Finance

5 Things to Know Before Using Expense Management Software

Expense management software helps you manage your expenses. It is a process and a system that you can use to pay the prices and will also be helpful when you report for a claim. So if you are a company owner and you allow your employees to claim their bills, they can do that through this software. Thus, there won’t be a need to get a person to deal with all the claims. Moreover, there will be a risk of mistakes.

However, with a software tool, things will become easier and simpler. Dealing with claim bills is not easy because you have to do tracking and auditing. Therefore, you spend a lot of time and effort on that. On the other hand, with express management software, you can spare your time because it will do the job.

But wait,

How will you choose one such software out of many present in the market? So if you are trying to find out the best expense management software tool, you can go to blog.happay.com.

Things you need to know

Before you start using the software tool, you need to know how the software works and how it will help you out. Because of course, you won’t simply do the guesswork.

1 – Intuitive dashboard

Source: quickbooks.intuit.com

Expense management provides you with an intuitive dashboard. It provides a unified expense data in the visual format for the managers. This makes it easier for them to understand the expenses and analyze them. Thus, you will be able to turn the reporting and processing process of your expenses into digital verification.

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With this single software, you won’t have to make several excel sheets and juggle between them. Dashboard offers a lot of benefits that include;

  1. All the receipts that correspond to similar receipts will be available on a single screen. Thus, you will be able to do verifications and quick references with no effort.
  2. It will provide real-time information that will help you to look at the current state of your business operation.
  3. All the financial information and expense data will be available in a single place. This will help the finance team to create expense budgets for the future.
  4. Finance team will be able to create reports about the details of each employee. The information will tell you, who is spending and how much he is spending.

And this is not all.

With the help of this intuitive dashboard, you will also be able to see the highlighted trends. This will tell you the status of expense reports, their status and also their approval. So if a report is going through the process, you will be able to see its status.

2 – Mobile application

Mobile applications make things much easier and simpler for you. You will be able to submit the report through the app and deal with it. Doing paperwork is quite hectic and gets laborious. Furthermore, it will involve a lot of paperwork for administrative staff. So if there is a lot of paperwork, things can get tough. However, expense management is compatible with smartphones. Therefore, you can use a mobile application.

Mobile application will allow the employees to submit and review the reports. Apps will make the processes efficient and faster. Furthermore, it will make the whole process seamless and efficient.

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In addition to this, software tools also provide custom reminders. These reminders will remind the employees about their ongoing reports. In case there are pending tasks, the mobile application will let you have all the information about that too.

3 – Do not take expenses lightly

Source: patriotsoftware.com

Expenses are quite a sizable cost in every business. According to the reports, 6 to 12 percent of annual budgets of companies are spent on entertainment and travelling. So if the cost is this high then what would be the cost of handling them? You will need employees to handle all such expenses and make reports. All this paperwork also requires a lot of effort. Furthermore, your company will also create a lot of paper waste.

However, with the use of software programs, all such problems will be dealt with. You won’t have to hire a team to deal with the claims. Moreover, it will reduce the burden from the shoulders of your financial team. Their work will become much simpler.

Creating ease for your employees will increase their mental satisfaction. Their workload will decrease and this will put them in a better position. Thus, a better working environment will lead to increasing their work efficiency.

4 – It cannot deal with every single fraud

When you are doing things manually, you can oversee a lot of errors. Thus, companies face hundreds and thousands of dollars in frauds. Employees create fake bills and ask for claims. According to the reports, one third of the total claims made every month are frauds. Therefore, companies need to control such things.

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Usually this happens because of internal politics. The employees become friends and cover for each other. So even if you cannot control all the frauds, you can at least reduce them to an extent. With the help of software tools, human error is diminished to a significant level. Thus, the fake claims through human errors will be reduced and you will save that money.

5 – Legal factor – software tool helps you with that

Source: economictimes.com

Another important factor in claims is the legal one. All the claims made by employees must be legally compliant. If you are doing things manually, it will be hard to do. You have to pay the taxes and before that, you need all the financial details. Checking registers and receipts is a lot to do at such times.

However, software tools provide you all the necessary information on one page. You can get any information you require to present to the government offices. Thus, you can claim back the tax on employee business expenses. This will help your company to prevent further loss.

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