What are the Common Challenges in Expense Management?
Some common challenges businesses face in expense management include:
1. Manual Processes: Relying on manual processes can lead to errors, delays, and inefficiencies. 2. Lack of Visibility: Without a centralized system, it can be challenging to get a comprehensive view of expenses. 3. Non-compliance: Employees may not always adhere to expense policies, leading to unauthorized or excessive spending. 4. Fraud: Expense fraud, such as falsifying receipts or inflating expenses, can be a significant concern.