How to Simplify and Automate Your Web3 Team's Expense Management

The hidden costs of manual expense management

On a yearly basis, a typical company spends close to $500,000 and approximately 3,000 hours rectifying errors in expense reports. The multi-step process of managing and tracking expenses is rife with opportunities for errors and delays.

Even minor mistakes in expense management can accumulate, affecting your bottom line. The hours employees spend filling out spreadsheets and tracking receipts could be better utilized elsewhere.

What if managing your crypto expenses can be easier?

Here are some ways a crypto expense management system can simplify your operations: 

1.Simpler expense submission process

What it means: The manual method of submitting paper receipts often involves a tedious process where an employee fills out a spreadsheet, attaches physical or digital receipts, and sends it to a manager for approval. 

The solution: This process can be straightforward.

Employees can snap pictures of their receipts and submit their expenses directly via Request Finance expenses mobile app. They can choose whether to be reimbursed in fiat, or crypto.

‍

2.Improved financial visibility

What it means: When your expense reports are compiled only once a month, it's prone to oversight and can be exploited for fraudulent activities, such as double submissions or inflated costs.

Manual checking of expense report for duplicate or unapproved expenses by other team members or external parties pose a problem for your finance team in terms of security. 

Companies lose 5% of their revenues due to fraud, and expense fraud alone is responsible for 14.5% of all detected fraud.

The solution: You can see exactly where money is being spent with Request Finance, allowing for timely, data-driven decisions. 

It also allows you to add team members with different roles and permissions so that you can collaborate more efficiently with your team members and optimize the expense workflows without compromising security.

3.Fast approvals and reimbursements

What it means: The manual method of submitting paper receipts, waiting for managerial approval, and then further verification by the finance department is time-consuming. 

This process can take up to 20 minutes per expense.

The solution: Request Finance expedites this process, where it’s reduced to a matter of minutes. Fnance teams can review, approve, and make mass payouts for expense reimbursements through the desktop application.

Automation is key to ensuring accuracy and efficiency. By centralizing all aspects of expense management, from receipt capture to approval, your Web3 team can significantly reduce the time spent checking for errors and inaccuracies.

However, the journey doesn't just end at choosing the right tool. 

A holistic approach to crypto expense management not only involves the centralization of tasks but also requires a comprehensive strategy to which all employees must adhere.

If you’re looking to take the next step, find out how you can create an efficient expense management plan for your Web3 team here.