Traditional expense reporting tools include tedious processing cycles, error-prone, and paper receipts. There has been considerable technological development over the past few years. Many tech-savvy employees have started demanding a technological overhaul in each aspect of the financial management process involving expense reporting and expense management.
This growing technological landscape creates a huge demand for companies to rethink on their expense management strategy and implement expense report system. The solution allows companies to provide its workforce with a flexible and streamlined expense management process without the need to sacrifice spend control.
An automated T&E reporting solution eliminated an employee’s need to gather paper receipts and monitor transactions manually. It empowers employees to manage, track, and submit policy-compliant costs. As for the finance department, they can get complete visibility into all business expenses and helps them catch overspend and deviant expenses immediately.
Importance of Expense Report Software
Expense reporting system consolidates reports, minimizes dependency on paperwork, and
enhances spend visibility. Also, it offers a wide range of features from spend analytics to corporate intelligence to proactively optimize travel and expense management.
Expense management tools cover every aspect of the expense management process, starting from pre-trip to post-trip analysis.
Top Six Features to Look for in an Automated Solution
The main objective in expense management software is not only to aid employees to track business expenses but at the same time, accelerate the approval process as well. Expense reporting systems provide the framework it requires to enforce policy compliance and eliminated overspend.
- Mobile Access
Expense report systems enable your team to access through smart devices which signifies that they are better able to stay connected, makes it easier for your team to track and monitor expenses, and adds extra features on the move.
- Automated Workflows
Rule-based dynamic workflows minimize human intervention and shorten the turnaround time of the expense management process.
- Data Report Generation
By allowing you to review the spending data of your staff, a good program will aid you to adjust strategies and policies to a great extent.
- Receipt Imaging
This feature enables your team to take a snapshot of their receipts with their mobile phones and upload them right into the expense system. It makes it easier to handle expense on the move and minimizes a tremendous amount of hassles while cutting down the chances of errors.
- Data Analytics
It enables administrators and finance department to get an idea on how much to spend, thereby curbing unnecessary expenses to optimize corporate functions. These insights help businesses to make more informed decisions based on what numbers suggest, instead of the ones based on a limb. The feature assures that your choices always have the backing of consistent figures.
To Sum Up
Choosing the right expense report system in an ocean of solutions is quite challenging. Simple and affordable expense software that comes with a solid set of expense report management features would be beneficial for organizations.
The solution simplifies every step involved in an expense report process starting from initiation, approval, tracking, to auditing. Moreover, an expense solution seamlessly integrates with other business and financial accounting systems used by your company.