Digital transformation direction of enterprise expense control management and expense control and reimbursement solutions

In the current era, full-process digital transformation has become the leading thread of global society, technology, and economic development. With the increasing popularity of fully digitalized e-invoices, paper media such as invoices, documents, and archives in organizations will eventually complete their digital transformation. At the same time, in the actual practice of organizations advancing digital budget and expense control, a series of problems and challenges commonly exist:

1. Reimbursement filing is relatively difficult, employees often advance payments, the reimbursement process is lengthy, attaching invoices is cumbersome, and the reimbursement experience lacks friendliness.

2. Reimbursement review faces difficulties. As the organization continues to grow and personnel increase, the leader's reimbursement review volume continues to grow, including a large number of repetitive and low-value reviews, and each expense lacks associated data (e.g., contracts, projects, budgets) to support leaders in rapid review.

3. Financial review is difficult, and the daily work of finance is highly repetitive and low in added value. Tasks such as invoice authenticity verification, duplicate checking, payment, and bookkeeping in reimbursement business consume a great deal of time and energy.

4. Institutional implementation encounters difficulties; how to achieve standard control, budget control, compliance control, etc., are all problems and challenges troubling the digital expense control transformation of organizations.

Given the aforementioned era background and the problems and challenges faced by organizations, the digital transformation of budget and expense control management is an unavoidable topic. So how exactly should enterprises plan for it?

From the functional level, the digital expense control system's full processPlanningThe following scope shall be covered:

01 Budget management

Achieve multi-dimensional budget preparation, supporting budgets by department, project, individual, and custom dimensions, as well as combined methods such as department + project + individual. Budget preparation methods are also flexible, supporting Excel import, online preparation, and equal distribution by period.

Budget control strategies combine firmness and flexibility, and can be complex or simple, strong or weak, with flexible control combined with budget release. Budgets can be controlled by expense type, budget period, budget entity (department, project, or personnel), and other methods. Control intensity supports three modes: strong control, weak control, and no control.

02 Invoice Management

Achieve full lifecycle management of paper invoices, e-invoices, and fully digitalized e-invoices. One-click access to e-invoices from WeChat, Alipay, email, etc., supporting invoice information extraction via mobile photo capture and QR code scanning, and direct import of image/PDF/OFD files, using OCR automatic recognition, fast, accurate, time-saving and effort-saving. Collected invoices enter invoice folder management, categorized management without clutter. Single/batch invocation to initiate reimbursement, invoices and reimbursement forms are linked to each other, one-click drill-down query, reimbursed invoices are automatically tagged by the system, avoiding duplicate reimbursement.

Invoice review directly affects an enterprise's invoice compliance. This expense control system connects to the tax system, automatically performs invoice authenticity verification and duplicate checking on uploaded invoices, and automatically completes invoice and tax number proofreading. Automatic invoice authenticity verification prevents fake invoices, tampered invoices, and voided invoices from being booked, while duplicate comparison with already reimbursed invoices avoids duplicate employee reimbursements with accuracy and no errors. It helps enterprises avoid duplicate electronic accounting entries and tax risks, and also reduces a great deal of workload for finance staff.

03 Intelligent reimbursement/intelligent approval

Achieve automatic form filling, automatic matching of expense accounts, and more. Expense applications are linked with budget management, and the system automatically reviews based on budget standards, prior applications, expense standards, loan records, etc. Alerts are immediately issued when reimbursement exceeds budget, and expense control standards truly penetrate into the process.

Aggregates approval decision information to assist approval, linking reimbursement or payment to business information such as projects/customers/projects/contracts/procurement/suppliers, achieving business-finance linkage. The system automatically performs compliance checks, with preset risk points and compliance check items. During approval, various reimbursement contents are automatically verified and controlled according to internal control compliance checkpoints, reducing non-compliant reimbursements. It is an effective safeguard for implementing financial compliance management.

04 Automatic payment

Introduce tools such as bank-enterprise direct connection/fund management to achieve one-click batch payment. Integrated with the enterprise's financial system and online banking, after the reimbursement business process is completed, the cashier can initiate a [payment instruction] with one click to complete payment online without logging into online banking. It can connect with multiple banks for batch payments, greatly improving the processing efficiency of the reimbursement payment stage. Through bank-enterprise direct connection, the enterprise and bank systems are connected, and payments are managed online, making them more accurate and efficient. The system synchronizes bank account receipt and payment records in real time, allowing real-time query of transaction records, convenient and fast.

05 Automatic bookkeeping

Achieve automatic voucher generation, no manual bookkeeping required.

06 Automatic archiving

Reimbursement data is automatically archived, realizing full lifecycle management of electronic accounting archives from receipt, management, storage, and use. According to the provisions of the Notice on Standardizing the Reimbursement, Booking, and Archiving of Electronic Accounting Vouchers, all types of accounting vouchers in electronic form should be included in archive management. The new expense control system standardizes the archive management of various electronic accounting vouchers: process forms, electronic invoices, electronic itineraries, bank electronic receipts, financial vouchers, and other electronic accounting vouchers generated during the expense control management approval process can all be automatically collected together and uniformly stored in the electronic archive cabinet. Categorized and clear at a glance, available for consultation and retrieval at any time, and also compliant with the archiving requirements for electronic accounting vouchers.

07 Business-finance integration

The budget and expense control platform deeply integrates with procurement systems, contract management systems, and others to achieve business-finance integration. WithBusiness travel platformDeep integration enables reimbursement-free business travel.

08 Automatic data statistics, real-time query and alerts

According to the budget system and expense rules, various data generated during the expense process will be automatically counted by the system, generating multi-dimensional data analysis reports in real time, such as total budget, budget execution status, and budget comparison data. They are displayed intuitively in charts, and data such as budget execution ratio, expense occurrence status, and departmental project status can be drilled through and viewed, with alerts prompted according to set warning values, enabling real-time understanding of business operations.

Digital expense control systemofValue:

Electronic expense control management to implement expense control policies

Implement electronic handling of the entire enterprise expense management process, carrying out closed-loop and standardized management across the entire chain from budget rule formulation and expense process management to execution result analysis. Preset various expense standards and reimbursement rules into business processes, transforming post-event inspection into pre-event or in-process automatic control, thereby truly implementing budget management and expense control systems.

Accelerate standardization and compliance of financial management

Accelerate standardization of financial processes with full staff participation, reduce various financial risks and management costs, improve employee satisfaction while meeting process standards for enterprise management, and enhance the professional level of financial management. Services such as invoice electronification, authenticity verification, compliance checks, and automatic vouchers improve efficiency while avoiding related risks, helping enterprises establish a compliant financial internal control system.

Improve financial efficiency and employee satisfaction

A digital and intelligent expense control management approach improves the efficiency of organizational financial processes. The use of automation technology reduces the workload of finance personnel in invoice review, voucher preparation, and payment disbursement, easing financial work pressure. It reduces the pressure on employees for reimbursement receipt pasting and advance funding for business trips, allows approval processes to be tracked at any time, and improves the efficiency of financial process operation.

Provides comprehensive and accurate expense data analysis

Automatically compile budget and expense control execution data, and break it down into multiple dimensions presented in intuitive charts, reflecting expense status in real time and quickly producing data reports to provide a basis for management decisions. Combined with budgets, through effective planning, organization, control, and analysis of the expense occurrence process, it improves expense efficiency and helps management and business optimization.

Source: internet

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