For retail chains managing outlets spread across cities, or countries, accounting for daily spending is definitely a nightmare. It doesn’t seem humanly possible to count every penny that was spent on stationery, food or other ad-hoc expenses. These expenses, as trivial as they may seem, result in a significant expenditure, across outlets. It’s about time you go the automation way, and get a clearer look into your business spends, and here’s how you can start!
- Understand the financial flow in your organization
Take a thorough look at how the finances flow in your organization. Dig deeper into the number of approval and hierarchical levels that are functioning, reporting cycle of your employees and the transparency at each level of submission and approval. This will help you discover the current bottlenecks in your system and will play a major role while deciding your automation solution.
- Analyze and budget the investment your organization is capable of
An overhaul of the expense reporting process isn’t going to come easy. It’s safer to analyze your company’s balance sheets to arrive at a figure that isn’t going to take a toll on your regular operations. While most of the expense automation solutions come with customizable subscription plans, it’s better to be safe than sorry, and have a budget in hand. This will help you further narrow down solutions that are best suited to your organization.
- Roll the solution out in phases
Introducing a new expense reporting solution across all the outlets will result in a chaos. Introduce an optimal solution at one outlet that’s usually bustling with activity, to understand your employees’ adaptability to the solution and a fair idea on how automation will make a difference to you. Prepare your employees with the technical know-how of the product, and address every minor setback with respect to the product before rolling it out to the entire organization.
It’s important to choose a solution that suits the expense reporting needs of your organization. It’s equally crucial that you keep your employees prepared on what to expect, to make the most of the solution. Automating process across outlets will be a mammoth task, but will prove extremely worthy if planned well.