Mar 2, 2023
4 min read

Five key benefits of expense management software with a DATEV integration

Quick summary

Data is King in today's businesses. Data supports growth and stability by revealing the company's performance, highlighting potential opportunities, and more. Spend data is no different. Accurate real-time spend data can help businesses save money and control cash flow.

Table of Contents

    It all starts with expense management software

    Modern companies are empowering employees with corporate cards and expense management software. Company cards and expense management software (with in-built spend rules and approval workflows and automated receipt and invoice capture) eliminate the need for manual data entry and human error.

    With Payhawk, for example, cardholding employees can simply spend within their business' set rules, snap a photo of the receipt, and upload it to the app. Once uploaded, they can select a category as pre-defined by the finance team and add extra info. The finance team can see the spend and all related info in real-time, which takes just seconds.

    For finance teams, in turn, expense management software makes the often labourious task of tracking expenses across multiple departments super simple. The software and its features, including card reconciliation, invoice management, and more, help finance teams avoid delays in closing the month. It also supports them in carrying out accurate financial reporting to power important decision-making.

    Push data directly to DATEV with a click

    Why ERP and accounting software integrations are vital to your digital transformation

    ERP and accounting software integrations are crucial to the success of your digital transformation.

    You can have the best expense management software in the world — but you need to integrate it with the right tools to ensure you have the complete financial spend journey set up for your business. Corporate cards and expense management software make spend data capture and control easy to manage at the start of your journey. Then it's vital to have robust connections with your chosen ERP or accounting software to keep the data flowing seamlessly.

    Integrations make all this possible by connecting your disparate tools and allowing them to "talk to each other." That's why it's so important to consider how and who you want your software tools to integrate with before making any SaaS purchases.

    The benefits of DATEV integration

    DATEV is an accounting system with a long history of helping tax consultants, accountants, and lawyers with bookkeeping tasks.

    By integrating your expense management software with Datev, you can reap the following surprising benefits:

    Automatic data transfer reduces manual entry

    Finance teams can quickly review employee expenses once submitted. As soon as this happens, the DATEV integration can push this data so there won't be any stray expenses left to deal with at the end of the month.

    Real-time expense tracking

    Expense management software facilitates the real-time processing of expenses. Employees can use their cameras to snap a picture of their receipt, upload the photo, and done. Gone are the days of carrying stacks of paper receipts in a wallet that can get lost or be damaged.

    But that's not all. Now that the data can flow between the two systems, expenses can go from the restaurant to your expense management software through automated reviews and into DATEV in seconds. This speed of data flow means that any spend is visible in real time and helps the business make informed decisions with the correct information at hand.

    Improved reconciliation processes and fewer mistakes

    Reducing manual labour around data helps eliminate human error. Companies can greatly improve the accuracy of spend data by processing payments through expense management software (including both individual and team/ project spend).

    By letting the software take care of every step of the journey, businesses can let humans get on with what they're best at; strategy, innovation, and creativity. Plus, get the peace of mind that reconciliations will be fast, timely, and more importantly, error-free.

    Payhawk's spend management software comes with auto-alerts that flag when an expense is missing or if it's missing some essential information. And it also automatically chases cardholders for missing receipts.

    Meanwhile, DATEV prevents users from exporting the same expense twice, or without any key data points, for the tax consultant. Meaning that when combined, Payhawk and DATEV offer error-free spend data, with no gaps. Perfect for closing the month, staying audit-ready, and making well-informed decisions.

    Enhanced financial reporting

    Healthy businesses need accurate financial reporting and real-time data to make decisions. Financial reporting helps companies comply with legal and regulatory requirements, such as tax laws and financial reporting standards.

    Integrating Payhawk with DATEV will enhance your financial reporting by making it more complete, timely, and accurate.

    More productive (and happier) employees

    Freeing employees from manual labour and human mistakes via automation makes them more productive and more satisfied. In a recent study commissioned by Salesforce, 84% of respondents said they were more satisfied with their company thanks to automation in the workplace.

    Reducing the stress associated with repetitive manual tasks can improve job satisfaction and work-life balance. This increased efficiency frees them to leave work on time and focus on personal activities and fulfillment outside work. And happier employees result in higher productivity.

    How to successfully integrate DATEV and your expense management software

    The mention of the word integration might conjure up images of a lengthy IT project and expensive IT consultants; however, that's the opposite experience of working with Payhawk and using a DATEV integration.

    In fact, getting started with Payhawk and DATEV takes seconds. Once connected, users can export expenses, invoices, and deposits in real time with just one click.

    Ready to experience how Payhawk's expense management software can monitor and track all your company expenses and communicate with your accounting software? Book a demo today.

    Trish Toovey - Content Director at Payhawk - The financial system of tomorrow
    Trish Toovey
    Senior Content Manager
    LinkedIn

    Trish Toovey works across the UK and US markets to craft content at Payhawk. Covering anything from ad copy to video scripting, Trish leans on a super varied background in copy and content creation for the finance, fashion, and travel industries.

    See all articles by Trish →
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