Expense management software with fintech integration

Keeping track of personal finances gets more complicated as the income and expenditures with the number of transactions grows. For individuals who want to stay on top of their daily or monthly spending, having an online spending management system is the best solution. Expense management software can cut time spent on bill payments, finding discrepancies and ensure better compliance in the personal financing budget.

This PFM solution mostly comes with expense reporting fully automated. This way users can review their expenses and make better financial decisions for the following time period.

Accounting software is slightly different from the expense tracking solution. Accounting and expense management software are related but not the same. May seem like the second as a sub-function of the other, but there are differences.

Accounting software is a wide term. Expense management focuses on the finite task of processing, monitoring and evaluating expenses and all financial transactions by an individual. In simple words, think of the tracking of travel, entertainment, supplies, or cyclical expenses such as bills, EMIs, credit repayments etc.

How expense management software improves PFM

The top expense management solutions assist end users with handling daily expenses, investments, bill payments, budget planning etc. Also address the granular expenses – bill receipts, payment reminders etc through SMS. Time consuming tasks that require a lot of effort to complete are mostly automated.

How does expense management software fit into the category of fintech solutions? How does it integrate with the existing solution?

For a top to bottom expense tracking and timely notifications, you should choose expense management solutions that integrate with your product and also have payment and transaction tracking features for your end customers.

These integrations streamline income and expense cycles from payment to resolution. It ensures reporting, visibility and cuts time and expenses.

Despite having a lot of benefits, there are also drawbacks to the ecosystem. 

Expense Management Software Solution Problems

Here are three major issues an outdated system can cause - and what your team can do about it:

Policy Compliance

Customers don’t know exactly what the policy entails in this regard —or they don’t care to check it. 

But when that policy is updated in real time and enforced, customers will not be able to understand and evaluate the pattern to make a better decision in the future. Causes a lot of time and headaches to figure out.

The Rise of Fraud

Visibility or the lack of visibility and outdated information causes misunderstanding in the system.

But this issue can be addressed through a modern expense management platform that delivers automation, better visibility, and more control to remove the manual reviews and analyses which was traditionally followed.

The Delay in Reporting

Lack of timely report is another problem due to which there would be delay in payments and not able to evaluate properly.

A lot of customers use an expense tracker for EMI instalments and credit repayments. Due to the non availability of real time data they end up missing their deadlines. Missing out timely bill payments, EMIs and credit repayments will impact their overall financial discipline. 

After all the transactions, keeping the receipts and tracking it in a traditional way would make the process more complicated and less efficient. So the data needs to be real time updated to get the right picture on current financial status. 

The process is broken, but change is on its way. Giving visibility and control over spend removes the burden of carrying costs that may incur in the process.

Expense Management Challenges and Solution

Fortunately, due to advanced technologies like artificial intelligence and machine learning, fintechs can solve their problems frictionlessly in real time. A recent report on Future of Fintech According to Chat GPT reveals the same.

Innovative fintech infrastructure can create a much better experience for banks and fintechs as well as end customers. It can empower finance teams with the ability to customise framework, control over spend and access real time data to make informed decisions, automate risk management and minimise identified frauds.

There are many solutions which offer a level of accuracy and security that wasn’t possible earlier. Automation and real time data feeds into the system and improves efficiencies by removal of manual processes.

Thanks to technology, all the transactions can be tracked on a real time basis either through the mobile wallet or even directly in an application.

Everyone from individuals, small businesses to large enterprises is adopting new technology to simplify budgeting through expense management. The launch of innovative Expense Management solutions like Digitap is quickly changing the game by offering smart features along with automation and centralization.

Optimising technology has never been more important to finTech. The tools to make it happen exist and now’s the time to leverage them for the customer benefits.

Learn more at digitap.ai 

Becoming the default for expense management, Digital.ai is the leading AI based expense management solution that combines all your financial transactions and analyses them to give the end customer the right inputs for better personal financing. 

Digitap empowers banks, NBFCs and financial institutions to assist their customers with real time data and insights of expenses and transactions to make financial decisions and budget planning.

To learn more about Digitap’s Employment Verification Solution Click here

You can Book a Demo or write to us at sales@digitap.ai to get started.