Most Vietnamese businesses are familiar with the traditional cost management system through paper invoices and vouchers. Excel Spreadsheet, doc documents, manual signing through many levels in the company.
On the other hand, paper documents, receipts, invoices, etc. are important documents for businesses to declare taxes and fulfill their tax obligations. However, with the huge amount of documents and limited storage space, businesses can usually only store them for 3-5 years.
Grasping the technology trend, most businesses in the world, especially large countries such as the US, China, Singapore, Korea, Japan, etc., have abandoned this traditional form of cost management to switch to cost management completely using technology application solutions. Some typical examples of famous cost management systems include SAP Concur, Expensify, Chrome River, etc. 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?
Expense management is a system of processes implemented by a business to process, pay and audit expenses incurred by employees. These expenses include, but are not limited to, business travel expenses and entertainment expenses. Expense management is a process that a business applies to develop and establish policies, monitor implementation and approve expenses incurred during business operations.
Expense management software is used to assist in automating the approval, expense claim, audit, and reimbursement processes within a business. This software may be provided by software vendors under a licensing, deployment, and support services model, or under a 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 system plays a key role in the sustainable development of any organization. Thanks to this system, businesses can optimize operational efficiency, increase profits and improve the satisfaction of all stakeholders.
For business leaders:
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Synthesize information and automatically report an overview and details of your business's spending on one system at any time.
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Closely monitor and supervise actual spending compared to spending plan and issue warnings of over-limits for timely adjustment.
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Providing a clear information recording system for each category, department, project, etc. helps to accurately identify the type of costs that need to be cut.
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Monitor cash flow, forecast capital needs, ensure liquidity for businesses.
For Accounting:
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Automate the collection, storage, and processing of invoices and documents, helping to save time and effort.
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Automatically calculate and check, helping to minimize errors in cost processing.
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Provides accurate data for financial planning and forecasting.
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Ensure compliance with tax regulations with highly accurate data.
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Focus on professional work, improve productivity and work efficiency.
For Employees:
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Make payments for business trips, entertainment, shopping, etc. easier.
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The system helps employees clearly understand cost regulations, enhancing transparency and trust in the business.
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Reduce time and effort in expense reporting.
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 Cost Management System – The optimal solution for Vietnamese businesses
Bizzi is proud to be the leading unit 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
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Create a budget plan for use during the year and flexibly allocate each project/department depending on need.
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Warn on cost overruns when reporting costs for approved spending requests.
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Over budget warnings when creating and approving spending requests/reports.
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Monitor budget overview dashboard and cost usage by multiple subjects: categories, units, employees, etc.
Convert payment requests from paper to electronic
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Completely eliminate cumbersome, time-consuming and costly manual processes.
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Process payment requests quickly and accurately, with just a few simple steps.
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Data is securely stored and easily retrieved, helping to track and control costs effectively.
Manage all types of expenses:
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The system supports management of all types of costs arising in the business, including:
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Business expenses: Airfare, train, hotel, food, etc.
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Purchasing costs: Materials, raw materials, equipment, etc.
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Hospitality costs: Food, entertainment, etc.
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Businesses can easily track and allocate costs to each project, department, and employee accurately.
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The system allows setting up a flexible approval process for each type of cost, ensuring transparency and strict control.
Collect all cost data:
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Bizzi automatically extracts data from electronic invoices and receipts, helping businesses collect complete cost information quickly and accurately.
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The system is capable of synthesizing data from many different sources, including:
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Email
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Mobile application
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Accounting Software
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Businesses can capture all cost information in a unified way, helping to manage and control costs more effectively.
Obtain both electronic invoices & receipts:
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Bizzi supports the collection and storage of both electronic invoices and receipts, helping businesses fully comply with legal regulations on invoice management.
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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
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Set up work policies on time limits and spending limits depending on location and employee level.
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Book train, plane, and hotel tickets according to approved requirements in accordance with budget and work policies.
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Bizzi recommends appropriate tickets according to the created business requirements and employee policies.
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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":
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Supplement working capital
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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!
Schedule a free consultation!