Using Excel for Technology Expense Management? Here’s Why You Should Ditch It

In today’s business landscape, you’ll know that managing technology expenses efficiently is paramount. Such a complicated and multi-faceted management of processes needs a robust solution. Companies that continue to rely on Excel spreadsheets for this task often grapple with many issues. Today, we aim to shed light on the challenges posed by using Excel for expense management and explore the benefits of transitioning to a dedicated platform.

Some Problems with Using Excel for Telecom Expense Management (TEM)

Using Excel for expense management may have sufficed in the past. Still, today’s technology landscape is far more complex – and you’re probably feeling that very physically in the strain it puts on your spreadsheet. Excel is a fantastic program, but it lacks automated receipt of multiple data sources and struggles to keep up with a growing volume of data, making it increasingly error-prone and time-consuming.

With Excel (or other spreadsheet programs), tracking expenses, managing invoices, and ensuring compliance can become daunting as your technology needs expand. And, as your needs expand, your Tech Expense Management solution should be able to grow with you. Excel, simply put, can’t do that.

The Solution: A TEM Platform That Grows with Your Business

As we’ve mentioned, adopting a Tech Expense Management platform is the solution to your Excel-related woes. These specialized systems are specifically designed to streamline the management of telecom expenses, providing businesses with a centralized, comprehensive, and efficient solution. These solutions have many benefits, each slightly different from the next. So, how do you pick which one is best for you?

First, think about how you do business right now. What’s working with your Excel spreadsheet, and what isn’t? Find a solution that directly addresses those pain points so that you can start optimizing your workflow. For example, some platforms utilize robotics automation and AI to handle the menial tasks that currently take up most of your teams’ time. A platform with automated processes will be worth the investment in that case.

The Benefits of Choosing the Right Solution

When you find the right solution, you’ll experience some fantastic benefits:

Cost Savings: Platforms like Velocity’s Global Expense Management (GEM) help identify cost-saving opportunities by highlighting unnecessary expenses, optimizing telecom contracts, and eliminating billing errors.

Improved Efficiency: With automated invoice processing and real-time data analytics, the time and effort required for expense management is drastically reduced.

Enhanced Visibility: Gain a comprehensive view of your telecom inventory and expenses, allowing for better decision-making and budget control.

Compliance and Security: Ensure regulatory compliance and data security by tracking and managing your technology expenses in a secure environment.

How to Transition from Excel to a Robust Expense Management Solution

Transitioning from Excel to a Tech Expense Management platform may seem daunting, but it’s a step toward efficiency and cost savings. Here are a few tips on how to make a smooth shift:

1. Evaluate your current tech expense management process and identify pain points.
2. Select a reputable provider to ensure the platform is built with you in mind.
3. Migrate your existing data carefully from Excel to the expense management platform, ensuring a seamless transition. Ensure your selected platform will import all required data from multiple access points.
4. Train your teams to use the Technology Expense Management platform and its data effectively.

Every business’s transition will be slightly different, and customer service will set a good and fantastic provider apart during this process. How easy is customer support to work with? Do you have a dedicated support team for your migration process? Do you have a knowledgeable and engaged team?

Global Expense Management (GEM) is an Industry-First Solution Optimized for Ease of Use, Cost Savings, and Increased Efficiency

Velocity’s GEM platform is a comprehensive solution for businesses looking to streamline their technology expense management processes. With features such as automated invoice processing, detailed reporting, AI anomaly detection, and expert, domestic, 24/7 support, GEM ensures that your technology expenses are managed efficiently and cost-effectively.

It’s time to stop using Excel for tech expense management. Learn more about GEM today to see how much time and money your business will save.