5 Ways Navan Streamlines Accounting Workflows
Samantha Shankman
•19 Nov 2024•
Accounting teams need robust, purpose-built tools to streamline expense management, reduce manual workloads, and enhance real-time financial control. Navan Expense can help, by empowering all finance and accounting teams to automate routine tasks, drive accuracy, and instantly access data-driven insights — all while freeing up time for high-impact financial strategy.
Navan Expense’s newest features are designed specifically for accountants — to help them manage and control financial data more efficiently, enhance data accuracy, improve expense management, and save valuable time. These new capabilities reduce the burden of repetitive tasks and provide accounting teams with the transparency and precision needed to support smarter financial decisions and contribute meaningfully to business growth.
Here’s how Navan’s new features move accounting teams beyond tedious tasks and toward more impactful company contributions.
Streamline Accounting Reviews for Greater Accuracy
The Accounting Review page in Navan Expense centralizes transaction review — allowing accounting teams to filter, update, and verify expenses before exporting or syncing with ERP systems. It supports accounting accuracy and minimizes errors.
With recent enhancements, accounting teams can leverage:
- Workflow tabs: Track each transaction’s status with flags for issues like missing receipts or incorrect categorization. This helps ensure vetting before ERP syncing.
- Enhanced filters and in-page search: With new filters and search capabilities, you can quickly locate specific transactions faster, making it easier to spot and resolve issues.
- Control settings for data integrity: Lock transactions post-sync to maintain data consistency and prevent unauthorized changes after syncing with ERP.
How it helps accountants: By automating review processes and reducing manual work, this feature improves accuracy and gives teams essential visibility to manage expenses effectively.
Accelerate Workflows with Bulk Transaction Management
With Navan’s Bulk Actions feature, accounting teams can manage multiple transactions simultaneously. Accountants within companies large and small can now approve, reject, request additional information, or update details for up to 50 transactions at once, which saves significant time on repetitive, manual tasks.
Located inside the Navan Expense admin dashboard, Bulk Actions include switching approvers, updating expense types, and modifying transaction details like GL codes and cost centers. By making routine processes more efficient and scalable, your accountants can focus on higher-value activities.
How it helps accountants: Bulk Actions speed up transaction processing, reduce the time and effort spent on routine approvals, and allow accountants to work more efficiently.
New Accountant Console for Accounting Firms
The Navan Accountant Console is a transformative tool for accounting firms and fractional CFOsto manage multiple clients in a single, centralized platform — and without switching their existing card program.
With real-time transaction visibility, seamless ERP integrations, and a customizable dashboard, firms can efficiently streamline client expense management with the card they currently use.
Enhance Financial Reporting with Seamless ERP Integrations
Navan’s ERP integrations seamlessly connect with platforms like NetSuite, Xero, and QuickBooks, automating the flow of expense data directly into the ERP system. These direct integrations eliminate manual data entry, improve accuracy, and accelerate month-end processes. This is a critical step in developing a high-functioning tech stack.
How it helps accountants: By automating ERP data syncing, accounting teams gain immediate insights into expenses, allowing for faster financial reporting and timely decision-making.
Improve Reporting Precision with Custom Fields
Custom fields allow teams to capture unique employee data, such as project codes or trip purposes when submitting transactions. This feature improves reporting accuracy and cost allocation.
For example, with conditional approval flows, accounting teams can route approval requests to the relevant approver based on specific criteria so that the person with project-specific knowledge approves expenses. With targeted and nested fields, accounting teams can tailor visible fields based on HR attributes or previous answers, reducing user complexity and minimizing entry errors.
How it helps accountants: Custom fields improve data granularity and accuracy, enabling precise reporting and easy cost allocation across projects. This structured approach to data collection reduces errors, enhancing financial transparency for accounting teams.
Read the complete guide, How Custom Fields Up-Level T&E Management, to learn how custom fields can streamline T&E management, use cases for custom fields and their benefits, and how Navan Expense’s innovative custom fields can help your business.
Navan Reduces Reconciliation Time 73% for The Penn Group
The Penn Group, a leading real estate and construction firm, saved 62 hours company-wide and 8 hours per accountant by automating manual processes with Navan. Employees now spend 75% less on expense reports, while accountants enjoy real-time visibility and faster reconciliation.
Read the full case study to see how Navan streamlined workflows, reduced administrative burdens, and delivered real-time insights.
Eliminate Manual Tasks Through Automation
With modern expense management software, accounting teams can automate recurring processes like spend enforcement, transaction coding, and gathering supporting documents such as invoices and receipts. Automating these processes reduces errors and saves time, allowing accountants to focus on strategic financial management.
How it helps accountants: Automation frees accounting teams from repetitive, manual tasks, providing more time for high-level financial oversight. With real-time expense visibility and simplified workflows, accountants can scale operations smoothly and make informed, timely decisions.
Think expense reports are a necessary evil? Think again.
Anyone who’s slogged through expense reports knows the pain — but what if you didn’t have to do them at all? Download the Expense Report Elimination Kit to learn more.
Navan’s new features empower accounting teams with tools that drive efficiency, accuracy, and control. By reducing manual work and increasing data integrity, these innovations make accounting teams more effective than ever before.
Request a demo today to see how Navan can help your accounting team manage expenses with greater efficiency and control.