You may already know that manually managing expense reports with paper receipts can be tedious and lead to errors. Technology has made it possible to greatly improve expense management tools over the years.
Automated expense management software removes the headache from expense management. You don’t need to keep track of expenses manually or manage receipts on paper anymore. A sound expense reporting system can help you avoid overspending and keep track all your expenses efficiently. GoodFirms can provide more information.
The Key Features of Expense Management Software
These are the top features you should have in your expense reporting tool.
- Respect travel policies
You will be notified of any potential violations of terms and conditions by the expense report software as soon as they occur. The expense report software relieves the finance department of a lot of work by ensuring that corporate travel and expense policies are followed and that there is no violation.
- A deep look at the financial health
If you are able to see where your money is going in and out, you can get a better understanding of your finances. You can identify areas where you are spending too much money and make better decisions about how to reduce them. This will help you plan a budget that is efficient for your business’ future expenses.
- Audits and tax deductions
To allow the organization to approve travel expenses they must be eligible. If you don’t have tight oversight of the entire process, you are missing out on many tax controls. You also need records and audit trails to prove that you have properly managed all expenses. You can avoid being subject to government audits if you keep these things in mind.
- Employees can use the system easily
Waiting for the approval of claims can be very stressful for employees and can cause a loss of productivity. It is much easier for employees to manage the claim reimbursements and submit reports with an easy-to-use expense management system.
- Advanced analytics
The expense management software offers real-time analytics reports about expenses, expense reports, and policy violations. Track every expense you paid for the trip. You can filter your expense reports by department, location, employee, expense category, and other criteria to see which policies are being broken.
Reports can be built based on data you don’t want included in final reports. You can also automate the report generation and have it sent to you at the time that suits you.
- Integration of credit card programs
Employers can get reports from the bank directly for each credit card response by integrating the different credit card programs. The expense management software then matches it with business expense statements, notifying authorities if any mismatches.
- Control of approval process
Secure private keys are used in most expense management tools. The platform is secure, even though it allows multiple users to log into the system. Users can only access the assigned tasks and roles. Only the administrator will be able to grant access to the other members of the team with the security key.
There are top expense management softwares out there
Gnucash is free under the GNU GPL. It’s available for GNU/Linux and macOS. GnuCash can be used as a professional as well as personal financial accounting software. Gnucash allows you to track your income, stocks, bank accounts and income.
Money Manager Ex: Money Manager Ex, a free open-source platform for personal and professional expense management, has an intuitive interface. It helps you organize your finances by keeping track of where, when and how much money has been spent.
Expensify: Expensify is worth a look if you’re just starting to use expense management tools. It is the easiest to use software interface, and it will provide you with the most productive results without you having to know much about the software.
Concur expense: Concur expense management software is the best way to automate your expense management. It eliminates the paper, errors, and procedures that go along with managing finances. Managers can implement the software to free up their employees and allow them to have more control over costs and compliance.
Fyle: The plugin support makes it as simple as turning on the light bulb to file an expense report. It also connects all of the most popular consumer apps to make it easy to record and share any expense reports.