Economic headwinds are forcing organizations worldwide to streamline finances. One way to address these concerns is to deploy expense management software solutions. Technology is a game changer here as CFOs look towards the best in the expense management industry to facilitate efficient workflows and offer better visibility and control.
Happay has steadily but surely gained the reputation of being a transformational leader in this space. It is the only company offering a 4th generation T&E management solution. The Happay solution offers AI-powered expense capture capabilities, effortless integration, and robust expense analytics to boost the finance team’s efficiencies and productivity.
Happay’s solutions offer speed and accuracy
Per one expense management study, most finance professionals agree they spend too much time processing expenses. In contrast, they prefer spending it on process improvements, cross-departmental collaborations, and strategic planning activities.
So, how can CFOs spend less time on traditional finance functions (read manual) and more on performance management and overall business strategy?
Happay’s expense management system effortlessly automates expense filing, compliance checks, approvals, and reconciliation. For instance, while 59% of organizations continue to enter and approve expenses manually, out-of-policy expenses are flagged off only in a meager 25% of companies. This provides huge savings in time and cost.
Happay’s AI-based SmartAudit feature reduces policy violations to less than 2% (from an average of 25%). Further, finance teams can lower the expense verification time by about 80%. So, CFOs get the advantages of speed and error-free functionality.
As Himanshu Singh, Senior Vice President, Happay, says, “Speed has moved beyond a basic tactical move as CFOs use technology as a more strategic move to disrupt conventional thinking and long-established value chains. A comprehensive and complete expense management software can contribute immensely to speed and accuracy in finance.”
Real-time visibility: A non-negotiable for CFOs
FP&A (Financial Planning and Analysis) are mission-critical functions in all organizations. Following traditional methods, CFOs can create budgets for capital utilization and forecast for the near future. However, how effective will they be in the face of unpredictable or rapid changes in operating conditions?
Happay’s comprehensive travel and expense management software offers robust features so CFOs can make real-time business decisions based on relevant information. Advanced analytics, AI-based expense management solutions, and cloud technology provide real-time visibility and sharp insights that drive value throughout the organization.
For instance, Happay ensures CFOs have a consolidated and comprehensive view of the enterprise data across the business. They can review all or just those expense reports that need their attention. Based on actionable insights (such as budget utilization) ensuing from such reports, course corrections are more manageable.
As Ramesh Iyer, president & Chief Revenue Officer of Happay, says, CFOs can employ rich business intelligence to filter expense data by period, cost centers, departments, etc. They can identify saving opportunities and analyze spending trends without pouring over spreadsheets.
Real-time recon reports are another huge plus point with Happay, as CFOs can stay in complete control of their expenses. The on-demand reconciliation reports offer real-time expenseand outstanding balance information.
Therefore, CFOs get complete visibility and control over your organization’s finances, budgets, and cashflows, all in one place. Consequently, their predictions are backed by real-time data making them more accurate.
CFOs are now data-driven storytellers with Happay’s DeepAnalyze
Without data, you are just another person with an opinion- W. Edwards Deming.
The biggest challenges for CFOs today are the inability to collect and track real-time data, find trends/errors, detect fraud early, and lack granular information on employee patterns in spend or compliance.
CFOs may be accustomed to managing significant amounts of data, but with disruption and innovation around the corner, it is time to make the data work for them. Therefore, the shift is decisively towards actionable insights that will bolster their operational decision-making.
Customizable reports, charts, and insightful reports (based on real-time data) are ideal solutions to these problems.
Happay’s DeepAnalyze offers customizable reports and insights on expense policy, expenses, efficiency, and compliance, helping CFOs to eliminate ambiguity from their decision-making. For instance, CFOs monitor their business expenses in real-time. The finance team can instantly view the top spenders, spending branches, cost centers, department-based spends and policy violators, etc.
These insights allow CFOs to identify trends and patterns in expense and use the 360o visibility to budget/forecast better.
Conclusion
In 2022, G2, the biggest player in the software business review industry, ranked Happay as a “Leader” in the ‘Travel and Expense Software’ and the ‘Expense Management Software’ categories. With over 7000+ customers, recording $3 billion in payment volumes, and generating 3 million expense reports annually, Happay is clearly recognized as a front-runner in expense management.
(Above mentioned article is a sponsored feature, This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever.)
