Expense tracking software sounds like a helpful tool, but how does it help in day-to-day business operations? Is it a nice-to-have system or an essential business platform? Expense tracking software automates business practices and improves other critical functions like budgeting, employee expense reimbursement, and bidding accuracy. Here’s how it’s used across multiple industries.
What Types of Businesses Need Expense Tracking Software?
Expense tracking software is helpful for any business to monitor its costs but is particularly valuable in certain industries. These include project-based businesses, the government and non-profit sector, and sales-dependent companies.
Expense Tracking Software for Project-Based Companies
Project-based work is billed differently by different companies, but they all have one thing in common: expense tracking is essential to accurately monitor project cost and profit margins. Some projects pass certain hard costs on to the client while others adjust their project bids to incorporate the added expenses, basing their estimates on the historical price of past similar projects. A web-based expense tracking software allows employees to access the platform from anywhere with a data or internet connection. They can record expenses, upload receipts or other backup documentation, and assign it to the associated client or project. This makes billing, reporting, cost justification, and profit analysis easy! It also gives a more accurate overview of project costs, improving the accuracy of future bids and estimates.
Expense Tracking Software for Government and Non-Profit Agencies
Every organization needs a rock-solid accounting system, but government and non-profit agencies are under additional scrutiny. Expense tracking software is critical to ensure data integrity, provide backup documentation to justify every expense, and follow an established expense approval process. Online expense tracking software reduces fraud liability, logs changes by user, and includes post-approval safeguards to prevent unauthorized adjustments. If your expenses are scrutinized by auditors, regulatory bodies, or an oversight committee, expense tracking software is a must.
Expense Tracking Software for Sales-Dependent Businesses
Nearly every business relies on sales to a degree, but organizations with face-to-face or traveling sales teams have a particular need for expense tracking software. A web-based platform makes recording expenses easy and immediate. An account manager can log expenses for a wine-and-dine evening with a client as soon as they incur the costs and upload photo captures of the receipts before they’re crumpled or misplaced. Employees can request reimbursement for their business-related mileage, unexpected hotel stays, or other job-related expenses with a quick online form rather than going through a tedious paper process. To put it simply, expense tracking software makes sales-related costs easy to record for accounting staff and convenient to report for sales staff.
Expense Tracking Software for Every Need
MindSalt Time & Expense is the web-based expense tracking software you need. With access from anywhere, customizable workflows, and the ability to turn client reimbursable expenses into an invoice with the click of a button, automating this business process is a no-brainer. Your employees can record expenses on the go, your managers can keep an up-to-date handle on their budgets, and your accounting staff will appreciate the simple submission and approval process. Ready to see how it works? Sign up for free!