Accurate financial record-keeping is essential for the success of any business. Frequent employee travel, complex approval hierarchies, and off-site purchases pose huge challenges to the completeness of financial records. Lost receipts add hours of work to overburdened staff. Missing expense reports make precise financial projections impossible. Expense reporting software can help. Here’s how.
How Does Expense Reporting Software Work?
Expense reporting software is a tool that allows companies to track expenses in real-time through an easy-to-use mobile app, website, or software application that can be accessed by employees at all levels. The exact use varies based on the employee’s responsibilities and job duties, but it makes finance-related tasks easier for staff. The digital interface streamlines the way employees submit receipts, request reimbursement, and track purchase approval. It also helps managers keep a closer eye on project budgets, while executives can maintain a more accurate picture of the company’s fiscal health. Mid-level or field employees can enter information and upload receipts quickly and remotely, while purchase or reimbursement approval can be given with the touch of a button.
How Does Expense Reporting Software Help My Business?
Implementing technology like expense reporting software equips employees at every level with a tool that simplifies one of their most cumbersome tasks – expense reporting and follow-up. It’s not only helpful for the employees but can also improve your business as a whole. Here are some of the benefits of using expense reporting software.
- Improved accuracy – Digital input of expenses reduces problems with the legibility of paper forms.
- Decreased workload – Your accounting staff will tell you that following up with clients and employees is one of the most difficult parts of their job. Lost receipts, unsigned invoices, and misfiled or duplicated forms account for hours of frustrating, unproductive time. Expense reporting software allows expenses to be housed and tracked immediately and in one place, reducing the need for follow-up months after an expense was incurred.
- Better documentation – Keep the paper trail without the paper! Camera-enabled devices make submitting, organizing, and storing receipts, invoices, and other critical back-up documentation easy.
- Automated reporting – With automated financial reporting, there’s no longer a need for maintaining complicated spreadsheets or doing intensive data analysis to figure out simple things like budget status.
- Real-time tracking – One large unexpected expense can change the entire trajectory of a project. Using a platform that staff can easily update as expenses are incurred gives you the ability to monitor budgets in real-time and make adjustments before they threaten the success of the whole project.
- Faster approval – It can be difficult to track down busy managers for necessary purchase or expense approval. Expense reporting software can notify the appropriate person of an approval request for faster consideration.
How to Choose Expense Reporting Software
There are multiple factors to consider when choosing an expense reporting software for your business. Here are a few to keep in mind:
- User-friendly interface: Technology isn’t helpful if you can’t get your users on board. Choose one that doesn’t feel overly complex or cumbersome to the average user.
- Rich reporting: Know what types of reports are essential for the ongoing operation of your business, and choose a platform that can deliver the information you need.
- Integration with FMS: Make sure the expense reporting software you choose integrates well with your existing financial management system to avoid the need for manual entry of data into a second system.
Expense Reporting Software That Works
Ready to see what a difference expense reporting software can make? Sign up for a free 30-day trial with MindSalt. No credit card is required, and you’ll be up and running in less than 60 seconds. Spend less time chasing receipts and signatures, and more time managing the things that matter. Let MindSalt show you how!