How to Select the Best Expense Tracking Software for Your Business

Select Best Expense Tracking Software for Your Business

There are a lot of expense tracking options on the market today. Many of them offer similar features like a web-based platform and remote receipt uploads, making it difficult to distinguish which is right for your business. To select the best expense tracking software for your company’s needs, you need to dig deeper. Here are seven things to consider.

Things to Consider When Selecting an Expense Tracking Software

Evaluate Workload Savings

Evaluate your current systems to identify duplication and opportunities for automation. Prioritize the specific ways you’d like an expense tracking software to help your organization so it can decrease workloads, increase efficiency, and prevent errors.

Consider Integration

What accounting or payroll programs does your company use? Does the expense tracking software you’re considering integrate easily with it? What are the steps involved to transfer data from one to the other, or is it automated? Get clear answers to these questions to have a full understanding of whether your program will save you time and money, or be the source of another headache.

Determine the Number of Users

How many users will you be registering to use the expense tracking software? Most companies base their monthly or yearly subscription cost on the number of people you include under your account. Some have pricing structures that are inexpensive for a few people but escalate quickly with larger accounts. Others may be financially out of reach for a small company but are scaled better for larger businesses. Take this into account when making your choice.

Review Submission Limits

Many expense tracking software programs with remote upload capabilities have a cap on the number of submissions an employee can make. Have a solid understanding of how many submissions your employees will typically make to know whether the platform you choose allows them to upload all the expense receipts they need.

Know Your Workflows

Do certain employees get automatic reimbursement approval of their expenses? Do others have to journey across multiple desks before final processing? Make sure the expense tracking software you choose can be customized to fit your company’s workflows so no receipt slips through the cracks without proper approval.

Verify Data Security

If you’re going to be relying on a third party to house your financial records, you need to trust that it’s secure. Learn about security features and data backups. How often are backups conducted? Are backups stored at a separate location to reduce the risk of a total loss, or housed in the same facility? Are mechanisms in place to download all your historical data so you can keep it in-house if you end your contract? If you need to produce a receipt during a future audit, you want to make sure it will be there – whether you’re still working with the company or not.

Ask Your Team for Input

Never make a far-reaching business decision without input from team members representing all aspects of use. End-user employees will have different needs than accounting or payroll staff, and it’s important to consider all their perspectives when choosing expense tracking software. Allow them to sample various programs to get their feedback on ease of use for their primary purposes, and take this into serious consideration before making a final choice.

Expense Tracking Software for Every Company

MindSalt Time & Expense offers a user-friendly, customizable expense tracking platform that employees can access from anywhere to upload receipts, record expenses, and request reimbursement. It’s trusted by thousands of companies around the world and is ready to help revolutionize your business, too. Sign up for a free trial today!