Why You Should Invest in an Expense Tracking Software

Why Invest in an Expense Tracking Software

Businesses of all sizes understand the importance of accurate expense tracking. However, this task is frequently sidelined in the busyness of day-to-day operations where immediate needs are front-and-center and multiple demands are competing for attention. Expense tracking software can help make this mundane task easier to manage while benefitting your business in many ways. Here’s why you should make the switch.

Reasons to Use Expense Tracking Software

Make data-driven business decisions. Expense tracking software keeps all of your expense-related data in once place and makes it easy to get an up-to-the-minute picture of your company’s fiscal health. You can also quickly pull financial reports to guide you in making informed, data-driven business decisions.

Manage project budgets more effectively. Large projects have a lot of moving parts and it can be difficult to keep tabs on the budget when a lot of individuals are incurring expenses in different areas. Expense tracking software with remote upload capabilities on a user-friendly platform encourages your staff and contractors to submit receipts and invoices quickly so you always have an up-to-date picture of your project’s budget.

Reduce the risk of fraud. When most people think of fraud, they think of deceptive record-keeping or intentionally falsified reports. However, unintentional fraud is much more common and occurs when errors go unnoticed or other mistakes are made, leaving you open to fines or legal action. Internal mechanisms in expense tracking software make it more difficult for employees to intentionally record incorrect information, and can also reduce the frequency of human error. These controls decrease the likelihood of fraud- or error-related accounting mistakes.

Reimburse employees more quickly. Remote accessibility means employees can upload receipts as soon as they’re incurred, and automated workflows ensure reimbursement requests go to the proper manager’s queue. An electronic process ensures no paper requests get buried or lost and employees can receive their reimbursements in a timely manner.

Improve fiscal record-keeping. Receipts and invoices are stored electronically, making them easier to organize. This reduces your company’s liability during fiscal audits, offers a more accurate financial overview of the company when reviewing profitability, and makes things easier at tax time.

Reduce employee workloads. An automated system means accounting, payroll, and managerial staff will spend less time on expense tracking and reporting. Employees will spend less time filing reimbursement requests, making duplicates, and following up on their progress. Use expense tracking software so your employees spend less time on the little things and more time on their job duties.

Save the company money. Improved expense tracking reduces the risk of financial error, decreases company liability, and increases employee productivity. Increased accuracy in reporting results in more informed financial decision-making on behalf of the company. These benefits result in significant long-term savings and contribute to the long-term health of your business.

Web-Based Expense Tracking Software

Simplify expense recording with MindSalt! MindSalt lets you and your employees log expenses from anywhere, giving you an up-to-the-minute picture of your company’s finances. Detailed reports are available with the click of a button, and payment and reimbursement processes are simplified. Ready to see the difference it will make in your day-to-day? Sign up for a free trial today!