Best Expense Management Software

What are Expense Management Software

During the working process, an employee of the company can spend his personal funds to buy some kind of products or services. Imagine that your colleague is on a business trip for 4 days. He needs to stay in a hotel, pay for lunch with potential clients, take a taxi, and so on. All these are travel expenses. The company must clearly understand what amount of money was spent and for what purpose. Maybe an employee just decided to shop for the money of the organization.

Such systems help to track the expenses of employees that they input into the app. Also, it's possible to scan the check and the system will automatically recognize the information and add it to the general list of expenses. When an employee provides cash receipts that are related to work, the company understands how much money needs to be returned to the employee.

Why Expense Management Software
is needed

Employees can manage expenses in several ways. The first is to enter all expenses in a table, collect receipts, and then scan them having come to the office. Another way is to scan receipts with an app into an expense counting service that automatically converts all information from paper to digital. Here are the benefits of Expense Management Software:

More convenient management of cash receipts. Employees scan receipts with their phones, and they don't waste time scanning them in the office or sending photos to an accountant.

Transparent financial report. The employee provides all expenses related to work, the accountant receives reports, so there are no "Black Holes" in finances.

Control over expenses. The organization understands what business trip money is spent on, where costs can be reduced, where a bigger amount of money can be invested to improve travel efficiency.

Who uses Expense Management Software

Employees. In most cases, Expense Management Software is used by employees who travel a lot. They record all expenses, scan receipts, and allow employers to get a report of every trip.

Managers. Let's say you are a VP of sales. There are many sellers in your subordination. All of them travel on business trips, communicate with leads. You need to understand the cost of the sale. This is not only the employee's salary but also the travel expenses. By analyzing such reports, you can manage the sales process more effectively.

Accountants. They bring all expenses into a single report. Thanks to the expense management, financiers and accountants can correctly calculate the company's expenses and income.

Contractors. Your organization may involve in the work outsource contractors. They can also have different kinds of expenses. They, like employees, enter all receipts and expenses into the app. This information goes to accountants, so they can make a general report of the company's expenses.

Types of the app for expenses

Organizations can use different types of expense tracking apps, and it's not uncommon to use several. The cost counting function can be part of the ERP system, as well as a separate app. ERP systems can be difficult and it's not easy for employees to enter data into ERP from a mobile phone. So they can use separate, more simple applications.

• Standalone

  This type of service is usually very simple, it has a few functions that are integrated with an ERP system and/or with a central expense accounting app.

• Part of the ERP system

  App for calculating expenses can be a part of the ERP system. Some functions are included in a separate app to simplify the work of employees.