Expense tracking is a necessity for every business, whether big or small. Still, most of them approach it with reluctance. While accounting professionals find it difficult to track department-wise expenses, employees find the manual entry of expense details cumbersome.
Manual and complex expense management processes make everyone unhappy, impacting their productivity in the end.
So, why not make a shift to an expense management system and make things easier and more intuitive? Cloud-based expense management systems are helping companies accomplish their goal of faster and more accurate reimbursement processes. One such popular expense management system is Zoho Expense, which is a friendly option not just for administrators but also for employees.
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Data Entry Made Easier
The intuitive interface of this expense management software makes it easy for end users to enter data in multiple forms. Zoho Expense mobile app allows the claimants to capture receipts and enter data into the system through Android, iOS and Windows phones.
Additionally, you can go on the Zoho Expense website to drag and drop any receipt to the screen.
It’s the only expense management app that comes with an add-on for the Google Chrome web browser. Using this add-on feature, you can crop any portion of a webpage and consider it as a receipt.
Further, the ‘bulk add expense screen’ feature allows organizing multiple types of expenses on one page.
Paperless Expense Reporting
Expense reporting through Zoho Expense is a quick process. Claimants need to add expenses to the report and submit it for approval. Once it’s approved by managers, the reimbursement process is initiated. Along with creating expense reports easily, you can also import reports with secured character encoding.
You can get more insight into your business spending by having data for expenses by category, merchant, customer, project, attendee, and user. Additionally, advances and reimbursements made to employees can be managed using this expense management system.
And, then there are taxable expenses of your organization, which can be managed in one place. From tax name to tax percentage and expense amount, all can be tracked and managed easily.
Serves Submitters and Approvers Alike
Zoho expense management software provides detailed features for submitters and approvers alike. Corporate policies related to managing expenses are shared with all users to ensure transparency. If the policy says that an approver needs to acknowledge a claim within a certain number of days, automated reminders are shared for the same.
More than one person can be involved in a hassle-free manner during the approval process. Also, administrators can have a clear picture of every report in the queue and their status in the expense management funnel.
Manage Your Advance Payments
Advance payment to employees for travel and other business-related expenses can be managed easily with this software. This expense management software allows you to pick your currency and manage expenses for every employee irrespective of where they have flown for work.
Whether you make the payment through petty cash or undeposited funds, all advance payment reports can be managed through this system.
Integrate Your Corporate Cards
You can select from different card types – American Express, Master Card, and Visa for direct feed integration. Once you receive corporate card feeds from the card provider, all you need to do is
match each card with your employees. You can also connect your cards with the help of bank credentials or import feeds manually.
Reducing the Pain in Expense Management
Zoho Expense management software provides a spreadsheet-like form, which allows you to fill in expense category, merchant, date, and amount along with linking the receipts. This way, it significantly reduces the pain of employees in managing their business trips and reimbursements.
You have the choice of adding one expense at a time or creating a record of multiple expenses in bulk. Along with air travel and automobile expenses, you can also manage expenses related to office supplies, IT, and internet expenses. Even telephone expenses can be tracked and managed, reducing the chance of unfair or inaccurate reimbursements.
If you are willing to try out this expense management software for your business, you can start easily with its 14-day free trial. By signing up for its free trial, three users can gain familiarity with its features, at the same time. With the free subscription, you can enjoy benefits like receipt storage up to 5 GB and the scanning of 100 receipts per month.
And, as soon as you upgrade, you get to enjoy features like support for multiple currencies, policy enforcement, and security.
Complete Information Security
This expense management system ensures complete data security with restricted user access. It relies on two-factor authentication and SSL encryption to combat security threats.
Further, it provides the option to back up your data related to expenses and reporting. You can export all reports as a CSV file and download your data easily.
Integration with Zoho Product Suite, and More
The expense management software further ensures more delight for its customers by being a part of the extensive Zoho product suite. It can be integrated with other popular Zoho tools for accounting, customer relationship management, online surveys, and many more.
For instance, if you integrate Zoho Expense with Zoho CRM, your sales team can keep tabs on pending payments at a customer’s end. It can track pending payments on the basis of the project and the customer.
Along with the integration with other Zoho software, this expense management software can also connect with Intuit QuickBooks for hassle-free accounting.
Zoho Expense is a boon for both, employers and employees in the modern workplace. There are plenty of expenses, making it critical to analyze employee expenses and find ways to cut unnecessary expenses.