What is online expense tracking software?
Online expense tracking software or online expense report software is a web-based software application that allows organizations to streamline their expense management-related activities. It helps them increase visibility into the reporting process and control their spend. It accounts for every step in the expense management process – from pre-trip authorizations to preparing expense reports and claiming reimbursements. Organizations also have the option to integrate a travel booking module with the expense application to increase its scope further and reduce their dependence on third parties. The automation afforded by this software helps them increase their productivity and efficiency.
What benefits can you gain by using this software?
Are your employees complaining about the long processing times and late reimbursements? Would your senior management like to have complete visibility into the process? Do you notice any bottlenecks or obstacles in the workflow? Do you want to take proactive steps to control spend?
If you answered in the affirmative to any of these questions, then this software can help with that and much more. Here are some benefits of expense software:
End-to-end travel and expense management
A single, standardized solution
Automation of mundane activities
Analytics module to measure and optimize the process
Advanced report generation with a few clicks
No handicapping IT costs
Mobile app to enable reporting on the go
Option to integrate a travel booking application
Convenient, paperless receipt management
Implementation of best practices
Customizable and streamlined workflows
Accelerated processing cycles and reduced processing costs
Improved coordination among process stakeholders
Improved planning, forecasting, and budgeting
Policy enforcement
No need for data duplication
Credit card integration and reconciliation
Prevention of error-prone reporting
Fraud and duplicate detection
Multiple language and multiple currency support
How does this software work?
With online expense tracking software, the process starts with pre-trip authorization. Traveling executives prepare an expense request which they send to their supervisor for approval. Once approved by the supervisor, the request is sent to the travel and currency administrators, who book the tickets and advance the cash (FOREX in case of international trips). Once the executives finish their trips, they can convert the same expense requests into expense reports with scanned copies or images of the receipts attached to them. After approval, these reports are verified and, in case the organization chooses to, the receipts are audited. Once it has been established that the expense claim is legitimate and valid, the employee is reimbursed.
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