Problems with Traditional Expense Management

Problems with Traditional Expense Management in SaaS Era

Stanislaw Lee

Many organizations are increasingly moving towards SaaS applications and still use traditional expense management tools like spreadsheets to report and manage their SaaS software expenses. But they don’t realize that this comes with problems that are not visible immediately. This article will uncover major problems of traditional expense management in the SaaS era and how to solve all of them.

 

Time Consumption

In the traditional way of processing expense reports, it can take weeks and even months before an employee is reimbursed. There will be never enough time to manage all software expenses manually and fulfill all work-related tasks. Therefore, traditional software expense management might consume the time that your employees should spend on revenue-generating.

 

High Error Rate

Besides the time lost there’s also high error rate when typing things over into an excel sheet. Traditional expense management requires employees to type over all receipts in a sheet and to arrange all the receipts to make an expense report. These reports usually have several mistakes or mistypes and that makes traditional expense management highly prone to errors.

 

Fraud Vulnerability

Traditional expense management is vulnerable to errors as well as to various frauds. Employees submit SaaS software receipts and expense reports themselves. It’s almost impossible for companies with traditional expense management to discover frauds or fraud attempts. Thus, companies might lose a solid sum of their software budget or even their revenue.

 

No Cost Optimization Data

Traditional expense management doesn’t provide any insights or cost optimization information since employees have to review their SaaS software expenses themselves and make sure they meet company guidelines. Cost reduction and optimization is significant for companies of all sizes but most of them simply don’t know if they could buy cheaper SaaS licenses or remove any of them.

Organizations that want to reduce workload and time of their employees, to eliminate any frauds and errors, and to receive cost optimization insights, should consider a comprehensive SaaS expense management solution provided by Binadox.

 

Binadox SaaS Expense Management

This platform eliminates the need for these expense reports from your employees and removes any problems of traditional expense management. Binadox helps companies quickly identify suspicious expenses or trends through easy-to-create and easy-to-read reports. Beyond that, it provides a single view of all SaaS subscriptions in your company and cost optimization data that allows you to discover unused or underused SaaS subscriptions. Therefore, Binadox streamlines workflows in your company and your business processes, allowing you to focus on revenue-generating activities.

If you’re looking for a tool that is capable of drastically facilitating your expense management of your SaaS subscriptions, sign up and try out Binadox for free.