Top 7 Features of Expense Management Software You Need

 

Be it expanding businesses or companies employing field employees handling employee expenses can become

burdensome, overwhelming and time consuming. What organisations seek is a way to automate managing

expenses smartly. The perfect solution to this problem is expense management softwarewhich helps to scale businesses. 

Expense management solution automates handling expenses. But choosing the best expense management software is vital because then only you can enjoy the advantages the features have to offer. But selecting the best software is not so easy. To help you, we have listed the top 7 features the system must have. 

What is Expense management Automation?

 The software is a digital solution that automates and simplifies multiple aspects of tracking, reporting, analysing and managing employee expenses. This system enables organisations to eliminate manual procedures like data entry, sorting through multiple receipts and going through lengthy approval chains. This technology instead replaces them with efficient workflow fueled by innovative technology.

Whether travel reimbursement of field employees or monitoring operating costs, expense management solution is the way to organise financial records and data-informed decision-making better. 

Top 7 Features of the Best Expense Management Software

When looking for an expense management automation tool, it is essential to look for features that meet the requirements of the company. In this section, we will discuss the key features that one should always look for when choosing between various expense management systems in the market.

Bottom to Top Claim Approval

The software should allow for customising the organisation’s approval hierarchy. It comes with an option to set a single-level or multi-level approval hierarchy. The immediate manager is notified when the field employee or any other employee submits the claim request. They have the option to accept or reject requests remotely as well. 

Attach Expense Proof

Employees attach expense evidence with the reimbursement request. The software allows uploading proof in jpeg, png and pdf format. Managers can easily cross-check check claimed amount with the evidence submitted. It depends on the organisation’s policies whether to accept bank sms and app notification as proof. 

Real-time Claim Status

Be it field employees or in-office employees, the real-time status of their reimbursement requests can be viewed. Every edit the manager makes on the request application is visible throughout the approval trail. Every manager can review the original content of the request. 

Cap in Expenses

The business has a reimbursement policy, so executives can't overspend on their costs. The fact that employees are not aware of spending restrictions prevents them from abusing the allowance. Spending caps can be set using expense management software to rein in employee spending. Our employee management system allows for spending restriction by category, team, or classification. Due to the fact that every organisation has a unique process, TrackoField maintains customisable boundaries.

Categorise the Expenses

For most businesses, travel is the second-largest General and Administrative expense. A large corporation may spend 10–30% more on travel if not properly managed. This might reduce EBITDA by 1%, which would be a substantial amount on a larger scale. As a result, our spending monitoring system features a special format for a category specifically for travel. Additional categories may be added, including those for food, stationery, and other items. Managers can make their own custom fields.

Mobile App

A mobile application is particularly essential because it enables employees to control their spending while on the go. A good mobile app can automate approval processes, gather receipts, chase down lost receipts, and immediately send reimbursements. Employees may use the app to manage their cards and request more money as needed.

Compatible with any Accounting Software

Ensure the selected cost management programme can easily interact with your current accounting software. Seamlessly transferring data from one platform to another streamlines operations and minimises manual data entering. You may establish a seamless data flow between our spend management system and your selected ERP or accounting software and streamline your reconciliation process with TrackoField.

Manage Expenses Effortlessly with TrackoField

Managing employee expenses has never been this easy with the best expense management software. Choosing the correct software can reduce all the extra effort and time you and your employees had to put in earlier, as it automates managing operational or reimbursement expenses. The features mentioned earlier are vital as they aid not only the company but also the employees.

TrackoField can be what you are looking for in expense automation software, as it has all the features that the best should have. It is white label software and can be customised without burning a hole in your pocket.

Read Also:- What is Expense Management in Field Employee Monitoring Software?