Throughout the month of October, we will be conducting free weekly webinars on several subjects to make sure you get the most out of our expense reports software.
These webinars provide free training for employees, managers, and accountants alike. Lasting between 15 and 30 minutes, each webinar is filled with information ranging from product guidance to live Q&A with Tallie Product Experts.
If you have any questions about Tallie’s expense reports software between now and your chosen training webinar, please don’t hesitate to contact our Product Expert Team directly at firstname.lastname@example.org or 888-874-1118 Ext 2. We hope to see you there!
While banks, insurers and investment managers may have been slow to adopt advanced systems to support and streamline processes in the past, fintech is now taking the world by storm. In fact, the PwC Global FinTech Report 2017 noted that investments in fintech will continue to increase over the next three to five years, as financial service providers cement partnerships with technology vendors.
Fintech offers considerable benefits for organizations in this industry – according to the report, companies working on fintech projects can expect to see a 20 percent return on investment on average.
As fintech continues to garner interest and become a more pressing part of financial service providers’ critical infrastructure, decision-makers must stay ahead of the curve and select the solutions that will offer the most value for their organizations. Top-trending solutions provide a jumping off point, showing executives the potential these systems can have for their internal and customer-facing processes.
Which fintech solutions should financial service providers consider first? Let’s take a look at the top trends for this year, and beyond:
1) Wider Acceptance of Fintech Solutions
The banking and financial service sector has historically hesitated when it comes to new technologies due to the industry’s needs for high-level security and data privacy. As a result, fintech options floundered in the past, as execs struggled with the best ways to balance security and compliance needs alongside new technological capabilities.
The situation has changed drastically recently, however, as more financial firms are seeking out advanced fintech solutions to address their most pressing industry pain points. While there are still important considerations to make with the implementation of innovative platforms and systems, the days of hesitation toward new technology are nearing an end.
“A large number of our clients are taking aggressive action to determine how they can use these technologies within their ecosystems,” noted Dilip Krishna, Deloitte & Touche LLP managing director and head of innovation. “They’re acting as venture capitalists and investing in their internal projects to see what specific problems these technologies can solve.”
2) Blockchain Becomes More Popular
Digital currencies initially threatened financial service providers, but recent months have seen more acceptance, especially given the rise of blockchain technology. Chargebacks911 explained that this technology comes as an alternative to the traditional transaction method of ACH clearing, and includes an accessible digital ledger to keep track of payments in real-time. In this way, transaction delays can be eliminated and overall use of digital currency can be streamlined for both banks and consumers.
Currently, more financial institutions are exploring the use of blockchain, and experts predict it will only gain popularity as a more efficient means of transactional record-keeping.
3) Mobile Capabilities Help Level the Playing Field
The ability to use a mobile device to get work done on the go is a growing demand in every industry, and the financial service sector is no different. Fortune contributor Chirag Kulkarni noted that mobility is helping organizations enhance their customer focus, and is improving market competition for older financial service providers as they look to become more modern.
What’s more, support for mobile capabilities hasn’t just been a boon for banking customers – financial service providers have also found success with employee mobility, especially for workers that travel or operate from outside the office. The ability to leverage a mobile device helps ensure collaboration and productivity, and will continue to be an essential capability for financial service staff in the future.
4) Increasing Interest in Automation
An increase in automated processes has been seen across nearly every industry, and fintech is also riding this wave. Automation helps cut down on manual processes, improving efficiency while helping to cut down on human error. Automation, especially as it relates to transaction processing, will continue to be a top focus in financial service technology.
Leveraging Fintech Trends: Mobility and Automation
Financial service providers seeking ways to incorporate these trends within their businesses should consider all of their available options. Mobility and automation are especially key, and an expense reporting solution that supports both can provide a win-win for organizations and their employees.
An industry-leading expense reporting solution enables employees to track and submit expenses via their mobile devices, reducing the potential for lost receipts and unrecorded spending. In addition, such technology provides the best visibility for managers while supporting automated receipt processes and credit card transaction matching.
To see how an expense reporting solution could benefit your organization, contact Tallie for a free trial.
Going green has been a top priority in the corporate and nonprofit communities for years now, and it isn’t hard to understand why. Efforts to reduce an organization’s environmental footprint aren’t just beneficial for the planet — they reduce operating costs, boost the group’s mission-driven integrity, and attract and retain top-notch employees and volunteers, according to NeighborWorks America.
These initiatives are especially pressing for nonprofits. Every resource must be tracked and accounted for, and ensuring nothing goes to waste is incredibly important.
Chances are good that your nonprofit may already have a few projects in place to support its green efforts. Let’s take a look at some of the more surprising ways your organization can reduce its environmental impact:
1) Motivate Employees to Participate
Nowadays, it simply isn’t enough to put a recycling bin in the corner and hope for the best. Nonprofits must make additional efforts to ensure that the green initiatives they’ve put in place are being adopted by workers and that these changes will be baked into the organizational culture.
One way to shift practices to greener pastures is by motivating employees with friendly competition, rewards, or recognition. Departments can compete to see who recycles the most materials each week or who saves the most energy overall. This type of event will put sustainability efforts front and center within your organization and ensure that these plans receive the attention they deserve. What’s more, a contest is something simple to put together that can go a long way toward underscoring green initiatives while shifting organizational culture in the right direction.
2) Ensure Building Sustainability
When considering use of resources, it’s important to factor in the organization’s use of space. According to New York’s Concordia College, a recent study found that nonprofit groups are leaders when it comes to use of environmentally friendly buildings. This includes designing and constructing structures with lower-than-usual environmental impact, or retrofitting older spaces to make them more efficient.
This being said, there is still work to be done in this realm. If your organization is located within an older building, it might be time to examine the structure’s inner systems to ensure that things like heating, cooling, electricity, and other utilities use takes place in the most efficient way. Retrofitting or replacing systems may be necessary, and while this does require an up-front investment, the payoffs in terms of efficiency and environmental impact are more than worth it.
It’s also worth it to consider how space and resources are shared. Concordia College noted that it’s now more common for nonprofit employees to share office space and other resources like IT assets to enhance collaboration and reduce environmental impact.
3) Improve the Efficiency of Travel
Travel is often overlooked during sustainability efforts, but it’s an area that is typically ripe for improvement. Because even local travel can consume considerable resources, it’s critical to consider things like commuting as well as the efficiency enhancements that can be made with longer trips.
Establishing a company carpool reduces emissions and creates stronger bonds between co-workers. In addition, encouraging employees to use mass transit through pre-tax benefit programs saves money and reduces environmental impact.
Reducing paper use is something your organization may already be doing, but chances are good that these efforts may not extend to travel. Using a mobile-friendly, paperless expense reporting solution cuts down considerably on the paper collateral needed for expense reporting. With such technology on the side of your nonprofit, employees can easily submit expenses without needing to hang on to paper receipts. Best of all, managers can review and approve reports through the software’s streamlined interface, without having to wade through physical paper reports.
The Paperless Project found that the average office worker uses an average of 10,000 sheets of paper each year, and as much as 45 percent of these printed sheets end up in the trash. Eliminating needless paper is a critical part of improving sustainability, and can significantly enhance efficiency and working processes for employees.
Church members are incredibly important to any religious organization, and when these individuals volunteer to spread the message and mission of the church, it brings even more value to the organization as a whole.
Today, most volunteers are associated with religious organizations — according to the Bureau of Labor Statistics, more than 62 million people volunteered between 2014 and 2015, and over 33 percent of these volunteers spent their hours with a church or other type of religious institution.
As church volunteer groups grow, it’s important that organizational leaders and those managing outreach programs and other services keep the needs of their volunteers in mind. Members who spend their own time for the good of the church and the community have certain needs to enable them to continue their work, and a chief requirement here has to do with spending.
They Need an Easy Way to Keep Track of Spending
No matter what type of activity volunteers are engaged in, chances are good that they will have certain expenditures. This is especially true when volunteers are engaged in mission trips, but even events taking place inside the church come with necessary spending — after all, snacks, supplies, and other items have to come from somewhere.
Some spending will be funded by current donations, while other expenditures may be taken care of by volunteers out of their own pocket, when the situation calls for it. No matter how spending takes place, it must be tracked — donations must be accounted for and churches need to keep records of their expenditures for tax purposes.
Providing volunteers with a mobile expense solution is one of the easiest ways to keep track of each and every transaction. In this way, volunteers and church leaders can record spending as it happens, verifying that not a single donated dollar goes unaccounted for.
They’re Always on the Go, and They Don’t Have Time to Hassle with Receipts
Whether on the church’s campus or out and about in the community, volunteers are skilled at taking their mission wherever they go. In the past, church members may have been responsible for hanging onto their own receipts as a method of tracking spending, then either submitting these to a church leader or inputting them into a spreadsheet or expense reporting system themselves.
Technology has come a long way since then, though. A mobile expense reporting solution puts an end to messy expense reporting processes for volunteers, and it can really streamline things on the go. Now, volunteers need not walk around with their pockets full of crumpled receipts — they can quickly snap a photo of their receipts and input them into the expense reporting solution right from their mobile device.
This translates to the best visibility of spending for church leaders and eliminates the problem of lost receipts. With a mobile solution on their side, volunteers can focus more on the activity at hand and worry less about remembering to keep receipts and input expenses by hand.
No matter what type of activity volunteers are engaged in, chances are good that they will have certain expenditures.
They Require Quick Reimbursement
Typically a church’s efforts are funded by donations, but sometimes an expense might come up that must be covered. Volunteers are often happy to reach into their own pockets for the good of their organization, but they also expect reimbursement, and making them wait for resolution isn’t ideal for anyone.
A mobile expense reporting solution isn’t just handy for volunteers, but it can simplify the process of reimbursement for church leaders as well. Expenses can quickly be looked over and approved, cutting down delays in the reimbursement process and ensuring volunteers are always supported.
Arm Volunteers with Mobile Expense Reporting: It Makes Your Life Easier!
Mobile expense reporting provides numerous advantages — not just for church member volunteers but for ministry leaders as well. In addition to streamlining overall reporting and eliminating disorganized and lost receipts, investing in mobile expense reporting technology can help free up extra capital for the organization.
“Church expenses can be unpredictable,” MinistryTech noted. “Platforms that connect to mobile apps allow you to access funds and approve requests from any smartphone or computer, whether you’re doing outreach work in the next town or the next state over. The increased visibility can actually make spending more efficient and save money for your church.”