Expense report software is used by most companies to manage and audit business expenses. As technology continues to grow, the tool helps businesses manage employee expense reports efficiently.
As per the recent forecast by Technavio, the expense report software market will grow annually at a rate of 6.96% and 7.70% respectively between 2016 and 2020. The team expects that the industry will post revenues of over $3 billion USD by 2020.
What’s driving this growth?
Although there are a number of factors, the following are a few factors that drive growth within the expense industry:
Smartphone has become an integral part of our day-to-day lives. In this mobile world, uninterrupted connectivity is a must and applications that can manage and track expenses all the time are on high demand.
Transparency and visibility are the key factors for any organization, especially for enterprises that work with transactions. You should be very particular about these aspects when your transactions involve company funds. Besides individual expenses, expense report software allows businesses to see spending patterns and trends, both for individual expenses and the company as a whole.
Mid-size enterprises are driving the growth, recognizing visibility and management as the two key concerns. As companies try to figure out cost-saving opportunities and improve operational efficiency, most enterprises are making their way towards travel and expense management software.
Therefore, relying on expense report software will eliminate the need for manual entry and maximize efficiency. This way, reports will be completed more quickly and with fewer errors. Besides setting up with expense software, having a clear and concise policy that thoroughly explains employees about travel expenses can work well for companies of all sizes. What has to be submitted on the expense report should be clearly stated to avoid confusion at any time.