When it comes to expenses, you can’t manage what you don’t measure, and while manual expense management remains the preference of many businesses, web-based solutions are growing in popularity. This is, after all, the age of big data, and you can analyse your spending habits in far more depth with the help of technology. Today’s expense management software can divide your expenditure on a personal and business level, using metrics to track everything from your investments and returns to your cash backs on purchases. The best interfaces must do more than merely count cents. They must encrypt your data, handle your taxes, and count your reimbursements.
Tax-Intelligent Expense Management
Tax compliance is a core part of your spending, so you need an app that can capture taxes and VAT recovery. If you’re a global citizen, your software should also adjust to each country you visit, keeping track of tax rules no matter where you are. This can’t be achieved easily unless your application taps into your GPS, so look for a product that records your location intuitively. That has the extra benefit of letting you track your expenses while you travel.
If your expense software requires you to record each item manually, you’d do just as well with an Excel spreadsheet. Today’s mobile phones manage resolutions detailed enough to snap receipts and capture location on your behalf. Automatic downloads can even perform your reconciliation for you. If you’re using expense tracking software to keep track of staff statements, look for features that do the chasing up for you. Training and onboarding are expensive tasks, so you need an intuitive interface that offers turnkey usage, removing the need to educate your employees.
Corporate expense tracking software must interface with your bookkeeping and operating systems, consolidating data in one place. Cloud-based services ensure that all captured information can be consolidated. Software must function on all staff devices, from tablets to smart phones and desktops. Ideally, it should also feed information into your other bookkeeping programs.
You shouldn’t need to access your spreadsheets on only one device. Remote access allows you to share and check financial data on the fly from any country. Consistency is everything. Your finance teams shouldn’t have to deal with lost receipts and incomplete reports, and your software can fix both those pain points with ease. Reviewing reports and fixing expense report errors is incredibly time consuming, particularly if your finance teams need to police expenses simultaneously, so look for automation in your software, too.
Software as a Service
Software as a service is becoming increasingly popular because it gives you a continuously improving product. Updates are managed on your behalf, and you never need to buy a new expense tracking program.
Approval Process Control
Expense approval systems let you streamline repetitive tasks, validating claims for every expense. Approving reports takes time and leaves plenty of room for employees to spend outside your company’s expense policy. Expense tracking software can handle your expense approval process for you through workflow charts. It can set permissions and approve expense claims the moment they’re requested. Your policies become automated, so you never have to think about them again.
ExpenSys records expenditure through captured receipts and policy automation. It’s a software as a service product that can handle foreign currencies and travel expenses. Even your fuel cards are supported. Every query is recorded under the appropriate categories on any device. The software is intuitive, sophisticated, and easy to implement. Expense tracking has never been this elegant.