Top 5 Expense Tracking Software Frequently Asked Questions
When you’re considering a switch to expense tracking software, you’re bound to have questions. And you should – it’s a big decision and financial commitment, so before making a choice, you should be confident the program will work for you. While many of your questions will be specific to your business, some questions are universal. Here are the top five most frequently asked questions about expense tracking software.
1. Is expense tracking software worth the money?
When you run a business, ROI is important. Expense tracking software is an investment, and you need to know the ultimate impact on your bottom line. Fortunately, expense tracking software will help you save money and give you valuable insights to make data-informed business decisions that will maximize your revenue. Expense tracking software automates several mundane business tasks to save on staff time (and the associated costs) and eliminates manual entry errors that can cost your company thousands of dollars per incident. Most also include built-in reports to give you rich data to make wise financial business decisions.
You’ll also need to decide whether to make a direct software purchase or use a program with a subscription-based model like MindSalt. It can seem attractive to make a one-time payment and own the software, but be aware you’ll still have in-house costs related to hardware maintenance and software updates. A subscription model means you’ll have a regular, ongoing financial commitment but the costs are predictable. Since MindSalt is web-based, there’s no hardware to maintain, software to configure, or updates to install. They take care of it all.
2. Is expense tracking software safe?
Depending on the expense tracking software vendor you choose, your data may be safer than your current expense tracking system! If you choose a traditional software program installed directly on your company’s computers and other devices, it will only be as secure as the rest of your network. You will be responsible for the safety of your information. If you opt for a web-based platform like MindSalt, the vendor takes care of ensuring your data is secure, usually at a level far above what you can provide in-house. For example, MindSalt uses secure encryption for data transfer, military-grade access controls at the physical location where your data is stored, and backs up your information every four hours to a separate location to prevent data loss. And since all of your data is electronic – including receipts and invoices – you never have to worry about losing critical paper files. Everything is there when you need it.
3. Will onboarding my staff be difficult?
There’s no use in switching to an expense tracking software that your employees will grumble about and nobody will find useful. However, if you choose an intuitive program that employees at every level will find convenient, onboarding and adoption will be easy. MindSalt is easy for employees to use, reduces accounting staff workload, and gives managers the details they need to stay informed and make good business decisions. Simply put, an easy-to-use and easy-to-love program means onboarding will be easy.
4. Does expense tracking software integrate with other business programs I use?
This is an important question to ask before investing in expense tracking software. Most integrate with popular accounting programs but make sure to confirm that your program of choice is supported. If you choose an installed software, you will have to update it regularly to make sure it continues to integrate with your program; if you opt for a web-based expense tracking software like MindSalt, the updates will be automatic and managed by the vendor.
5. Can I customize my expense tracking software?
Your business is unique, and you shouldn’t have to revamp your business practices to accommodate a new expense tracking software. Instead, it should fit seamlessly into your company’s workflow. Some expense tracking software is inflexible, while others charge steep fees for customization. MindSalt allows you to create customized billing rates for individual projects, tasks, or employees, and to define complex workflows to meet your business needs. You’re in control!
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