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Published August 26th, 2016 by

Things to Look For in Expense Management Software

Things to Look For in Expense Management Software

It is undeniable that technology has made the biggest influence in the way people go about their daily jobs. Almost everything has a touch of automation; transportation, communication, study equipments, entertainment and more. The same goes through in the field of enterprises particularly expense management.

Through the aid of expense management tools, employee expense reports can now be easily processed with higher accuracy and you’ll get the results you need in a timely manner. The use of this tool gives a lot of benefits to both the company and the employee; it increases productivity, cut-costs in many aspects and increase corporate policy compliance. Thanks again to technology for bringing this innovation.

However, an overwhelming number of expense management services are out in the market with different features and prices. How would you know the top expense management software that fits your business needs?

Reading this article may help you get an answer to that question. At the end, you will be able to pick up ideas and tips on how to look for the right expense management service that solves the current expense-related issues in your business.

What Is Expense Management Software?

Expense management software is basically software installed in a computer; its main purpose is to help the expense manager or officer who does the job of reviewing, auditing and approval of employee expense reports. It is well renowned for being the key to more accurate expense documentation, thus deriving many chain benefits such as:

  1. Expense awareness – employees and employers can evaluate how much are they spending, making it easier for them both to find ways to save.
  2. Reduce risk to fraud – fraud has been a perpetual dilemma for employers. Employees used to submit fraudulent expense reports and reimbursement claims. But now that everything is already automated, employees or employers will find it hard to counterfeit the real expense report.
  3. Faster Reimbursement – in manual expense management, claiming your reimbursement is burdensome. It has to go to multiple processing phases and eventually you will get it in no less than a couple of weeks.
  4. Improved productivity – because of the fact that expense management processes become faster through this software, it ultimately results to improved overall workforce productivity.

Cost saving is another significant benefit of using expense management automation. According to a study conducted by CERTIFY about the importance of expense management automation, in manual expense management; companies spend an average of $41 per expense report with only 50% rate of compliance while the ones who are using automated expense management spends only $7 every single expense report with a compliance rate of 87%.

Now that’s one good reason to switch to the automatic way. Next are the benchmarks of choosing the right expense management tool according to your needs. Continue reading below to make sure you only get the cream of the crop expense automation service.

Innovative Technology

When looking for expense managing tool, make sure that the software is remotely accessible. Almost everything nowadays is connectible to the internet and so must your system be. The benefit of web connectivity is the ease of access to the system every time needed. It would also be ideal to look for software with added features such as credit card access and the ability to capture images of receipts to maximize the use of the program.

Technology innovation is very brisk in the world we live today. In choosing your software, it would be safe to make sure that it never gets behind in the very fast-paced technological time. To do that, see to it that the system is upgradable. Through that you will be assured that the system can still be used with new added features. However, you should also be aware of the fact that some software’s upgrades may result to added fees.

Automation Tools

The main purpose of people investing to expense management automation system is to automate the process. Sounds bloody obvious and boring, however, it is important to ask yourself: what is with this software that will help me do expense management easier? Below are the tools to look for in an expense management tool according an article from prialto.com about “Choosing an Expense Management Tool”:

  1. Receipt organizing – Instances happen where people forget to pick up receipts or picked the receipts up but forget to jot it down on their expense reports. The software to choose must have tools to help you organize receipts. Most expense automation software allows you to take a picture of your receipts and it will then be automatically recorded in your expense report.
  2. Expense Report Approval – look for software which has tools that will allow you to automatically send your expense report or reimbursement claims to the financial department to speed up approval and payment.
  3. Cloud-based – Cloud gives the benefit of higher expense transparency. Records can be viewed by both the employee and manager. Not just that, updates, changes and approval is possible anytime and anywhere.

Worth the Price

Good expense management tool allows you to save cost. When choosing the right software to use, you must not only consider the up-front price but see to it that every single penny you spent out of purchasing the software is worth it. Below are the things to look for in choosing a lifesaver expense management service:

  1. Real-time expense visibility
  2. Features that will help in approval and disapproval of expense and reimbursement reports.
  3. Receipt organization
  4. Decision making support – a feature to help the user and manager in making expense related decisions such as expense regulation, changes in corporate expense policy, etc.

The things above are only guidelines and should not be the only basis to say that a tool is cost-efficient or not. It all depends on your expense managing needs. To know more which expense management service can offer you a good service at a reasonable price, check out reviews of expense management tools by CrowdReviews.com.

Software Support

Expense management tools may have some portions in it that needs technical knowledge from the user. Fact is, not everyone in a company or business are keen with technology. Employee’s capability to handle expense reporting systems is essential, as problems may occur if the employee commits technical mistakes in using the system; thus, technical support availability when investing in an expense management service is important. Below are examples of customer support to be provided by the tool:

  1. Manuals – almost every expense management automation services provides helpful manuals to their clients. This manual can be a tutorial, an FAQ or a Troubleshooter which the user can read to find solutions when encountering technicalities. Self-help articles may not be the most convenient solution for system problems and many clients would always prefer a human support coming from the vendor.
  2. Phone support – Many would always prefer phone call support. It is the best possible way to have a real-time answer to the problems encountered and for asking solutions coming from the people who have optimum knowledge about the software. Not so many vendors offer this kind of support, some may offer this freely but some requires added fees. So be aware of that fact as there are some vendors who are not straightforward with their price.
  3. Chat – live chat support is another way of getting real-time solutions to your technical needs. Live chat support is quite convenient as some of the people in a company or organization do not always have the access to a phone or do not have enough time to handle calls. It’s a great way for a customer support to just pop-up at the side bar whilst you are also busy doing other stuff.
  4. Email support – probably the most common type of support coming from vendors or manufacturers, regardless of the product or service offered. Almost all expense management software vendors offer customer support via email. However, with email support, you cannot guarantee an abrupt reply; great if they reply within an hour or a day, but some may take a couple of days which is typically already very late. Look for software that is committed to providing timely customer support.

Support availability is another very important benchmark in looking for the right expense management automation medium to use. All the enticing features and prices become useless if you encounter problems with the system and cannot reach any means of support.

Wrap-up!

There you go! That’s the highlight of the important things to look for when deciding to shift to the automatic way. This article is only a highlight of the many important factors to consider when choosing the right expense report tool. It would be best to do through research to guarantee yourself that you will only get the best.

If you are on the look for the right expense management tool to use, see a list of reviews of expense management tools from CrowdReviews.com and spot the latest recap of the best expense management tools.

Jeev Trika

Jeev is an executive leader with successful experience building research portals which recommend the best products and services in various highly competitive verticals.

Our rankings are completely independent, transparent, and community driven; they are based on user reviews and client sentiment. These expense management software companies had to earn their way up and didn't just pay their way up.

View Rankings of Best Expense Management Software Companies