Despite great strides, a considerably large amount of SMBs still have a long way to go regarding digitization, specifically with expense reporting. According to an article by PYMNTS, more than 2.2 trillion invoices will be exchanged by 2035 (PYMNTS, 2022).
As accounts payable functions become more advanced and less human intervention is required, the benefits that go along with these enhancements will expand as well. SMBs that decide to strengthen their processes now see a great advantage in the near future as developments occur both within their system in the market.
Some benefits that come with automating tasks include
- Improved employee satisfaction, reducing stress from work overload.
- Eliminating the need to track down receipts and avoiding late payments.
- Increased transparency and security, with decreased risk of fraud.
Creating a streamlined bookkeeping process doesn’t have to be expensive or complicated. Companies and organizations love using PEX because they are allowed the opportunity to control employee expenses through automated spend management. With PEX you can easily stay within budgets via merchant spend limits, real-time spend data, and vendor virtual cards.