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Why You Should Use Expense Management Software

If your business is not using expense management software already, you may be one of the few businesses that haven’t figured out how useful it can be. Many of these services are very inexpensive, so you should do you research and begin using one of these programs as soon as possible.

Expense reporting is a tedious, but necessary process that all businesses must dedicate time and resources to. If your business necessitates several trips throughout the year, expense reporting becomes even more important and takes up an even larger portion of your time and attention. With the new expense software products that are available, you can complete expense reporting in a fraction of the time without compromising any accuracy. In fact, these programs are so easy to use, that they will often make reporting and accounting of expenses much more accurate than they were in the past. There are several reasons why you should start using expense management software if you don’t use it already.

Save Time and Money

Expense services speed up the process substantially. Instead of waiting for an employee to turn in receipts and then manually input data, these programs can instantly organize this data and generate reports. You won’t have to wait for employees to return from business trips before you can complete expense reports, because these services can complete them as soon as they spend money on the trip. These programs will also save the time and money associated with manually filling out and processing expense reports.

Ensure Proper Reporting and Compliance

By using online software and making your company’s expense policy more easily available through it, you will be able to strongly remind and reinforce this policy with your employees. If they have any questions while on a trip, and after business hours, they will be able to check the expense portal which will have your policies uploaded and available for viewing.

Easy Reporting Minimizes Mistakes

Many employees have little or no accounting experience. Although expense reporting may seem very simple to you, you would be surprised at how many mistakes employees can make, including over-reporting and under-reporting. Making the process easier will help them avoid these types of mistakes and also minimize the problems when someone loses or forgets receipts.

Great for Travel

The more your employees travel, the more important expense reporting becomes and the more mistakes that can happen along the way. A web-based expense service will help you do expense reporting more quickly and accurately. Because employees can immediately scan and take pictures of receipts, you will not have to worry about them losing the receipts before they get back to the office.

Different Features of Expense Reporting Software

There are so many clear advantages and benefits to moving your expense reporting to a web-based service provider. Currently there are several services available that all do a fantastic job with expense reporting. They can all do the job adequately well, but some of them offer a few different features, so depending on what your business wants and needs, you should choose the option that is most attractive to you. Here is a short list of some of the most valuable features.

Web-Based Platform and Mobile Integration

When you put your expense reporting online and give your employees access through their phones, you make the process significantly more efficient. Employees can instantly upload receipts and begin expense reports which will give you financial data that is accurate to the day and minimizes processing lag.

Credit Card Integration

Many software products will also let you integrate company credit cards. This makes the process extremely easy. Whenever the employee uses the credit card for expenses, the software will record the data and make it viewable to both you and your employees. Some of these products will have the additional ability to generate the expense reports mostly on their own using the credit card transaction data. You and your employees will have to do very little manual processing and can focus your time on more important aspects of your business.

Scanning and Digitizing Receipts

As mentioned earlier, this is an extremely important feature for expense reports, and if your company sends its employees on frequent trips, you definitely want software that offers this. Letting your employees scan receipts by phone reduces the risk of lost receipts and reduces processing time. Some programs can even analyze the scanned images, extract the important information, and begin generating the expense reports automatically.

Booking Travel, Lodging, and Other Expenses

Some expense software also offers the capability to help you book travel expenses. These services will help you get lower rates and because you book within the expense software, it will automatically archive and process these expenses for you. Like receipt scanning, this feature becomes extra valuable if your company sends its employees out on frequent trips.

 

Cloudswave Awards Q2 2016 : Best Expense Management Software

The Cloudswave Awards is a seasonal ranking of the Top 10 business applications across several categories.
This ranking is based on the cloudswave score, the weighted average score that captures the essence of multiple critic reviews into one number.

Find out more about this scoring system

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