Expensify is a comprehensive expense reporting solution for businesses to effectively manage functions like receipt scanning and reimbursement. The software can be integrated with accounting and human resource management software such as.View More
Expense management tool is developed to help a business manage its expenses efficiently. The software includes features such as instant notifications and analytics dashboard that provide real-time view of the business, which assists in making.View More
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What is Expense Management Software?
Expense management software is a bundled information system that allows companies to manage and regulate their expenses effectively. The best expense manager software has been designed to let users submit, process, regulate and reimburse both employee and company expense. Users can also use it to invoice billable hours and/or reimbursable project expenses. Best expense manager allows employees to enter their expense details for approval through a browser or phone app. Expense software automates a company’s expense entry, streamlines reporting, eliminates paper trail, and significantly reduces administrative effort.
Expense management software is also known as expense manager software, expense tracker, expenditure manager, travel expense management software and even, travel management software among some circles.
Who needs Expense Management Software?
Any company, big or small, can benefit from using the best expense management software. Businesses with growing pains, can use an expense solution for robust reporting & reduced administrative work. Best expense manager allows companies to gain better control over their front-end functions and minimises the risk of overspending and fraud.
Why you need Expense Management Software?
Organisations can use an expenditure manager software for reducing and preventing accidental errors caused by manual input. Additionally, companies can use an expense approval system to allocate employee and company spending amount, create expense reports, perform analytics and do a whole lot more. Employees can fill out expense and reimbursement forms easily, using an expense management software. These forms can be accessed by the HR, who can access employee expense details directly from scanned receipts. Companies can also approve employee expenses easily, using the expense management software’s expense manager and approval module. Reimbursements can be easily initiated with expense tracker, and in some cases, automatically initiated (depending on the software’s compatibility).
Using an expense manager is a more secure option than manually managing the same, as this solution digitises your data and keeps a back-up of the same. If you use a cloud-based expense solution, you can rest assured knowing that come hail or high water, your data is securely saved on a remote backup server.
Modules in Expense Management Software
Expense management software offers a lot to companies in their quest to effectively manage expenses. Those important modules that an expense management system offer are-
Using the expense manager module, all expense regulation take place in accordance with internal (company) & external (government and judicial) regulations. Any policy & compliances pertaining to processing and analysing data of employee, is also considered when regulating expenses. Companies can govern, authorise, manage expense claims, audit and perform reimbursements with this module.
You can also create and customise your company’s expense reimbursement policies as per the type of expense incurred. For each type of expense, you can use this module to define categories for easy recordkeeping. For example, you could set up an expense category for employee’s city-wide travel. You can mandate employees to furnish a scanned copy of travel receipt/invoice, for making claims. Further, you can define daily employee allowances or per diem rules, policy limits, and rules for when a receipt is needed, using an expense management system.
The second aspect of this, the analytics module, helps with data comparison and analysis of expense information gained from MIS reports. Using analytics module, companies get a detailed understanding of expenses occurred, reimbursements & payables made, employee expense breakdown, per diem breakdown, etc. Additionally, companies can also use expense report software to identify excess spending and formulate rules to counter and reduce this expense.
Features in Expense Management Software
A business expense management software comes with some incredible features. The key of which are: -
Advantages of Expense Management Software
Best expense management software will not only help organisations make expense handling a breeze, but also help in reducing overall operating cost. The key advantages of using a business expense management software are: -
Q. Am I required to purchase new IT infrastructure to get the most out of best expense management software in my business?
A. No, you don’t have to purchase new IT infrastructure to use an expense management software. Cloud-based expense software works on any Windows or Mac powered computing device as well as, on tablets and smartphones.
Q. My company is a small business with <25 employees. Can I still use a business expense management software?
A. There are no specific number of employees required to effectively use a business expense management solution.
Q. How do I choose between buying a cloud solution & an on-premise business expense management system?
A. It depends on your business requirement. If you prefer keeping your sensitive expense data secure within your premise, opt for the on-premise solution. Cloud-based software stores your data on a remotely located server which is completely secure and encrypted. Cloud service is easier to maintain and you can opt for a license-based model without the added cost of infrastructure procurement, with a cloud solution.
Q. Can I view expense reports on my mobile phone or any other smart device?
A. Expense manager can be easily accessed on other devices. By extension, expense reports can be viewed on your phone or tablet.
Q. Can expense management system be integrated with my existing software?
A. Yes integrating expense management software with other third-party software is easy and can be done.
Q. How does receipt scanning work? Will the expense manager pick data from any receipt?
A. The receipt scanner scans an invoice to create a digital copy for recordkeeping. The expense manager can isolate and pick data from invoices with a barcode or RFID tag. This helps in distinguishing each submitted invoice and helps in tracking and verifying employee expense claim.
Q. My business doesn’t need all the modules offered by an expense management system. Can I only opt for the modules I need?
A. Yes, you can purchase an expense management system customised with just the features you require for your business.
Before you start looking for top expense management software for your business, here are a few things to consider: -
What’s Your Need
While managing expenses is a common function across businesses, every company’s expectation from best expense tracker is different. Some companies look for a solution that can manage both employee and company expense, while others are looking for solutions that only caters to company expense calculations. Similarly, your expectations from an expense manager will be unique to you. Are you looking to automate the expense report generation process? Is auto-reimbursement your main priority from an expense tracker? Understanding your software need places you in a better position to understand how an expense management software benefits your business.
Define Your Budget
Defining budget is key to making a large purchase such as a business expense management software. Fixing budget will ease the process of filtering from the different expense solutions available to find the one best suited to your company. As per your budget, you can opt for either an on-premise solution or a cloud-based expense management software. An on-premise software is recommended for businesses with the ability to maintain in-house servers along with a capable IT team. Cloud-based software doesn’t require you to maintain a server, and is the preferred of the two, especially if your budget is low.
Ease of Access
Unless you love a challenge, any expense management software you pick should be easy to use for you and your employees! If your expense tracker is difficult to use, it will be a massive strain on budget and resource, eventually affecting your bottom line. In short, an expense management software should help you increase your business’s profitability and stay ahead of the competition.
Software Support System
How quick is the response time from vendors in case of problems? If you face problems while using an expense management software, you will require immediate support from the vendor. Delay in support, can take a serious toll on your work flow. Ensure that whatever vendor you choose, their response time is quick, effective and supportive.
Get a Demo
Before making a purchase, ask the vendor/software provider for a free demo/trial version of the software. Demos/trial versions are great as they allow users to get familiarised and acclimatised with a software. Don’t forget to ask, as most vendors will be happy to oblige.
List of Best Sellers
Best expense management software in India available in India are quite a few. Here’s our list of top expense management software that are best suited to any business: -
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