What to Lookout For in an Expense Management Software
Eliminate the issues that occur with manual procedures and free your company! However, it’s crucial to pick the appropriate spending management program for your company. Here are our top 10 features for software that you should think about including.
By doing so, you can ensure that your move to automated procedures is a success:
1. Simple dashboard
Dashboards provide managers access to consolidated spending data and show it visually for better comprehension and analysis. Make the verification and processing of your expenditure reports digital. Managers and financial teams no longer need to wrangle many Excel sheets and a mountain of receipts thanks to the correct software.
The following are the primary advantages of dashboards:
- Receipts for each report’s costs are presented on one screen for easy reference and confirmation.
- Real-time data offers perception into how business processes are currently progressing. Additionally, collecting spending information in one location can assist finance teams in creating future expense budgets.
- Detail-oriented custom reports examine who is spending how much and in which categories.
Expense report approval times, progress updates, and the stage of the approval cycle are a few examples. Virtually all expense management software has dashboards as a crucial component. They aid finance teams in finding opportunities for efficiency gains, tightening expenditure controls to reduce costs, and boosting the bottom line. Finding software that has all the essential information you will need is crucial.
2. User-friendly mobile apps
One of the tasks that employees have always hated is turning in an expense report. It’s a tedious and time-consuming procedure that results in a monthly deluge of material that administrative personnel must go through. Smartphone compatibility exists for the majority of online expenditure management programs. Mobile apps may make the process of filing and evaluating expenditure reports quick, easy, and seamless.
In order to remind workers and approvers of any outstanding tasks, the majority of software also offers the opportunity to set up personalized reminders and notifications. The finance staff may also readily view digital receipts and expense reports at any time on any device, thanks to cloud storage.
3. Consistent Adherence
Software for expense management can assist businesses in adhering to local, state, and federal tax regulations. Companies may quickly classify and identify expenditures using categories like office, travel, and mileage.
The program runs a real-time policy check on each expenditure report as soon as it is filed.
It highlights questionable reports and promptly alerts the approvers to the breach at the point of expenditure production. By doing this, you can avoid having a problem with the tax authorities.
4. Integrated platform for managing corporate credit cards
Employees have access to a pre-paid corporate spending card that is immediately connected into the system with current automated management systems. This reduces the possibility of fraud and exploitation, as well as helps identify any bottlenecks. Expense report entries and card statements are compared automatically, and any discrepancies or duplicates are flagged.
5. Easily integrated with any accounting software
Your cost management process may be further streamlined and simplified by using software that is easy to integrate. To understand the problems that a certain expenditure management software may solve, it is crucial that you check into the potential integrations that it offers.
Your expenditure management software has a specific list of obstacles it can go around. However, a lot of problems could still not be fixed. Integration with your favorite ERP, accounting, and other applications can assist in solving particular issues and overcoming these difficulties.
6. Multi-currency capabilities
Automated expenditures software can quickly handle and report on numerous currencies, whether it is for business travels overseas, offices in several locations, or billing international clients.
This is a crucial aspect to take into account throughout the entire procedure, including compensation.
7. Automated processes
Employers have the flexibility to tailor their rules and approval procedures using online cost management software. Expense reports are routinely authorized and processed when there is a clear, automated approval method. saving time and money for your group and your company.