PC MAG BEST EXPENSE TRACKING SOFTWARE DRIVERS
PC MAG BEST EXPENSE TRACKING SOFTWARE MANUAL
PC MAG BEST EXPENSE TRACKING SOFTWARE SOFTWARE

PC MAG BEST EXPENSE TRACKING SOFTWARE MANUAL

Many systems integrate with popular accounting systems such as Xero, Microsoft Dynamics and Sage 50 (formerly known as Peachtree), allowing for easy export of reports and eliminating the need for manual data entry. Below are some of the most common functions: Feature

Automating these processes can boost productivity tremendously.įeatures of these systems can vary from vendor to vendor. Managers can set up email reminders for employees about submitting reports and for themselves about approving reports.

PC MAG BEST EXPENSE TRACKING SOFTWARE SOFTWARE

Expense management software can curb these issues and increase efficiency.įor example, employees can use their mobile device to take a picture of receipts, rather than having to keep track of various paper receipts while traveling. Productivity: Time and money lost due to misplaced receipts, forgotten expense approvals and error-prone manual data entry and expense calculations, can put a significant drain on employee productivity and satisfaction. This can help catch innocent errors more quickly and alert management of situations involving possible fraud. Expense management systems help reduce risks by evaluating expense reports against internal and external regulations.įor example, managers and accounting can set up expense rules so they are automatically alerted when an expense is submitted that isn’t filed under an approved code. Approved expenses, such as car mileage, flights or hotel lodging, are pre-coded for streamlined processing.Įven more, systems that include integration with accounting platforms and offer direct deposit help reduce the time and costs associated with claim approval and reimbursement.Ĭompliance: Internal company policies as well as external government and tax regulations can cause non-compliance risks for an organization. Automating this process saves time and cuts down on transaction costs.įor example, many systems offer mobile apps that allow employees to take a picture of receipts or scan and email the receipt, and the relevant data is extracted and autopopulates on the report.

PC MAG BEST EXPENSE TRACKING SOFTWARE DRIVERS

There are three main drivers that push a business to automate their expense management system:Ĭost: Submitting and processing an expense report can be tedious and expensive. Organizations can improve their cash flow cycle and forecast for future expenditures.Īdditionally, reviewing expense data helps ensure that employees are compliant with company policies and can even assist with fraud detection (see “Key Purchase Drivers” section below for more details). The ability to track spending by expense category, unit or vendor provides insight into spending trends and identifies areas for cost savings. Direct deposit allows for quick and easy funds transfer, so companies can reimburse employees more efficiently and the compensation is available for immediate use.Īnalyze spending. Features such as automatic expense import and integration with popular accounting systems, such as Quickbooks Online and Intacct, eliminate the need for manual data entry and minimize the chance of errors. The ability to automatically import expenses from personal and company credit cards and accounts streamlines the expense report process and ensures no expenditures are overlooked.Īdditionally, organizations can customize approval workflows to help structure the approval process by setting limits or creating rules dictating spending overrides and adjustments. Management reviews and approves, then sends the claim to accounting for processing and reimbursement. Employees can easily create and submit expense reports for work-related expenses like transportation, lodging and meal costs.

employee expense report, to manager for approval. While systems vary, the key steps in this process include: Not only does this save time, but it reduces errors caused by manual data entry. Expense report software automates the entire expense management process, from submitting a claim to analyzing business expenses. Tracking expenses is an essential task for every company. With that in mind, we created this buyer’s guide to help you narrow down your choices from the selection available.Ĭommon Features of Expense Management Software With so many expense reporting systems on the market, it can be hard to decide which one is right for you. Expense report software helps companies simplify the management and tracking of “T&E,” or, “business travel and expenses.” By providing increased visibility of employee spending, expense management software can increase adherence to corporate spending policies and help organizations budget and forecast for future expenses.

Pc mag best expense tracking software