As a highly skilled accountant, you are well aware of the importance of managing expenses effectively in order to ensure the financial success of your clients. While you have mastered the art of tax compliance, record-keeping, and report generation, managing expenses can be a complex and time-consuming task.
Given the numerous other responsibilities you have, it’s not surprising if you feel like you’re constantly juggling multiple tasks and working long hours. Nevertheless, there’s a solution to this problem. Expense management software like Clyr has the potential to make your life easier.
By automating routine and repetitive tasks, Clyr can free up valuable time for you to focus on more strategic aspects of your work. Moreover, with its intuitive interface and streamlined processes, Clyr ensures that expense management is quick, efficient, and accurate.
We’re Clyr, an expense management and spending control platform designed for accountants and bookkeepers. Here’s how expense management software like ours can help you save time, access more data, and provide more value to your clients.
The benefits of expense management software for small business (and their accountants)
Here’s a fun fact— 69% of CFOs admit they use spreadsheets to generate financial reports. Okay, maybe that’s more of a scary fact than a fun fact. Either way, most businesses don’t have access to the financial insights they need when they need them. They’re either stuck in spreadsheet hell or don’t track at all. 😱
Expense management software can change that with fast, accurate access to tons of data and business insights. Here are a few other benefits for your clients (and you!)
Better insights into data/vendor spending
Expense management software platforms track all types of spending and streamline report generation by porting that data right into your accounting software. Keeping an eye on spending isn’t just about making sure your clients stay in the black, it can also catch mistakes (like double billing) and highlight opportunities to save money. Maybe one vendor offers a discount for early payment or if you order 10 widget thingies instead of 5.
Expense reporting software can also increase efficiency by making sure they pay on time and help clients build better relationships with their vendors. And you look like a superhero by making it happen.
Clients need access to their data now, not 30 days later after you’ve closed the books. Expense management software tracks expenses and spending in real-time, which means they have access to the data they need when they need it.
Not sure how well a recent sales trip went? Wondering whether vendors paid or if expenses have gone over budget? With platforms like Clyr, clients can see exactly where they stand right now. And so can you. Bonus, if they’re looking to switch to real-time accounting, real-time monitoring makes that a whole lot easier. 💪
Reducing accounting workload
More work isn’t always a good thing, especially when that ‘work’ involves tedious manual processes that could be automated or eliminated. Don’t worry, expense management software won’t put you out of a job. What it will do is save you time on:
Tracking receipts: How much time do you spend tracking down expenses with missing documentation? With expense management software, employees can upload receipts at the point of sale—so you have more time to spend on fun tasks, like getting ready for tax season.
Reduce duplicated data: Expense management tools help track expenses and spending in real-time and automatically send it over to Quickbooks. That eliminates human error and also helps reduce duplicated expenses. 🙌
Making it easier to catch fraud: Expense/spending management tools like Clyr offer prepaid corporate cards. These cards give more control by allowing the client to limit spending by category or even set a monthly or daily spending limit. That reduces the risk of fraud, which means you spend less time figuring out where the missing money went.
What could you do with all that extra time? Learn a new language? Take a nap? Dig deeper into data so you can provide even more value to your clients. The choice is yours.
Enabling tighter spend controls
Are your clients still using a credit card to manage expenses? That can cause all types of issues. For starters, a standard credit card doesn’t track receipts or connect to the ledger system. So you’re gathering all those receipts by hand. Yay. Plus, if someone gets ahold of the card, they can access the client’s entire credit limit. Next thing you know, Susan in Sales just booked a vacation to Cancun on your client’s dime.
With a robust expense management solution like Clyr, you can set up tight approval flows for company spend. Want to limit Sales to $75 a day for meals while at a conference? You can do that. Want to make sure the card you give drivers can only be used at gas stations? You can do that, too. With the click of a button, clients (or you, if you’re cool like that) can turn on daily or monthly spending alerts.
Machine Learning? You bet.
Clyr leverages cutting-edge neural language processing models to automate a significant portion of the day-to-day tasks that consume a significant amount of time for accountants and bookkeepers. With its advanced machine learning algorithms, Clyr can automate routine tasks such as receipt tracking, expense categorization, and report generation, freeing up time for more strategic tasks.
For example, Clyr can automatically categorize expenses based on merchant names and descriptions, eliminating the need for manual data entry. It can also extract key information from receipts and invoices, reducing the risk of human error. Additionally, its machine learning models can identify and flag potential fraud, saving you valuable time and effort in reviewing and reconciling expenses.
Clyr—the expense management solution for control freaks
Look, we’re not trying to tell you how to do your job. There are plenty of generic small business accounting tips that can help you figure out how to set up a business checking account or balance a P&L statement. We created Clyr for the control freak in all of us, including you. Your clients get tighter controls on spending and access to better data faster. You get to see what’s going on in real-time, so you can better help your clients grow in the long term. It’s just that simple.