A Quick Know-How Guide on Business Central Expense Management

Still, using Spreadsheets & Paper Forms to Handle the Firm's Expenses?

Struggling to get Digital Error-Free Expense Management Solution?

Instead of having confidence in spreadsheets & paper forms, switch to Digital Expense Management Solutions, facilitating a unified platform for expense data.

Being a business owner, we all know that expense management is a pivotal aspect of any organisation, whether big or small. It is indispensable to manage it using the best tool embodying advanced capabilities to improve the financial health of the business.

If we throw some light on the meaning of expense management, then it is nothing but having an eye on the overall expenses incurred by the business, from petty cash purchases to significant investments. This facilitates financial stability, optimises budget allocation, and mitigates unnecessary costs.

Fortunately, all thanks to state-of-the-art technology, 80%-90% of businesses have successfully switched from manual expense tracking practices to digital expense management tools.

However, switching solely to web-based expense management tools is not a worthwhile investment. A business should also integrate its expense management tools with Business Central Expense Management. It streamlines the expense management process through better visibility by centralising the expense data.

This guide serves as a quick know-how guide for businesses seeking to implement Dynamics 365 Business Central and Expense Management. Here, we will shed light on its features, capabilities, benefits, implementation process, and fantastic tips to optimise its usage.

Additionally, the most prevalent challenges the businesses encounter while managing expenses and how Dynamics 365 Expense Management can resolve them. Stay tuned to this guide:

Let us get started:

What is Business Central Expense Management?

Business Central Expense Management is a feature in Dynamics 365 Business Central to easily oversee all the expenses of the business in one single place. It streamlines the company's expense management process, reducing time wastage, unlike manual expense tracking practices.

• All business expenses, from employee reimbursements to vendor payments, are accessible to manage using a unified platform.
• It facilitates seamless integration with other Microsoft apps, such as Power BI, Office 365, and Dynamics 365.
• It provides a user-friendly interface, enabling an outstanding experience.

4 Major Challenges a Business Encounters While Managing Expenses

Organisations encounter numerous challenges during the expense management process. Some of the most prevalent ones are mentioned below:

Inefficient Manual Processes

Most businesses, however, are still counting on manual processes for managing expenses, such as paper-based receipts and manual data entries. This results in delays in processing expenses, data inaccuracies, time consumption, and many errors.

How does Business Central Expense Management resolve this?

Dynamics 365 Expense Management addresses this challenge by enabling you to automate the expense management process, from capturing receipts to processing reimbursements. Consequently, a business saves enormous time and eliminates errors.

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Lack of Visibility & Control

Businesses often struggle to access a 360-degree comprehensive view of their expenses, like who is spending what! As a result, it becomes quite challenging to spot the overspending areas to enforce strict policies.

How does Dynamics 365 Expense Management resolve this?

Dynamics 365 Business Central and Expense Management addresses this challenge by providing real-time visibility into business expenses. This way, you can identify the overspending areas and implement policies to reduce them.

Have Better Control of Your Finance with Business Central

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Compliance & Regulatory Issues

Businesses must comply with various regulations and policies during expense management, such as tax laws and company policies. Non-compliance may result in huge fines and reputational damage.

How does Business Central Expense Management resolve this?

Dynamics 365 Expense Management has advanced capabilities to aid businesses in complying with regulations and policies. This way, we can protect businesses from fines and reputational damage.

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Limited Data Insights & Reporting

Businesses struggle to make informed decisions about expense management. They lack insights into spending patterns, vendor relationships, and other vital metrics.

How does Dynamics 365 Expense Management resolve this?

Microsoft's Dynamics 365 Expense Management can offer robust reporting and comprehensive insights into all business expenses. This helps you with smart projections, analysis and taking the right decisions.

By addressing all the above challenges using Dynamics 365 Business Central and Expense Management, a business can easily save costs, improve compliance & make the right decisions.

Top 3 Expense Management Solutions

Revolutionise your expense management with these top 3 Dynamics 365 Solutions:

Continia

It is an add-on functionality or solution designed for Microsoft Dynamics 365 Business Central. It helps businesses streamline and automate their expense management process.

Key Capabilities

Enables employees to submit expense reports with ease

Allows managers to set up customised approval workflows, which can be automatically triggered based on expense, amount, type, or employee

All the business expense data gets automatically synchronized with Business Central, eliminating the need for manual data entry and minimising errors

Zetadocs

Zetadocs Expense Management helps businesses simplify and streamline employee expense management within Dynamics 365 Business Central. It helps you with a comprehensive solution where capturing, approving, and processing employees' expenses is easy.

Key Capabilities

Zetadocs expense management automates the process of capturing expenses, reducing the risk of errors via manual data entries.

For instance: Now, employees can simply take a picture of their receipts using the mobile app, and the system will automatically extract the relevant data & create an expense claim.

Its smooth integration with Dynamics 365 Business Central enables expenses to be automatically posted to the correct accounts and journals.

Concur

Concur is a fantastic tool that makes expense management more effortless than ever before. It includes numerous solutions for travel & expense, which can be accessed online or through a mobile app. The best part is that you can also try Concur before investing.

Key Capabilities

Managers get detailed insights into business spending habits to eliminate unnecessary expenses.

It can cater to multiple languages, regulatory requirements, and currencies, including automated exchange rate calculation.

Apart from the above 3, there are two more expense management Dynamics 365 Solutions: Rydoo & Expensify. To know about them, Connect with Dynamics Square.

Implement Business Central Expense Management with Dynamics Square

If you are exploring the right Business Central Expense Management Solution implementation partner, you should go nowhere except Dynamics Square. We are Australia's leading Dynamics 365 Partner, enabling businesses to unlock their potential. We have decades-long seasoned professionals to implement Dynamics 365 Business Central and Expense Management effectively.

So, are you tired of manual data entry & tedious approval processes in business expense management? If yes, then it is high time to say goodbye to this & say hello to increased efficiency & accuracy in expense management.

Conclusion

In conclusion, efficient expense management is crucial for the financial success of any business. By leveraging the advanced capabilities of Microsoft Dynamics 365 for Business Central, businesses can easily keep track of their expenses, thereby cutting down on unnecessary expenses. It streamlines not only the business workflows but also enormous time and resources. Do not delay switching to Dynamics 365 Expense Management Solution, enhancing the overall financial health of your business.

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