Expense Management: Expense Reporting Software

Expense Report file, calculator and spectacle on the table
Source: Haya Solutions

Whether expense reporting is handled by an outside company or through human resources, it is important that the process be as uncomplicated as possible. In the chain of command of most companies, all expense reports have to be approved by management before they can go through the process of being reimbursed. Management usually has a fairly full plate, so keeping the expense report approval process as hassle-free as possible can result in a large time savings. Automated expense reporting software is an excellent way to achieve this end. What reporting software is best for your company?

Since the Internet is the framework of many of the business processes that go on today, it makes sense to have an online expense reporting system. Online expense reporting systems offer a great deal of flexibility by allowing employees to enter their expenses at any time and from any location. These systems allow for expense reports to be sorted and categorized by any number of properties, and make it very easy to pull up a particular expense report at the touch of a button through artificial inbuilt spend management strategy.

Easy to understand user interfaces mean that an automated expense reporting system can be implemented with a minimum amount of training, with employees even being able to teach themselves the system. One of the keys to successfully implementing a new expense reporting system is that it be easy for all employees to use. Letting employees know in advance before rolling out the transition can help to make it as smooth as possible. Keeping track of receipts can sometimes be the most difficult part of managing any expense reporting system. The ability to upload receipts from a variety of sources can take a lot of the hassle out of the receipt handling process. Sometimes employees will want to have a copy of an expense report on hand for their own records and an automated system can make it very easy to simply pull up a report and go.

Since travel expenses usually make up the majority of the expenses that are reported, it is important that the different categories of business expenses be clear and easy to identify. If there is a lot of international business travel within your organization, you will likely find automated currency conversion to be a much appreciated and indispensable feature. You will also be able to integrate the particulars of your companies travel policies into the system and set certain checks and balances within the system to prevent any unusual travel spending.

Expense reporting software can take much of the hassle out of reporting travel expenses and other business-related expenses that may be incurred. Easy to use interfaces and the ability to track the flow of money make these systems that can be appreciated by both employees and management alike, not to mention the time and money savings due to reduced error, not needing to handle calculations manually, and the fact that these systems are usually less expensive then traditional expense reporting methods. Look into it and you may find that an expense reporting software may be just the thing for your company.