One of the most effective ways to reduce business expenses is through the implementation of expenses management software. Expenses management software captures, analyzes, and processes all employee-initiated spending, therefore reducing the costs associated with the erroneous manual processes of the past. It helps businesses control employee spending, increase operational efficiency, and automate the expense management process. Here are a number of compelling reasons why you should consider using expenses management software in your business.
Saves You Money
Expenses management software enables accounting personnel to keep track of every penny spent so they can eliminate unnecessary and unauthorized spending sooner. Expenses management software also eliminates costly errors because it utilizes efficient, automated processes.
Simplifies Expense Reporting
Expenses management software simplifies the process of reporting expenses because it allows employees to submit expense report forms while on the road through the use of an online platform. In addition, expenses management software can be integrated with mobile devices, furthering its convenience for employees. Expenses management software also reduces the probability that employees will forget about the cost of a transaction or lose receipts prior to filing an expense report because they don’t have to wait until the end of a business trip in order to submit expense information.
Tracks Spending Patterns of Employees
Expenses management software organizes information about previous expense reports, allowing managers to view the spending patterns of individual employees and determine how much they typically spend at different times of the year. This information helps business owners make changes as needed in order to cut costs and plan travel budgets more efficiently.
Improves Communication and Efficiency
Expenses management software establishes a connection between employees, managers, and accounting personnel. It is available in both desktop and mobile versions, so employees can file expense reports while on the road and management and accounting personnel can review them in the back office. Accounting personnel can process payroll and reimbursements immediately using the desktop applications.
In the past, business personnel had to spend hours filling out and organizing extensive expense reports. Expenses management software allows businesses to log expenses and fill out reports in a quick and accurate fashion. The software makes a massive difference in the amount of time employees spend completing forms and tracking expenses.
Boosts Morale and Increases Productivity
The use of expenses management software also leads to a boost in staff morale and productivity because employees spend less time on grueling administrative tasks and more time focusing on important, rewarding tasks, such as customer service.
Expenses management software makes reporting and tracking expenses highly convenient. Web-based systems can be updated from anywhere and at anytime. In addition, when you use expenses management software, timesheets can be updated automatically and on a daily basis rather than once a week.
Table of Contents
How to Choose Expenses Management Software
Google the term, “expense management software” and you’ll undoubtedly find a slew of companies offering a similar solution. Some are free, some cost an arm and a leg, and the majority are priced somewhere in between. When you read through the features and benefits of each service, you’ll likely find that most of the solutions sound practically the same. So, when you find yourself in this scenario, which solution do you choose?
When you’re looking for expenses management software for your company, your best bet is to contact professional associations and read white papers and case studies to find out what the best practices are in your industry. In addition, don’t hesitate to research what the leaders in your industry are doing.
Find a Solution that Meets Your Company’s Needs
What are your company’s specific requirements? Do many of your employees travel internationally? Do they use mobile devices while on the road? Figure out what your priorities are and then find an expenses management software solution that aligns with them. The quickest way to comparison shop for expenses management software is by browsing websites that list popular telecom software options and outlines their features, prices, and benefits.
Hire a Consultant to Select the Right Expenses Management Software for Your Business
You may even want to consider hiring a consultant to help you choose the expenses management software that’s appropriate for your business. Ideally, an expenses management consultant will have experience working with a number of suppliers and be able to set you up with expenses management software that meets your needs, helps you reduce costs, and increases employee productivity. Avoid working with consultants who sell software because they won’t be able to provide you with an unbiased opinion as to which software is right for your company. It’s advisable to hire a third-party consultant who has experience recommending expenses management software to other companies in your particular industry.
Factors to Consider When Researching Your Options
There are a number of factors you ought to consider when researching your options, including the software’s compatibility, cost, expandability, and capability. Does the expenses management software require a large upfront investment in software and IT resources, or can you subscribe to a software-as-a-service model and pay as you go? Can the expenses management software integrate with ERP systems to avoid duplicate entry and travel booking systems so you can consolidate travel booking and expense data? Does the software accept feeds beyond travel and entertainment? Ask these and other questions when talking with software suppliers so you can find a solution that meets your company’s specific needs.
Choosing an efficient expenses management system is the key to increasing productivity and reducing costs in your company. Researching your options and selecting the appropriate software, however, is no easy task due to the proliferation of expenses management software in recent years. Whether you decide to hire a consultant or conduct your own research, be sure to do your homework so you can find an expenses management solution that simplifies the expense reporting process for your employees, cuts administrative costs, and helps you reimburse your employees more quickly while preventing unauthorized spending.
Expensify is the world’s leading expense management software, enabling employees and accountants to easily track receipts and expense reports in realtime.
- Unlimited Receipt Scanning
- Corporate Card Reconciliation
- Multi-Level Approval Workflows
- GPS Mileage Tracking
- Configurable Policy Rules
- SAML SSO
- Delegated Access
- Credit Card Import
- Next-Day Reimbursement
- Receipt Integrations
- PCI-Compliant Security
- Custom Report Exports
- Advanced Tax Tracking
- Multi-Level Coding
Certify is the leading cloud-based travel and expense report management solution for companies of all sizes.
- Certify Mobile
- Certify ReceiptParse® & AutoFill
- Certify ReportExecutive™ & Automation
- Certify e-Receipts
- Certify Spend Smart
- Certify QuickBooks Synchronization
- Certify Workflow
- Certify Compliance
- Certify Reporting
Seamless project management, time tracking & financials for a more efficient & profitable business.
- Track Expenses on the Go
- Integrated Project Expense Management
- Create Recurring Expenses
- Expense Approval Workflow
- Accurate Client Billing
- Powerful Reporting
AI powered expense tracking, powerful policies and audit-ready reports – Fyle is the best expense management software for your business and employees. Fyle helps you reimburse your employees 3 times faster with the help of automatic expense tracking while maintaining 100% compliance.
Seamless management of expenses:
- Receipt management
- Policy compliance
- Approval automation
- Digital audit trail
- Credit card reconciliation
- Accounting integrations
For simplified tracking and faster reporting:
- Automatic data extraction
- Unlimited scanning
- Email plugins
- Mobile apps for reporting
- Mileage tracking
Coupa is the cloud platform for business spend; delivering measurable value through real-time spend visibility, control, compliance, and agility.
- Best-in-Class Mobile App
- Effective Accounting Review
- Manage Your T&E Program More Effectively with Community Intelligence
- Detect Fraud Intelligently with Spend Guard
Rydoo – corporate travel and expense management solution on-the-go in real time which will save you time and money.
- Save time & money
- Great user experience
- Expense in real-time
- Control your spending
- Forget local regulations
- Go 100% digital
Claromentis integrated system includes Intranet Software, Business Process Management, Learning Management System, and Project Management, providing a holistic platform for working digitally.
- ‘My Expenses’ overview
- Client projects and operational expenses
- Drag & drop receipts from your desktop
- Create multiple expense types
- Departmental expenses and budget holders
- Assign permissions
- Automated expenses workflow
- Expenses reporting engine
Easily manage business expenses and more online with Webexpenses: expense management software, corporate travel, invoice processing, payments, and auditing.
- OCR expense app
- Credit card matching
- Mileage tracking
- Automated reporting
- Custom compliance
- Petty cash management
Automated business expense management software that helps companies easily review, approve and process employee expenses and expense reports via web or mobile.
- Limits & Controls
- Real-Time Expense Feeds
- Smart Policy Checks
- Multi-tier Approvals
- Cut-Off Dates & Reminders
- Reconciliation Summaries
SutiSoft is an IT solutions company dedicated to the strategic synchronization of tailored business solutions with best-in-class security to meet customer’s critical business needs.
- Manages day-to-day expenses from anywhere, anytime and on any platform
- Allows you to spend less time on expense reporting and more time on business activities
- Reduces approval delays
- Enforces company policies and expense limits
- Provides an integrated travel booking engine
- Simplifies budget and account management
- Automates approval flows
- Provides customizable options
- Expenses can be claimed quickly, even on the go
- Corporate card monitoring and analysis
- Online payment gateways
- Business intelligence reports