Expense management software is an important business tool that can help you mitigate costs, monitor spending habits, and cut back on unnecessary expenses. An ideal expense management software can also help streamline your accounting processes and improve your cash flow management.
An expense management solution can help centralize all your expense data and generate detailed reports that can be used to file taxes. Some systems even have functionality that allows you to submit expense reports to your employees, streamlining the reimbursement process.
The first thing to look for in expense management software is a strong level of integration with other tools used by your business. There’s no point in having the best system in the world if it doesn’t communicate with your other systems. Another critical factor to consider is whether or not the software is well-designed and easy to use. The last thing you want to do is spend hours training your staff on a new system only for them to get lost and frustrated within minutes. There are many excellent expense management software options, so finding one that fits your needs may pose a challenge.
In this blog, we look at various indispensable features that can be critical while choosing your expense management application.
If your business generates a significant amount of expenses, having an efficient receipt scanning process is a must. Some expense management systems allow you to scan your receipts with just one click, making it easy to add them to your records.
If you use a credit card for business travel, this feature will save you tons of time. You can upload
your card transactions from your online bank account. The system will automatically break down
your expenses by category. This way, you don’t have to manually enter the information.
Card reconciliation is the process that helps ensure that the transactions in a card statement match its general ledger. For accurate and efficient financial reporting, organizations must know that these transactions took place and that the expenses on both sides are correct and valid. If you use a company card, this feature can save you a lot of effort. Some systems automatically create a new expense report with the transactions you upload.
Some businesses operate with tight timelines, and this feature can save you a lot of headaches. You can create a workflow that will allow you to approve expenses within one click and quickly approve requests.
Some businesses operate with a global presence and require the ability to record expenses in multiple currencies. If this sounds like your business, choose a system that supports this functionality.
Any organisation can benefit from expense management software by reducing costs and streamlining their accounting procedures. When selecting a solution, be sure to select one that includes the features your organisation requires, such as one-click receipt scanning, secure credit card import, and multi-language support like PeopleHCM.