Online expense management | Airwallex digital platform
Airwallex Editorial Team
Spreadsheets are killing your expense management efficiency. If you're still tracking receipts in Excel, chasing down approvals via email, and manually reconciling credit card statements, you're not alone. Many Canadian businesses still rely on spreadsheets or basic tools to manage expenses, creating delays, inefficiencies, and limited oversight ¹. But there's a better way.
The digital transformation of expense management isn't just about convenience – it's about gaining real-time control over your company's spending while saving hours of administrative work. According to recent data, SAP Concur's customers experience 2x faster time to process expense reports ². This dramatic improvement in processing speed represents just one aspect of how digital expense management platforms are revolutionizing financial operations.
The hidden costs of manual expense management
Manual expense tracking creates more problems than most businesses realize. When you're juggling spreadsheets, paper receipts, and email approvals, you're not just wasting time – you're exposing your business to significant financial risks.
Consider the fraud exposure alone. According to a survey by MNP, one in three businesses will experience fraud during its lifetime, three times on average for impacted businesses ³. Even more concerning, billing fraud affects 31% of businesses while payroll fraud impacts 25% of organizations ³. Without proper digital controls and audit trails, manual expense systems leave dangerous gaps in your financial security.
The efficiency drain is equally damaging. Manual invoice processing is time-consuming and prone to human error ⁴. Every hour your finance team spends on data entry, receipt matching, and manual reconciliation is an hour they can't spend on strategic financial planning or analysis.
Why digital expense management matters now
The business landscape has fundamentally changed. With 75% of business leaders no longer viewing the U.S. as a reliable market and 79% diversifying their export markets to reduce U.S. dependency ⁵, companies need greater financial agility than ever before.
Digital expense management platforms provide this agility through several key capabilities:
Real-time visibility and control
Unlike spreadsheets that offer only historical snapshots, digital platforms provide instant visibility into spending patterns. Expense management software helps automate approvals, track card spend, and speed up reimbursements ¹. This real-time tracking enables you to spot issues immediately, not weeks later during month-end reconciliation.
Automated approval workflows
Digital platforms eliminate the email chase for approvals. Automated invoice processing automates the most critical and time-consuming steps ⁴. Managers receive instant notifications, can approve expenses from their phones, and the system automatically routes approvals based on your company's policies.
Multi-currency capabilities
For businesses operating internationally, managing expenses across currencies adds another layer of complexity. Airwallex's platform supports over 50 currencies and offers real-time foreign exchange rates for major currency pairs ⁶. This eliminates the need for separate tracking systems for different currencies and provides accurate, up-to-date conversion rates.
Building a comprehensive digital expense ecosystem
Successful online expense management requires more than just digitizing receipts. It demands an integrated approach that connects all aspects of your financial operations.
Virtual cards for controlled spending
Virtual cards represent a game-changing tool for expense control. Airwallex offers a virtual Visa card that can be created instantly and used for global transactions in multiple currencies with no transaction fees ⁷. These cards enable you to:
Set specific spending limits for each card
Assign cards to individual employees or departments
Track spending in real-time
Cancel or freeze cards instantly if needed
Eliminate the risk of physical card theft or loss
Seamless reimbursement processes
Reimbursements are used to repay employees who have incurred out-of-pocket expenses for work-related purchases ⁸. Digital platforms streamline this process by allowing employees to submit expenses through mobile apps, automatically matching receipts to transactions, and processing reimbursements directly to employee accounts.
Proper management of these expenses is crucial for maintaining financial accuracy and employee satisfaction ⁹. When employees know they'll be reimbursed quickly and accurately, they're more willing to make necessary business purchases without hesitation.
Integration with existing systems
The most effective expense management platforms don't operate in isolation. They integrate seamlessly with your existing financial infrastructure. For instance, Airwallex offers native integration with Xero and other accounting platforms ⁶, ensuring that expense data flows automatically into your general ledger without manual data entry.
The global perspective: Managing expenses across borders
As businesses expand internationally, expense management becomes exponentially more complex. Current volumes of cross-border payments are over USD 200 trillion and are expected to increase by 5% a year until 2027 ¹⁰. This massive growth in international transactions demands sophisticated expense management capabilities.
Currency management and FX optimization
Managing expenses in multiple currencies presents unique challenges. Exchange rate fluctuations can significantly impact your expense reports, and traditional banking solutions often hide fees in poor exchange rates. Airwallex structures its pricing with a foreign exchange markup of just 0.3-0.6% above the interbank rate ⁶, providing transparency and cost savings compared to traditional banking options.
Cross-border payment efficiency
The G20 has endorsed targets for cross-border payments related to cost, speed, transparency, and access with a deadline of end-2027 ¹⁰. Digital expense management platforms are already meeting these targets by providing:
Instant payment processing across borders
Transparent fee structures
Real-time tracking of international transactions
Multi-currency account management from a single platform
Security and compliance in digital expense management
Moving expense management online raises legitimate security concerns. However, modern digital platforms offer security measures far superior to manual systems.
Advanced fraud detection
While 78% of businesses perceive financial fraud risks as low to moderate ³, the reality is that fraud is a significant threat. Digital expense management platforms combat this through:
Real-time transaction monitoring
Automated anomaly detection
Multi-factor authentication
Role-based access controls
Complete audit trails for every transaction
Airwallex maintains PCI DSS Level 1 compliance and operates under licenses from multiple regulatory authorities, with advanced fraud detection systems and regular security audits ⁶. This level of security simply isn't achievable with spreadsheet-based systems.
Regulatory compliance
As regulations around financial reporting and data protection become more stringent, manual expense tracking becomes increasingly risky. Digital platforms automatically maintain compliance by:
Storing receipts and documentation securely
Maintaining complete audit trails
Enforcing spending policies automatically
Generating compliance reports on demand
Protecting sensitive financial data with encryption
Implementation strategies for digital expense management
Transitioning from spreadsheets to a digital expense management platform requires careful planning and execution. Here's how to ensure a smooth implementation:
Start with a pilot program
Rather than rolling out a new system company-wide immediately, begin with a pilot program in one department or team. This allows you to:
Test the system with a smaller group
Identify and resolve issues before full deployment
Gather feedback from early users
Refine policies and procedures
Build internal champions for the new system
Focus on user adoption
The success of any digital expense management system depends on user adoption. According to research, 96% of Singapore SMEs have adopted or plan to adopt fintech solutions, with 91% trusting fintechs to manage their financial operations ¹¹. To achieve similar adoption rates:
Provide comprehensive training for all users
Emphasize the benefits for individual employees
Make the system as user-friendly as possible
Offer ongoing support during the transition
Celebrate early wins and success stories
Establish clear policies and procedures
Digital expense management platforms are most effective when paired with clear, well-communicated policies. Define:
Spending limits and approval hierarchies
Acceptable expense categories
Receipt and documentation requirements
Reimbursement timelines
Consequences for policy violations
Measuring the ROI of digital expense management
The benefits of digital expense management extend far beyond simple time savings. Organizations using advanced expense management solutions report significant improvements across multiple metrics.
Quantifiable benefits
SAP Concur's customers see 21% savings in annual costs of travel bookings and expense reporting ². Additionally, these organizations report 70% savings in annual invoice processing costs ². These dramatic cost reductions come from:
Reduced manual processing time
Fewer errors requiring correction
Better policy compliance
Improved negotiating power with vendors
Elimination of duplicate payments
Strategic advantages
Beyond direct cost savings, digital expense management provides strategic benefits:
Enhanced decision-making: With real-time data and comprehensive analytics, finance teams can make more informed decisions about spending priorities and budget allocations.
Improved cash flow management: Automated processes mean faster reimbursements and more predictable cash flow patterns.
Better employee satisfaction: SAP Concur's customers report 32% higher satisfaction with visibility into expense data ². When employees can easily submit expenses and receive quick reimbursements, morale and productivity improve.
Scalability: Digital systems can handle growth without proportional increases in administrative overhead, supporting business expansion.
Ready to grow globally?
The future of expense management
The evolution of expense management technology continues to accelerate. Several trends are shaping the future of how businesses will manage expenses:
Artificial intelligence and machine learning
AI is transforming expense management through:
Automatic receipt scanning and data extraction
Intelligent categorization of expenses
Predictive analytics for budget forecasting
Anomaly detection for fraud prevention
Natural language processing for policy queries
According to KPMG research, 75% of business leaders found their investments in artificial intelligence boosted their productivity by 10% or more, with over a third saying these investments improved it by over 20% ⁵.
Mobile-first experiences
The future of expense management is mobile. Employees expect to manage expenses from their smartphones, with the same ease they use for personal banking. This includes:
Instant receipt capture through phone cameras
One-tap expense approvals
Real-time expense tracking
Mobile virtual card management
Push notifications for policy violations
Integration with emerging payment methods
As payment methods evolve, expense management platforms must adapt. Digital wallets are forecast to be used in 61% of digital transactions in 2028, up from 50% in 2023 ¹². Expense management platforms are already integrating with these new payment methods to provide seamless tracking regardless of how payments are made.
Making the switch: Your action plan
If you're ready to ditch spreadsheets and embrace digital expense management, here's your roadmap:
Assess your current state
Before selecting a solution, understand your current expense management challenges:
How much time does your team spend on expense processing?
What are your most common expense-related errors?
Where are your security vulnerabilities?
What international capabilities do you need?
How well does your current system scale?
Define your requirements
Based on your assessment, create a clear list of must-have features:
Multi-currency support for international operations
Virtual card capabilities for controlled spending
Integration with your existing accounting software
Mobile accessibility for remote employees
Comprehensive reporting and analytics
Choose the right platform
When evaluating platforms, consider:
Global capabilities: If you operate internationally, ensure the platform can handle multiple currencies and cross-border payments efficiently.
Integration options: Look for platforms that offer extensive integration capabilities. Airwallex offers enterprise-grade REST API with extensive documentation and direct connections to major e-commerce platforms including Shopify and WooCommerce ⁶.
Security and compliance: Verify that the platform meets your security requirements and maintains appropriate regulatory compliance.
Support and training: Ensure the vendor provides adequate support during implementation and ongoing operations.
Plan for success
Successful implementation requires:
Executive sponsorship and clear communication
Phased rollout with measurable milestones
Comprehensive training programs
Regular feedback collection and system optimization
Continuous monitoring of ROI metrics
Conclusion: The digital imperative
The question isn't whether to digitize your expense management – it's how quickly you can make the transition. With 59% of business leaders saying the current economic environment prevents them from investing in productivity-improving technologies ⁵, those who do invest in digital expense management will gain a significant competitive advantage.
Airwallex's digital expense management platform offers a comprehensive solution that addresses all aspects of modern expense management. From multi-currency accounts and virtual cards to automated reimbursements and real-time reporting, the platform provides everything you need to transform your expense management from a time-consuming burden into a strategic advantage ¹.
The benefits are clear: faster processing, better control, improved security, and significant cost savings. Companies like McLaren Racing have already modernized their cross-border payments with Airwallex ⁸, while RYSE transformed complex cross-border finances into streamlined, cost-saving, and efficient global operations ¹.
Don't let spreadsheets hold your business back. The tools for efficient, secure, and scalable expense management are available today. Make the switch to digital expense management and give your finance team the tools they need to drive your business forward in an increasingly complex global economy.
FAQ
What is online expense management and how does it differ from traditional methods?
Online expense management is a digital solution that automates the entire expense process from receipt capture to reimbursement, replacing manual spreadsheets and paper-based systems. Unlike traditional methods that rely on Excel tracking and email approvals, digital platforms like Airwallex offer real-time expense tracking, automated approval workflows, and integrated multi-currency capabilities. This eliminates the delays and inefficiencies common with manual processes while providing better oversight and control.
How does Airwallex's expense management platform support multi-currency businesses?
Airwallex's platform supports over 50 currencies and offers real-time foreign exchange rates for major currency pairs, making it ideal for businesses with international operations. The unified solution integrates payments, foreign exchange, multi-currency accounts, treasury and expense management into one platform. This eliminates the need for multiple systems and reduces the complexity of managing expenses across different currencies and markets.
What are the key benefits of switching from spreadsheets to automated expense management?
Switching from spreadsheets to automated expense management eliminates manual data entry, reduces processing time, and minimizes human errors. Digital platforms provide real-time visibility into spending patterns, automated approval workflows, and seamless integration with accounting systems. Companies also benefit from better compliance tracking, instant receipt capture through mobile apps, and comprehensive reporting capabilities that spreadsheets simply cannot match.
What is spend management and how does it relate to expense management?
Spend management is a comprehensive approach to controlling and optimizing all business expenditures, while expense management specifically focuses on employee-initiated expenses like travel and business purchases. According to Airwallex's spend management resources, effective spend management encompasses expense management, procurement, accounts payable, and strategic sourcing. Modern platforms integrate these functions to provide complete visibility and control over organizational spending.
How has Airwallex grown as a financial technology platform?
Founded in Melbourne, Australia in 2015, Airwallex has secured over $800 million in funding and achieved a valuation exceeding $5.5 billion. The company has shown impressive growth, with Singapore revenue rising 153% year-on-year in fiscal year 2024, while transaction volume climbed 159%. This rapid expansion demonstrates the increasing demand for unified financial solutions that help businesses manage international expansion and complex financial operations.
What should businesses consider when evaluating expense management software tools?
When evaluating expense management software, businesses should consider integration capabilities with existing accounting systems, mobile accessibility for receipt capture, approval workflow customization, and multi-currency support for international operations. Key features to look for include real-time reporting, automated policy enforcement, and scalability to grow with the business. Companies should also assess the platform's ability to handle their specific industry requirements and compliance needs.
Citations
https://www.airwallex.com/ca/blog/expense-management-software-tools
https://www.mnp.ca/en/media/mnp-survey-critical-gaps-fraud-awareness-quebec-businesses
https://www.airwallex.com/ca/spend-management/cards/virtual-cards
https://www.temenos.com/blog/the-case-for-embracing-the-g20s-goals-on-cross-border-payments/
View this article in another region:Canada - English
Airwallex Editorial Team
Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.
Share
- The hidden costs of manual expense management
- Why digital expense management matters now
- Building a comprehensive digital expense ecosystem
- The global perspective: Managing expenses across borders
- Security and compliance in digital expense management
- Implementation strategies for digital expense management
- Measuring the ROI of digital expense management
- The future of expense management
- Making the switch: Your action plan
- Conclusion: The digital imperative
- FAQ
- Citations
