Almost Most Vietnamese businesses are familiar with the system Traditional cost management through Paper invoices and documents, the Excel Spreadsheet, doc documents, manual signing process through many levels within the company.
On the other hand, sets of paper documents, receipts, invoices, etc. are important documents for businesses to declare taxes and fulfill tax payment obligations. However, with Huge amount of paperwork and limited storage, usually businesses can only store for 3 - 5 years.
Grasping technology trends, most businesses in the world, especially large countries such as the US, China, Singapore, Korea, Japan... have given up traditional form of cost management to move to complete cost management using technology application solutions. Some typical examples of famous cost management systems include: SAP Concur, Expensify, Chrome River,… with many outstanding advantages.
Transforming cost management by applying technology is currently an inevitable trend in the digital age. It can be said that this is an important step to help businesses improve operational efficiency, enhance the ability to control costs and maximize profits.
Let's learn about Expense management system with Bizzi in this article!
What is Expense Management System?
What is an expense management system or Expense management?
Cost management is a system of processes deployed by businesses to process, pay and audit expenses incurred by employees. These expenses include, but are not limited to, cost of work and guest cost. Cost management is a process that businesses apply to build and establish policies, monitor implementation and approve costs incurred during business operations.
Cost management software used for support process automation approvals, expense claims, audits and reimbursements across the business. This software may be provided by software vendors under a licensing, deployment, and support services model, or under software as a service (SaaS) model. SaaS providers offer on-demand web applications managed by a third party, helping to improve the efficiency of cost management.
How can a Cost Management System help businesses?
Cost management systems play a role the key to sustainable development of any organization. Thanks to this system, businesses can Optimize efficiency work, increase profits and enhance satisfaction of all stakeholders.
For business leaders:
Synthesize information and automatic reporting Overview and details of a business's spending situation on a system at any time.
Closely monitor and supervise actual spending situation compared to the spending plan and give the Over limit warning for timely adjustment.
Provide a recording system Clear information for each category, department, and project,... helps determine exactly what costs need to be cut.
Monitor cash flow, Forecasting capital needs, ensure liquidity for Business.
For Accounting:
Automation Collecting, storing, processing invoices and documents, helping Save time and effort.
Automatically calculate and check, helping to minimize errors in handling costs.
Provide accurate data about planning and financial forecast.
Ensure comply with tax regulations thanks to highly accurate data.
Focus on professional work, improve productivity and work efficiency.
For Employees:
Make payment of expenses work, receiving guests, shopping,... easy than.
The system helps employees Understand cost regulations, enhance the transparent and trust in business.
Reduced time and effort in work expense report.
Currently, the Vietnamese market is vibrant with many cost management solution providers for businesses. However, not all systems fully meet needs and bring optimal efficiency.
Bizzi's Cost Management System - Optimal solution for Vietnamese businesses
Bizzi is proud to be a leader in providing comprehensive cost management solutions, helping Vietnamese businesses improve operational efficiency and optimize profits. In addition to ensuring the above benefits, Bizzi Expense also brings many other benefits to businesses.
Find out details at: https://bizzi.vn/giai-phap-quan-ly-chi-phi-doanh-nghiep
The Bizzi system possesses outstanding advantages compared to other solutions on the market:
Plan budgets, automatically check and promptly warn about arising costs
Create a budget plan for use during the year and flexibly allocate each project/department depending on need.
Warn on cost overruns when reporting costs for approved spending requests.
Over budget warnings when creating and approving spending requests/reports.
Monitor the budget overview dashboard and cost usage by many subjects: categories, units, employees,...
Convert payment requests from paper to electronic
Completely eliminate cumbersome, time-consuming and costly manual processes.
Process payment requests quickly and accurately, with just a few simple steps.
Data is securely stored and easily retrieved, helping to track and control costs effectively.
Manage all types of expenses:
The system supports management of all types of costs arising in the business, including:
Business expenses: Airplane tickets, train tickets, hotels, meals,...
Procurement costs: Supplies, raw materials, equipment,...
Expenses for receiving guests: Meals, entertainment,...
Businesses can easily track and allocate costs to each project, department, and employee accurately.
The system allows setting up a flexible approval process for each type of cost, ensuring transparency and strict control.
Collect all cost data:
Bizzi automatically extracts data from electronic invoices and receipts, helping businesses collect complete cost information quickly and accurately.
The system is capable of synthesizing data from many different sources, including:
Email
Mobile application
Accounting Software
Businesses can capture all cost information in a unified way, helping to manage and control costs more effectively.
Obtain both electronic invoices & receipts:
Bizzi supports the collection and storage of both electronic invoices and receipts, helping businesses fully comply with legal regulations on invoice management.
The system automatically checks the validity of electronic invoices, helping businesses avoid tax risks.
Along with many other features such as support for booking train tickets, air tickets, and hotels when traveling on business
Set up work policies on time limits and spending limits depending on location and employee level.
Book train, plane, and hotel tickets according to approved requirements in accordance with budget and work policies.
Bizzi recommends appropriate tickets according to the created business requirements and employee policies.
Make easy ticket payments right on the platform.
Financing capital with a business credit card
Compared to Vietnamese expense management solutions, Bizzi expense management system has outstanding differences such as integrating corporate credit cards with "dual benefits":
Supplement working capital
Save costs, strictly manage cash flow
In addition, Bizzi provides many service packages with the most suitable and competitive prices on the market compared to the needs of each business.
Bizzi Cost Management System is the optimal solution for Vietnamese businesses in the 4.0 technology era. With superior features and practical benefits, Bizzi will help businesses improve operational efficiency, optimize profits and increase employee satisfaction.
Register for a free experience of the Bizzi Expense Management system today!
Monitor Bizzi To quickly receive the latest information:
- Facebook: https://www.facebook.com/bizzivietnam
- Linkedin: https://www.linkedin.com/company/bizzi-vietnam/
- Youtube: https://www.youtube.com/@bizzivietnam
