Get on Top of Expense Management in 2023



What to look for when choosing expense management software

When choosing expense management software, it is important to consider your business's specific needs and budget. Some features to consider may include:

Customisation of expense categories

One of the benefits of using expense management software is the ability to create customised expense categories. This allows businesses to track expenses in a way that is relevant to their specific needs. For example, a business may want to create separate categories for travel expenses, office supplies, and marketing expenses. By customising the categories, businesses can more easily track and manage their expenses.

Integration with other business software

The ability to easily integrate with other business software, such as accounting and payroll software, can be a valuable feature of expense management software. This type of integration can help to streamline business processes and improve efficiency. For example, if an employee submits an expense report through expense management software, the software can automatically update the accounting records to reflect the expense. This can save time and reduce the risk of errors.

Support for multiple currencies

For businesses that operate in multiple countries or deal with employees or contractors in different currencies, support for multiple currencies can be a useful feature. This can allow employees to submit expenses in their local currency, and the software can automatically convert the amounts to the business's base currency. This can help to reduce the risk of errors and ensure that expenses are tracked accurately.

Receipt scanning and attachment

Some expense management software includes the ability to scan and attach receipts to expense reports. This can make it easier for employees to provide documentation for their expenses and can reduce the risk of lost receipts.

Mobile app support

Many expense management software applications offer mobile app support, which allows employees to submit expenses and track their progress from their smartphones or tablets. This can be especially useful for employees who are frequently on the go.

Customised approval workflow

Some expense management software includes the ability to customise the approval workflow for expense reports. This can allow businesses to set up different approval processes for different types of expenses or for different levels of employees. This can help to ensure that expenses are reviewed and approved in a timely and efficient manner.

Creating expense management policies and procedures

In addition to using technology to streamline the process, it is also essential to establish clear policies and procedures for managing employee expenses and reimbursement. These policies should cover topics such as:

Submission deadlines: It is important to set clear deadlines for submitting expenses to ensure that the reimbursement process is completed efficiently.

Allowable expenses: Businesses should establish guidelines for what types of expenses are eligible for reimbursement to ensure that employees understand what they can and cannot claim.

Receipt and documentation requirements: To ensure the accuracy and fairness of the reimbursement process, it is important to establish clear guidelines for what types of documentation are required for each type of expense.

Effective communication of these policies is crucial to ensure that everyone is on the same page. It is also important to make sure that employees understand the process for submitting expenses and receiving reimbursement.

Finally, timely reimbursement of employee expenses is essential for maintaining employee satisfaction and productivity. To ensure timely reimbursement, it is important to set realistic submission deadlines and to consider setting up automatic reimbursement for certain expenses.

In summary

Proper management of employee expenses and reimbursement is essential for any business. By using technology, establishing clear policies and procedures, implementing an approval process, and ensuring timely reimbursement, businesses can successfully manage this important aspect of their operations. By doing so, businesses can reduce costs, improve budget forecasting, ensure compliance with regulations, and increase employee satisfaction and productivity.