Harvest
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Corporate Expense Management

Harvest simplifies project-based expense tracking with detailed reports, ideal for small-to-medium businesses navigating corporate expenses.

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  • Attach receipts to projects & tasks
  • Turn tracked expenses into client invoices
  • Free 30-day trial, no credit card needed

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The Rise of Digital Expense Management

By 2025, a significant shift towards digital expense management is expected, with 75% of businesses adopting mobile applications to handle expenses. This trend is not just about convenience; it reflects a broader move towards efficiency and environmental responsibility, as 90% of businesses aim to eradicate paper-based processes. In 2021 alone, mobile apps were responsible for 54% of expense report submissions, indicating a strong trend towards digital transformation in expense management.

Harvest offers a project-based expense tracking system that is especially suited for small-to-medium businesses. While it doesn't provide real-time visibility, its detailed reporting capabilities allow users to analyze spending across clients and projects effectively. This feature supports the modern need for digital expense management by making it easier to track, report, and optimize expenses, all while minimizing manual input errors.

Automation and Compliance in Expense Management

Automation in expense management is critical for accuracy and compliance, with 87% of CFOs investing in such technologies. Despite this trend, about 32% of companies still rely on manual processes, which are prone to errors and inefficiencies. AI and machine learning are increasingly used to automate tasks like receipt processing and policy enforcement, but not all platforms offer these advanced features.

While Harvest does not have AI-driven policy enforcement, it offers robust reporting features to ensure compliance. Users can export detailed reports to CSV or Excel, enabling thorough analysis of spending patterns. This manual approach to compliance management allows businesses to maintain oversight without the risk of automated errors, thus ensuring adherence to corporate policies.

Integrating Expense Management with Business Systems

Integrating expense management systems with existing business processes is crucial for seamless operations. Systems that integrate with ERP, accounting, and HR platforms can automate data entry and reconciliation, reducing errors and enhancing real-time visibility. By 2024, 60% of companies are expected to use AI-driven systems for policy enforcement and integration.

Harvest integrates with QuickBooks Online and Xero, facilitating invoice management across platforms. Although it lacks seamless data flow for time and expense entries, these integrations allow for effective financial management and reporting. Harvest's capacity to export detailed reports further supports integration efforts, making it easier to align expense tracking with broader business processes.

Tackling Common Expense Management Challenges

Common challenges in expense management include missing receipts, mixing personal and business expenses, and poor categorization. These issues can lead to non-compliance and financial discrepancies. Solutions like digital receipt capture and clear expense policies are vital in addressing these challenges.

Harvest helps tackle these issues by providing a straightforward approval process and detailed reporting capabilities. While it doesn't offer automated solutions, its manual processes enable thorough oversight and accurate tracking. This ensures that expenses are categorized correctly and compliance is maintained, reducing the likelihood of errors that can arise from manual tracking methods.

Streamline Corporate Expense Management with Harvest

Explore how Harvest's detailed reporting simplifies expense management for small-to-medium businesses. Ideal for project-based tracking.

Harvest dashboard showcasing corporate expense management features.

Corporate Expense Management FAQs

  • Corporate expense management involves tracking, analyzing, and controlling employee-incurred expenses to maintain financial health and ensure compliance. It often leverages technology to streamline and automate these processes, moving away from traditional manual methods.

  • Automation is crucial because it reduces errors, saves time, and ensures compliance. With 87% of CFOs investing in automation, it helps finance teams improve accuracy and streamline processes, diminishing the reliance on manual procedures.

  • Businesses can integrate expense management systems with ERP, accounting, and HR platforms to automate data entry, reduce errors, and enhance real-time visibility. Harvest integrates with QuickBooks Online and Xero for effective financial management.

  • Common challenges include missing receipts, mixing personal and business expenses, and poor categorization. These can lead to non-compliance and financial discrepancies, which are often mitigated by using digital tools and clear policies.

  • Harvest supports expense tracking by offering detailed reporting capabilities. Users can filter reports by client, project, and date, and export data to CSV/Excel, making it easier to analyze and manage expenses effectively.

  • The global market for expense management software is expected to approach $17 billion by 2032, driven by the demand for flexible, scalable solutions that enhance financial oversight and compliance.

  • Mobile apps are transforming expense management by facilitating on-the-go tracking and reporting. By 2025, 75% of businesses are expected to use mobile applications, aligning with the trend towards digital and paperless solutions.