In business, every dollar counts. Many organizations struggle to organize expenses, and expense reporting software can turn out to be a vital tool in saving valuable time and money while balancing operational spending. Here is a list of essential features that organizations must acquire to optimize their expense reporting process:
Featuring mobile capabilities such as smartphone apps gives employees the ability to submit expenses on-the-go. This allows for quicker access, allowing employees to report expenses when they occur. The mobile app allows users to capture receipts and then send to the receipt repository. Auto-scanning alleviates human errors which can impact specific data such as price, merchant data, and the country; all of which will be automatically populated into the expense report, without any manual entry. This would avoid any receipt loss and save valuable time. Ultimately, this increases compliance and helps organizations reduce operating costs.
Currency conversion is again going to be crucial for organizations. Companies may work with global currencies, and the expense reporting software takes the burden of currency conversion off the user. This ensures accuracy, no matter the location employees are reporting expenses from.
Mileage tracking is one area where fraud tends to always happen. Employees add up more mileage and submit claims for what they have not actually traveled. However, standard IRS reimbursement rates can be applied to calculate reimbursement amounts. With SutiExpense, the distance employees travel will be auto-calculated, and the total amount will be populated into the expense reports. This method eliminates mileage padding, ensuring that employees get paid for what they have actually traveled.
Integrating with other applications is one critical factor to look for in expense software. Integrating with accounting software allows for faster reimbursement, as transactions can be directly exported and approved into the system, ensuring nothing will slow down the process. Moreover, integrating with travel booking portal such as SutiTravel allows businesses to easily book corporate travel, also ensuring that everything booked is within the corporate travel policies.
Analytics gives greater insight into various spending categories, such as employee and administrative expenses. The more in-depth analysis of data, the easier it becomes for companies to make decisions. Analytics informs companies of where employees are violating policies, and in which area employees are spending more than needed. Expense reporting software features built-in reporting capabilities, giving the capability to audit spend behavior in each category.