It is quite strenuous to work with manual expense report tools, which usually involve paper receipts. If you are still working with manual expense reporting, this is the right time to make a move to an automated platform. The ever-evolving technological landscape makes it mandatory for organizations to reevaluate their expense management strategies. There is no denying the fact that expense reporting software allows every company to offer its workforce a streamlined reporting process. Moreover, you also don’t have to sacrifice on spending control with an automated expense management platform.
On the other hand, when you deploy an automated travel and expense report system, there is no need for your employees to collect paper receipts and track the transactions manually. Furthermore, the finance team would avail a 360-degree visibility with the help of an automated expense reporting platform.
Requirement of an Expense Reporting Software Solution
No doubt, managing travel expenses is never easy. Irrespective of the size and number of your organization and employees, you should automate the expense reporting platform to minimize instances of fraud and gain better visibility over the finances. Also, not all expense management solutions are created equally. Similarly, not all businesses have the same need. So, with these things in mind, let’s take a glance at some of the salient features of an expense reporting software solution.
The Presence of a Mobile App
Well, the expense reporting software that you are opting for should be mobile-enabled. In simple words, it should help your employees to track, manage and submit the expense even when they are on the move. This exudes practicality as it helps in augmenting the total amount of transparency in an organization.
Automated Approval Processes
It is a commonly observed fact that reimbursement and purchase claims are often delayed because of the involvement of the manual processes. It is quite frustrating and bad for your company’s finances at the same time. Therefore, the pre-approval and approval automation is imperative when the context is about improving expense management in your company. With the automated pre-approval functionality, your organization would have better control over employee spending while they are on a corporate trip. The automated expense approval also improves the overall experience of the corporate travelers as validation always remains transparent.
Aids with the Digitization of Necessary Documents
Checking piles of receipts generated from the end of the employees can seriously affect your organization’s overall productivity. This is frustrating and also a waste of resources which negatively impacts your work culture. However, all these issues can be effectively eliminated with the help of OCR technology which is a standard feature of expense reporting software. It comes integrated with the expense management app and provides your company a chance to digitize all the important documents. So, as you can see, the OCR tech can convert the text on paper to digital text, which can be used by employees in the future. Besides, digital records are easier to maintain when compared to piles of paper.
The Analytics should be Insightful.
The expense reporting platform should be able to provide you with visually rich reports. These visual-rich reports should be able to assess not only expense and travel procedures but also eliminate the discrepancies associated with manual processes. So, as you can see, you would be able to get a 360-degree view of the expenses incurred by your employees.
Support for Multiple Currencies
When your employees undertake international tours, it is quite normal that expense reports would be present in different currencies. And as we all know, calculating the expenses in your currency is a tedious task. This is where an expense management software solution can come to your aid. A majority of expense management solutions have been supporting multiple currencies, making it easy for your in-house accountants to record.
As you evaluate your company’s requirements, you might discover more features that you need in an expense reporting platform. The above-mentioned functionalities should come as a standard with the expense software you are opting for. Always remember that a trusted vendor would help you avail the exact features you require to accomplish expense management goals.