Every company can benefit from using expense reporting software. Also known as Travel and Expense software (T&E software), this program makes the entire reimbursement and reconciliation process more manageable, smoother, more accurate, and less wasteful.
One of the main benefits of expense reporting software is the ability to automate the expense reporting process; these automation features will allow you to:
- input trip details
- upload receipts using a smartphone
- define limits and spend policies
- adopt companywide expense practices
How to Use Expense Reporting Software
Now that you have a basic understanding of expense reporting software, you should become familiar with how to use it. While, in theory, it should be simple to use, a brief breakdown won’t hurt. Below is an overview of the process.Submit an Expense
Take a photo of an expense receipt with your smartphone and submit it to the software, which may also be a mobile app. Some software applications may be advanced enough to read the dollar amount from the receipt.Process Expense Reports
You can process expense reports quickly using workflows requiring several approval levels without seeing any expenses stuck anywhere.Reimburse Expenses
You can then begin reimbursing expenses. Offering several different payment gateways, including checks, direct deposit, and others, can speed up the process. Some businesses have enrolled in electronic transfer programs like Zelle and Venmo.Analyze the Expense Data
Analyze the expense-driven data to come to conclusions that can help formulate decisions to help your company. The whole point of tracking expenses is to give you the data needed to analyze your spending and budget your dollars.Why You Should Use Expense Reporting Software
There are several sound business advantages to using expense reporting software. You can:- reduce or avoid unnecessary travel costs
- minimize reimbursement delays
- eliminate manual requirements, which are prone to errors
- easily monitor and track expenses for all employees companywide
- avoid storing paper receipts for long periods
- make the entire process more accessible with the help of a mobile app
- approve reports and track spending
- integrate credit cards used by the charges to match a specific employee automatically
- incorporate internal policies for spending so employees don’t use expense reporting for the wrong reasons
Streamline Your Expense Reporting Process
Expense reporting software helps streamline your expense reporting process. You can have an efficient system that will do plenty of tasks automatically and flow relevant data into your accounting software. With an expense reporting mobile app, submitting expenses becomes incredibly easy to do on the road.If you want to make entering expenses a breeze on both the employer and employee side, you must invest in expense reporting software. At the end of the day, it will help your bottom line. This is just one of the many ways that tracking modern finance is evolving. Learn more about Expense, tracking, and reporting in upcoming publications.
Note from the Editor:
Expense reporting is critical for businesses of all sizes. Self-employed entrepreneurs need to track expenses to balance the books accurately and file taxes properly. It’s easy to lose sight of costs while traveling, so having a convenient resource on your mobile phone will give you quick access to tools that will help you track and organize your expenses no matter where you are.
Mobile applications are becoming more popular, and the more advanced the hardware, the more advanced the software can be. Mobile phones have more computing power than the desktop computers of the 1980s, and you can track your expenses, take pictures of receipts, and even record and upload video reminders for yourself or your accountant. These features are readily available and within hand reach, making every business owner consider using desktop and mobile expense reporting applications.
