By Mr Raj N
It is a crucial time for everyone in this world. The government’s decision controls all nations. This situation has shaken the world’s economy and given India a flashback of World War 2 condition. This lockdown has shut many businesses, to employees losing their jobs and to salary deduction of many. It is entirely a helpless situation even for the business owners to lead the employees away and keep them running. Zaggle, a Fintech company, comes to save 80% of the cost with its platform of Expense. Management, Travel Management, Automation, and Digitalization. The layoff has changed the dependency on software then to manpower.
Demonetization in Digital Process Transformation and Zaggle plays an essential role in Employee Reimbursement, Expense Management Automation & Digitization. It will Save up to 80% Cost, and companies will have to ensure overall Manual Process Automation to rationalize the cost since Digital Solutions are Cost Saving and Efficient. Zaggle has been Winning New Client Contracts despite the Sales Teams and Clients Working from Home because Companies have now realized how important it is to Digitize Processes to Save cost and be Efficient quickly. Companies need to digitize and optimize work processes as COVID-19 disrupts traditional work models. Business needs to look at crucial cost-effective IT tools like virtual workforce collaboration, digital accounting, and expense management to scale the company in this pandemic situation.
Companies are also looking for cost-cutting and finding difficulty in where exactly they need to do the budget-cutting. When it comes to reducing costs, the expense management solutions will help companies understand where exactly the costs are spending in terms of category wise spending (types may include software, marketing, employee meals, and more). The price could be a good objective if you interpret the significant categories of spend and have a cost reduction strategy around it. Companies want to make sure to track business expenses carefully and enforce that discipline across the entire company. To help with tracking spend and ensuring all employees are mindful during these uncertain times. Using automated solutions, companies can also reduce the workforce by cutting off the finance team’s headcount by replacing software, decreasing human resources and effort. With the travel request form functionality in expense management, companies can restrict the business travel with appropriate approvals so that company will decide the employee travel beforehand and avoid unnecessary business travel in the view of employee safety. Even expense management solutions will avoid transferring physical documents between employees to stop a virus within the organization. Expense vouchers/bills are one of the most frequently transported materials. The physical vouchers move from one employee to another and in between by handlers/runners wherever required.
So, some smart solutions in expense management allow employees to use the mobile app with one-touch clicks of bills/vouchers and automatically create expense records. It is through an advanced OCR engine one can scan and upload the receipts, anytime, anywhere. To streamline businesses, scanning receipts and eliminating manual data entry plays a vital role in helping the expense management.
Companies can also reduce fraud by enabling Real-time detection of duplicate expenses with the help of OCR. OCR will “automatically” extract data such as a merchant name, date/time, and amount, checks in the system if there is any duplicate bill uploaded earlier by any employee, with the help of these companies save vast amounts of money and time.
ZaggleSave is one such AI-powered expense management software. With its useful receipt scanning ability and receipt management, employees can enjoy easy expense reporting. The finance team can also expect and appreciate greater compliance with company policies from employees and audit every penny, which means bills and reimbursements paid on time, errors and fraud eliminated, and business decisions based on complete and accurate spend data. For example, a company with 500 employees needs a minimum five-member Accountants Team to process all the bills every month. The average cost of these five Accountants plus an overseeing General Manager, Accounts will cost the company approx. INR 300,000 a month, but using our software, you would be able to do it at INR 500 into 100 PER EMPLOYEE (License Cost), resulting in approximately 83% cost savings. Companies are now reallocating work to these Employees, and in some cases, they are laying off.
“It’s a difficult time for the nation and has hampered the economy bad with loss of Health, Business, Jobs, and many more. We are trying to offer our best to corporates to help them cut costs to keep the business going in such a tough time. We hope this situation gets better than earlier, and it focuses more on cashless transactions. We as an organization are trying our best to cope with the situation and are expecting 100% growth in the next year since Digital Adoption will be the New Mantra from most of the companies and ensure to provide the best solution to the corporates to keep the business running.” says Mr. Raj N. Phani, Founder, Zaggle informed Prittle Prattle News through a Press Release. For more information, please visit www.zaggle.in
