Insights
Best practices and tips on spend management, automated expense tracking and corporate debit cards for Australian SMB and enterprise businesses.
Hang on to your hats, folks! We're taking a fun ride into the future to sneak a peek at the top 10 trends that will be shaking up the business expense management world in 2024:
1. Automation is king
Tech advancements are shaking things up big time! Imagine a future where most expense management tasks are automated. That means we can kiss errors and fraud goodbye and say hello to a smoother, stress-free ride!
2. Hello, AI
AI and Machine Learning have officially left the sci-fi realm. They're here to help us manage expenses like never before. Automatic sorting of expenses into groups for example. Predicting future expenses or spotting trends? Yes, please!
3. Big data, big opportunities
The Big Data revolution is making a big splash in expense management. It's like having a magnifying glass for our expenses, making smart decisions and maybe even saving some cash easier than ever.
4. Mobile is the way to go
With more of us working from our couches (or coffee shops), mobile expense management tools are becoming a must-have. Talk about making life easier and more convenient!
Our customers love that they can scan and upload receipts straight into the Budgetly mobile app - no more trying to track down receipts!
5. Going green
Companies are catching the sustainability wave and making their expense management more eco-friendly. Whether that means choosing greener suppliers, using business fuel cards to monitor and reduce fuel consumption, or encouraging eco-friendly travel, it's a win-win for our planet and our pocketbooks.
6. Integration with other business tools
Businesses are going digital, and expense management app is joining the party. It's playing nice with other business tools like ERP, HRM, and CRM systems.
This integration makes things smoother and ensures data consistency, leading to better reporting and decision-making. At Budgetly, we integrate with Xero.
7. Real-time reporting
Tech keeps getting better and instant access to data is the new normal. Real-time reporting in expense management means we get an immediate snapshot of business expenditure, allowing for quick adjustments and better control over spending habits.
Plus, it's a great way to catch any shady activity early on. Our customers love the fact that they can track their budgets in real-time with Budgetly. In fact, it was one of their biggest gripes with corporate credit cards!
8. Personalised user experiences
Everyone loves personalisation. Users want interfaces that feel like they've been tailor-made for them. We can expect to see more expense management solutions with personalised dashboards and user-friendly interfaces that make expense reporting a piece of cake.
Here at Budgetly, we’re adding custom user roles and permissions, so that users can choose what staff can or can’t do or see in Budgetly.
9. Global compliance
As businesses go global, staying on top of different tax regulations and compliance rules in different countries can get complicated.
But here's the good news - advanced expense management tools are here to save the day, making sure all expense claims comply with the relevant regulations and keeping us all penalty-free.
10. Enhanced security
Expense management systems handle sensitive financial data, so security is a big deal. We can expect to see top-drawer security measures like two-factor authentication and encryption to ensure our data stays safe and sound. Data breaches bringing this to the forefront
These trends are shaping the future of expense management. By staying on top of them—and leveraging smart Budget Management software—we can streamline processes, reduce costs, and stay ahead of the curve. The future looks bright, and we’re excited to see what’s next.
Is your company managing expenses effectively? Find out with our free expense audit!
