In today’s global economy, travel is more important than ever. In fact, the Global Business Travel Association reports that worldwide business travel spending will reach $1.7 trillion by 2022! To keep their employees on the road and business booming, many companies are investing in expense management software.
This software helps manage all employee expenses, from taking clients out to dinner to taking an early-morning cab to the airport. Employees can easily upload receipts which managers can just as easily review on their own time. There’s enough hassle in traveling without adding the baggage of inefficient expense management! In this post, we’ll help your business find the right expense management software to fly high.
- When You Know It’s Time to Switch to Software
- What You Need in Your Expense Management Software
- Comparing Software: A Guide
- Key Advantages of Using Software
When is the right time to upgrade your employee expense management system? Here are some signs that you are in need of employee expense management software.
Employees Must Tote Around Paper Receipts.
Are you tired of the constant scramble to dig up receipts and provide documentation? Do employees bring receipts found at the bottom of bags months after-the-fact? Employees shouldn’t have to block out time specifically for filing their expenses —with their credit card statement open in one window, their calendar in another, and a half-typed email to their supervisor in the third. Don’t put your employees (or yourself) through it! It’s time to automate.
There is a Long Wait-Period for Reimbursements.
Employees file expense reports and then spend weeks waiting for an update. Is the report waiting for the boss’s approval, already in the finance department, or in tomorrow’s paycheck? When they follow-up, they get told to ask someone else and then someone else again. Everyone wastes valuable time tracking down the status. And when, finally, expense claims are rejected, employees don’t even have visibility into what went wrong. All this confusion reduces productivity and employee satisfaction.
Settling Accounts is Difficult and Confusing.
Managing expenses doesn’t have to be painful! Are you wasting time trying to track down outstanding expenses? Pulling out your hair to cross-reference and enforce company policies? Working too hard to keep everyone in the loop? Frustration is a great sign that its time to invest in expense management software.
With the right expense management tool, you can eliminate the struggle. Take your expense management online with software that digitizes your receipts, automates workflows, and creates custom reports on spending. Boost employee satisfaction and limit liability along the way! Here’s what you can do with software:
Upload and Track Expenses
With expense management software, employees can upload their expenses directly to a centralized platform. They can use a mobile app to upload a picture of the receipt the moment it has been signed. This means no more lost receipts, no more months-late receipts, and no more bottom-of-the-bag illegible receipts. Digitizing documents will help with record-keeping and running reports down the road.
Automate Expense Approvals
Managers can create custom fields for employees to select when they submit their expenses. With categories such as “food,” and “transportation,” software makes it easy to see where company money is going. Managers can also create workflow automations designating supervisors who must sign-off the expense. Meanwhile, employees can see the status of their request at any time and receive notifications of updates. Automation keeps the process moving and makes sure nothing gets lost along the way.
Analyze Expenses in Reports
Not all software will provide insight into your company’s spending habits, but the top expense management software will be able to break down employee expenditures and show possible cut-backs. Managers can run custom HR reports by project, by employee, or by time period. This makes it easier to stick to a budget and introduce cost-saving measures if necessary. If you’re still managing expenses manually, you may be missing out on a wealth of information that can inform your company’s strategy.
When it comes to expense reports and reimbursement requests, it’s easy to see why employees want to be kept in the loop. Using software means that company policies are automatically enforced. Employees will have clear reasons when their expense reports aren’t approved and will feel they are being treated more fairly. They can also track the progress of their requests on their own, cutting down on time spent hand-wringing or following-up. Transparency increases employee satisfaction and productivity.
Limit Liability with Records
Great expense management tools help keep the company compliant with the IRS, as well as federal and state regulations. Having thorough, digitalized records protect businesses, and helps them to show that they have been playing by the rules. Keep your business in the clear with expense management software.
Small businesses often need to stick to a tight budget. While corporate expense management may have a larger margin for mistakes, small businesses must keep close tabs on employee spending. That’s why small businesses are choosy about expense management software. In order to find the best expense management system to help your business to stick to its bottom line, remember to look for the following cherry-on-top features.
An Easy-to-Use Interface
Choose software employees want to use. If the interface is clean, intuitive, and attractive, everyone wins. Employees will be more likely to upload their receipts in a timely manner and managers will have an easier time reviewing them. Make sure the platform you use has a mobile app! No one has time to do everything by computer these days, and an app makes a big difference to user experience.
When looking for a travel and expense management software, make sure to find one that will work well with the tools you already use. Better yet, find an expense management software that has other complementary capabilities such as holiday leaves scheduling and payroll. That way, you can make all necessary adjustments on a single platform. With Factorial’s all-in-one HR software, expense management is folded into other features like a document management system and shift manager. This means nothing ever gets lost in translation.
An expense management software for small business needs to be secure. Make sure to find software from a company you trust and check up on reviews before committing. You probably want to avoid “free” software. As they say: if you’re not paying, you are the product. That said, it is probably a good idea to test drive new software with a free trial. That way, you can see how it will fit in with and improve the processes your company already has in place.
Expense management software can help take your company to the next level. It will save employees and managers time, cutting company costs, and boosting productivity. It also leads to increased compliance with company policy. Most of all, it can give you the data to run a tight ship and make strategic decisions that help your company move forward. No matter where you’re going, good expense management will help you get there.
Written by Valerie Slaughter