5 Things to Look for in an Expense Tracking Software

5 Things to Look for in an Expense Tracking Software

There are many reasons to move from traditional expense tracking processes to a robust expense tracking software system, so choosing the right one is often a daunting task. There are hundreds of options available, each touting their unique features and benefits. Before you make a decision, it’s important to understand which features are most useful to your specific company and best support its day-to-day operations. Here are five things to pay close attention to when weighing your different options.

  1. Digital Receipt Storage: An expense tracking software with photo upload capability makes receipt submission easy – no more lost or illegible paper receipts and reimbursement requests! Make sure your program takes it one step further and stores your digital receipts for future reference as well; this makes long-term record-keeping easy and keeps your back-up documentation readily accessible for future audits and reviews.
  2. Mobile Capability: Employees are working away from the office more than ever before performing fieldwork, teleworking, or because their duties require frequent travel. Nearly all remote workers use a smartphone, so it’s critical to make sure any expense tracking software you choose is easily accessible to them via this modality, either through a mobile-optimized website or app. Internet-based programs are particularly useful because they allow employees to enter information from anywhere, giving the home office access to real-time data for remote projects or field locations.
  3. Customizable Workflows: Every company operates differently; there is no one-size-fits-all approach to expense approvals or reimbursement requests. Any expense tracking software you choose should allow you to create custom workflows, so it follows your company’s policies and procedures. This makes the software truly work for your company by decreasing staff workloads, increasing the ease of approvals, and improving process transparency.
  4. User-Friendly Interface: No matter how robust the features are on your expense tracking software, they are meaningless if nobody uses them or if the data they’re pulling from isn’t up to date. A complicated or cumbersome platform makes users hesitant to use it; they may put off the unpleasant task of entering expenses as long as possible or make mistakes when entering information. An easy-to-understand, user-friendly interface encourages them to enter information in a timely manner, giving managers and decision-makers the most accurate reports using current data.
  5. FMS Integration: To truly streamline your business processes, choose an expense tracking software that integrates with your current financial management system. This decreases the duplication of effort necessary to enter information into multiple systems, increases the accuracy of your data, and reduces accounting and payroll staff workloads.

Web-Based Expense Tracking Software

MindSalt Time & Expense is the tool you need to take your expense tracking to the next level. Its user-friendly interface will delight your staff, and because it’s completely web-based it requires NO complicated configuration before you can get started. MindSalt integrates with popular invoicing and payroll programs and runs customized reports at the touch of a button. Sign up for a free trial today and see why thousands of companies big and small have chosen MindSalt Time & Expense!