these hassles through intelligent automation. That makes reporting more accessible and provides companies with instant visibility into spend, helping them maintain compliance and control. Here’s how a tech-driven approach benefits your business:
Small businesses often prioritize cost-effectiveness and ease of use, while larger companies need advanced features like multi-layered approvals and robust reporting. Choose a solution that fits your company’s current needs and future growth.
A solution’s upfront and ongoing costs matter, as does its ROI. Automated solutions help save on manual labor costs and offer insights that lead to more strategic decision-making. Be sure to evaluate the long-term financial effect.
Top-notch customer support is essential, especially during onboarding. A provider that offers comprehensive training and reliable support helps employees transition smoothly to the new system and ensures you’re maximizing its features.
Check out reviews from businesses similar to yours. Honest user feedback can reveal each tool’s hidden pros and cons, allowing you to make a more informed decision.
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If you’re ready to streamline your expense management process, here’s a checklist to help you choose the right solution for your business:
Modern corporate expense management software for small businesses is more than convenient — it’s a competitive advantage. By automating manual tasks and providing real-time oversight, these solutions help cut costs, improve employee satisfaction, and maintain compliance.
Ready for an expense management solution that ticks all the boxes? Book a demo.
This content is for informational purposes only. It doesn't necessarily reflect the views of Navan and should not be construed as legal, tax, benefits, financial, accounting, or other advice. If you need specific advice for your business, please consult with an expert, as rules and regulations change regularly.