The Road to a Modern Finance Organization

Want to find out how modern your expense tracking and reporting are? Take this quiz to discover what level your organization is and whether you’re optimizing your spending tools.

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    Level 1

    Level 1s are paperists—using petty cash to pay for expenses and keeping paper receipts for every transaction.

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    Level 2

    Level 2s excel at Excel, relying on spreadsheets as the foundation for expense tracking.

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    Level 3

    Level 3 is where modernization really starts to take hold and becoming fully paperless is a major priority.

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    Level 4

    Highly modernized, Level 4s rely on digital systems and are almost completely paperless. 

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    Level 5

    Level 5s are at the top of their game—and utilization of real-time data flow and automated integration keeps them there.

Level 1

Level 1

Level 1s are paperists—using petty cash to pay for expenses and keeping paper receipts for every transaction. Capturing and deducting every expense is important at this level, but their simple processes are eating up valuable time. Introducing more modern tools, like Quickbooks, can help Level 1s start to gain more control of their expenses and begin their journey towards modernization.

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Level 2

Level 2s excel at Excel, relying on spreadsheets as the foundation for expense tracking. Despite having great rhythm, the paper build-up can be difficult to maintain. Level 2s spend a lot of time matching, recording, and duplicating effort—they need a more efficient way of paying for and tracking expenses. Implementing an online accounting software like Quickbooks will help.

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Level 3

Level 3 is where modernization really starts to take hold and becoming fully paperless is a major priority. Using Quickbooks Online and payroll reimbursements helps to automate and digitize certain processes, but this level still faces the challenge of maintaining a sea of different systems that are not integrated. Instituting digital tools across the board, like Receipt Capture, and increasing integration through one uniform expense platform will allow for access to real-time data and tame some of the chaos.

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Level 4

Highly modernized, Level 4s rely on digital systems and are almost completely paperless. Automated tools and software help manage expenses, but with a diverse number of systems and accounts across multiple field offices and divisions, it’s still hard to maintain. One size no longer fits all at these sprawling organizations and implementing flexible spending controls will help manage the scale. Integrating accounting software for end-to-end reconciliation keeps expense reporting in one place and makes real-time data easily accessible.

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Level 5

Level 5s are at the top of their game—and utilization of real-time data flow and automated integration keeps them there. Up-to-the-minute knowledge of what’s happening with the organization’s expense cards keeps reporting and reconciliation automatic and error-free. Integrated software and decision controls on cards help Level 5s manage, evaluate, and approve expenses quickly and easily. Level 5s are heroes to their finance departments and employees by providing them with the tools to succeed.

Take our self assessment quiz to see where your organization fits on the modern finance spectrum.