Expense Management Software: 9 Reasons for Having One in 2023
Managing business expenses involves more than calculating your income. You should track the money you make, but you should also report the money you spend. Expense management software is what you use to keep track of your business expenses.
Prior to advancements in technology, most accounting teams processed expenses manually. That means they would have to input the amount, date, and vendor for every single expense into a ledger or spreadsheet. Fortunately, we’ve come a long way from those days, so you no longer have to do data entry by hand.
In fact, there are major benefits to using expense management software to process your business expenses. Read on to learn more about the nine reasons you should be using expense management software.
Who Needs Expense Management Software?
Companies of all sizes should invest in a good expense management solution that works with their accounting software. Whether you run a small business from your home or operate a large chain of restaurants, you stand to benefit from a spend management software.
We especially recommend an expense management system to businesses with several employees. If each employee has a company card, it can be difficult to keep track of expense approvals. However, a good expense management software can keep all of your expense reports in one place.
Expense Management Software for Small Business
Your small business relies on accurate expense reports. Without them, you could face poor cash flow and time-consuming accounting processes. Unfortunately, many small businesses don’t have a dedicated finance team to keep up with their expenses.
That’s why you need Zoho Expense.
Zoho Expense is a top-rated expense management software for a small business like yours. The cloud-based software makes up part of a powerful suite of tools that help you run your entire business. With Zoho Expense, you can create useful expense reports, streamline expense approvals, and so much more, including:
- Automated Expense Approvals in Real-Time
- Policy Violation Notifications
- Effortless Receipt Scanning
- Reconciliation with Corporate Card Statements
- Easy Sync with Accounting Software
Expense Management Software for PC
Though mobile devices have come a long way, many businesses still rely on the power of a PC. For that reason, you may want to select an expense management software that works best for desktop computers. In this case, we would recommend Expensify.
Unlike Zoho Expense, Expensify targets large companies. If you own a business that needs more complex software integration, look no further. The software helps you tackle complex workflows and expense approvals while automatically syncing with your accounting software.
That’s not all!
One of our favorite features is the Expensify Card. You no longer have to sync all of your corporate credit cards with your expense management software. This software offers its own credit card. With this card integration, you can keep on top of your employees spending with ease because it:
- Settles Bills Daily to Avoid End-of-the-Month Surprises
- Only Allows Employees to Spend What’s in Your Bank Account
- Gives You the Power to Set Smart Limits
- Automatically Creates eReceipts for Your App
- Detects and Prevents Purchases That Go Against Your Policies
Expense Management Software for Mobile
The best expense management software should also have a top-rated app. Since so many employees have access to mobile devices, an app gives them access to expenses on the go. That means employees can update expense reports while traveling, scan receipts as they receive them, and manage project budgets.
Many of the top choices for expense management software, like Zoho Expense, offer a mobile app. For another option, we recommend QuickBooks. The application works for iOS and Android, so it is a great option for many businesses.
Why do we love the QuickBooks app? It’s simple. It’s easy to enter expense receipts in it. Also, helps with all accounting processes, but the app really focuses on expense tracking with:
- Real-Time Dashboards: You can quickly look at the dashboards to monitor financial health and transactions.
- Receipt Scanning: Your employees can upload photos of paper receipts to turn them into pdf files.
- Invoice Management: The app tracks any invoices and chases clients with overdue payments.
- Synced Accounts: All of your credit cards and bank accounts can sync with the app for accurate data.
- Sales Tax Tracking: You can even use the sales tax tracking feature to ensure compliance with state tax standards.
9 Reasons for Having an Expense Management Software
No matter which expense management software you choose for your business, you can expect many improvements. In fact, there are nine reasons that every business should use software for their expense management process.
1. Quicker and Simpler Processing
You can save time and money when you automate your expense management process. You no longer have to input every single expense. Let your software do all of the hard work. You can sit back and relax while it creates an expense report, sends it to the approver, and pays it upon approval.
2. More Accurate Data
There’s a reason phrases like “human error” exist. When you leave your expense reports up to your employees, mistakes happen. With an expense management software, the likelihood of data-entry errors decreases. The software can even flag duplicate entries to keep you from overpaying.
3. Expedited Reimbursements for Employees
Without an expense management app, employees have to wait until they get back to the office to create an expense report. The software, however, allows them to create an expense report from anywhere. It also ensures the expense report gets approved as quickly as possible for faster reimbursements.
4. Enforcement of Expense Policies
The best expense management software lets you customize rules based on your company policy. The rules help the software to automate approvals, but more importantly, it helps it flag expenses that don’t comply. This feature helps prevent fraud inside and outside the company.
5. Improved Productivity
When your employees have the power to report expenses from anywhere, they can get more done. Both staff and managers can accomplish more by having access to expense management tools at their fingertips.
6. Compliance with Tax Laws
We love that expense management software is smart enough to categorize your expenses. By placing all of your expenses in the proper spend category, you can save time filing your taxes. It also helps you create a trail for audits.
7. Highly Visible Metrics
As we mentioned, the dashboards of expense management software offer a lot of valuable information about the state of your finances. Some of the meters show expenses for each employee, the budget for each category, and approval times.
8. Efficient Operations
Thanks to the automation of expense software, your employees have more free time. Your finance team especially has a huge workload off their shoulders. As a result, they can all spend more time doing other important tasks.
9. Automated Reporting
You don’t have to create a report in a spreadsheet any longer. The software takes care of all of the reporting and analysis. The reports you receive can provide a better look at your expenses because you can quickly switch between reporting by category or project. This benefit is especially useful for project management.
How Can WellyBox Help with Expense Management?
Like Zoho Expense and the other software we mentioned, Wellybox offers plenty of tools to organize your company expenses. In fact, our software makes expense reporting easier than ever.
How?
Once you sign up for an account, you can download our mobile app for mobile receipt scanning. You can also sync your emails for advanced receipt scanning. Our customers love this feature because it makes it easy to track down digital receipts across any email account. The technology quickly and efficiently scans your emails to locate any digital receipts, invoices, or bills.
Those aren’t the only benefits we offer.
You can use our expense management software to create helpful expense reports based on the data we find. You can then send each expense report to an accounting professional. Our software integrations also allow you to sync your data with your preferred accounting software. Best of all, we can save all of your information in your cloud-based storage, such as Google Drive or DropBox.
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