Expense tracking can be challenging when you need to take account of mileage, travel, and other office expenses. To simplify and automate the whole process, you must invest in expense management solutions that let you categorize costs and generate reports to forecast future expenses. Before you invest in one, here are some features you must look for.
1. Intuitive Dashboard
The best expense management software lets you analyze your expenses in a visual format. Thus making it easier for you to verify and process them. Moreover, you no longer need to handle paper receipts and surf multiple spreadsheets.
Furthermore, you get access to real-time insights on your business operations that can help you forecast future budgets. You will also be able to get into details and recognize overspends and the places where you have shot your budget.
Online payment software also lets you cut down time spent on approving an expense report and expedite the whole cycle. Thus, dashboards serve as a key part of all expense management solutions. Not only do they help you save costs, but they also help you strengthen your bottom line.
2. Mobile App Functionality
Employees undergo a lot of resistance when they need to submit their expense reports. Not only is it a painstaking and time-consuming process, but it also involves a lot of paperwork. Luckily, the best expense management software is compatible with mobiles. This makes the process of submitting claims easier and leads to faster and seamless reimbursements.
Additionally, most online payment software send in custom reminders to both approvers and employees. Lastly, your finance team can easily access reports on their systems, and there is no need to email employees for the same.
3. Compliance Needs
Fulfilling compliance requirements of state, local, and federal tax agencies is not an easy task. However, you need not worry about these with the best expense management software. These solutions make your work super easy by categorizing your expenses like mileage, travel, and office expenses.
Besides, whenever you or your employees submit an expense report, your online payment software can check if any policy violations have been made. As a result, you are notified of any breaches in real-time, and you can be sure that you don’t get into any issues with the tax authorities.
4. Credit Card Management
With modern online payment software, employees usually have access to corporate spending cards. Besides, these will help you identify and avoid any bottlenecks and even eliminate any instances of fraud. In addition, credit card reconciliation is automated with these solutions that let you analyze cases of duplicates and mismatches.
5. Compatibility With Accounting Software
Best expense management software provides a host of third-party integrations. This can help you bring clarity to your expense management processes. So, it would be best if you looked for a solution that addresses small business accounting issues.
6. Multi-currency Functionality
As your business grows in size, you will likely onboard offshore customers and will need to have multi-currency support. Modern online payment software lets you bill foreign clients and generate reports on different currencies. This is one of the essential aspects of expense management solutions that will help you with quick reimbursements.
7. Automated Workflows
Besides, the best expense management software let you customize frameworks and revamp your workflows as necessary. This, in turn, ensures that your business works like a well-oiled machine and you save on time and money.
8. Expense Categorization
The entire purpose of an expense management solution is to make expense management smooth.
Clubbing online payment software with expense management software will let you approve/ reject expenses with a single click. Some solutions even allow you to customize the approval processes if it requires more than one approver.
9. Faster Tax Calculation
Tax calculations can be challenging even for the most experienced organizations. The best expense management software let you generate electronic reports and receipts. With automated processes, you can be sure of the calculations and categorize tax-deductible and non-tax-deductible expenses.
10. Reporting Functionality
The majority of the companies face losses due to human error. Luckily, you do not need to face it as expense management solutions use advanced levels of controls and cross-check every single detail.
Employees are often found to be delaying reporting expenses as making them and collecting receipts is a long drawn process. However, with online payment software, the process is extremely clear and fast.
Besides, it lets you prevent any mistakes and monetary losses. Furthermore, it helps you improve your knowledge of policies and stops fraudsters from submitting fake claims.
This was all about how the best expense management software and online payment software can help you organize your finances and slay your organizational goals. Invest in one today and see your organization reach higher echelons of success.