Spend and expense management is the prime buzzword when it comes to accounting so it’s quite literally a no-brainer that all accountants love a software that can do all the basic accounting functions and the cherry on the cake is when it can do more than just that.
If you’re a business owner reading this, we could go on about why you need an expense management and accounting software, but we all know that the real people who deal with these issues are your accountants and budget controllers. This makes it all the more crucial to have in place an accounting system that really works for everyone in your business. And that’s why this article is tailored from their perspective.
Bento for Business makes your financial teams’ lives easier by giving you all the tools you need to manage your business spend and accounting needs on a single, unified platform. This is probably one of the biggest benefits that you can get out of Bento. Using siloed systems for all your business expenses is difficult to keep a track of and therefore highly inefficient. Our platform offers real-time visibility into all your spending with deep data analytics so you can make better-informed business decisions.
When your accounting operations are streamlined with the help of a powerful spend management platform like Bento, your accountants and controllers can do their jobs more efficiently and catch potentially catastrophic errors immediately. Spend management also improves your accounting and operations efficiency by reducing time-consuming, error-prone manual work by automating them. As a result, this reduces your time to close, renders continuous accounting.
Here are some of the benefits of using Bento’s accounting software and why it’s such a hit with accountants:
Integrations/Compatibility with Top Accounting Software
The ability of an expense management tool to seamlessly integrate with top accounting and project management tools and platforms is a very important factor to consider when looking for a spend management partner.
Having access to an integration-friendly software further helps to simplify and streamline your expense management process. The compatibility of these programs allows for the automation of many tasks which can help save time and stay organized throughout the process.
Real-time, Advanced Data
Having access to real-time, advanced data provides insight into the health of your business finances. It allows you to analyze expenses and curb unnecessary spending to strategically optimize business funds. With advanced data analytics, businesses can make informed decisions based on what the numbers suggest, rather than a hunch.
Adding a numerical value to ascertain your business’ financial health and decision-making process, is crucial for growth and scale. It is highly essential for understanding employee behavior, spending trends, and more
Automating this time-consuming task comes with ample benefits that extend not only to you as a business owner, but to your company, employees, field worker, vendors, and contractors as well. Free up your valuable time to focus on high-value tasks. No more having to manually chase expense receipts and create reports. Continual syncing to your company’s general ledger means you won’t be scrambling at month-end to pull together the numbers. This allows you to close your books up to 5x faster!
Real-time, Automated Reporting
Filling out expense reports and collecting receipts is a tedious process for both, you and the employees in your business. This leads to a never-ending cycle of follow-ups and manual data entry. Having a swift and straightforward expense management software that automates the process for you helps clear up time for more critical tasks and also reduces the degree of manual error.
Traditional means of expense management involve manual data entry for employees and manual data verification for expenses. This not only eats into their productive hours but also consists of a lot of effort and manpower. This feature helps in combating that, thereby eliminating the possibility of submission of duplicate bills, exaggerated claims, errors in manual data entry, and more.
Top-notch Data Security
We know your numbers mean everything to you and you entrust all your spend data to our spend management platform. We take this seriously and hence, we have taken all the necessary security measures and protocols to ensure your spend data is protected and safe with us. At Bento, we are backed by a bank and we are very transparent about how we handle and protect your data and information. Find out how here.
Spend Controls with Auto-enforced Spend Policies
If you’re using and distributing corporate cards to your employees, you’re going to want to control where and how the cards are used. Here is where spend controls come into play and is one of the biggest features all accountants who use our platform love. Spend controls allow you to modify spend parameters as and when needed thereby helping you control your budget and protect your company’s bottom line. Bento’s spend controls operate in the background while you focus on your business.