Expense Reporting Software for a Small Business Future
Small businesses have always formed an important part of the economy, and while major corporations certainly get a lot of attention it’s still important to understand that small and mid-sized businesses often face the same challenges – and can often rely on the same solutions.
A perfect example of this is expense reporting software for small businesses, and when it comes to managing employee expenses efficiently and effectively, the right program can have a tremendous impact. Here are some of the key features you get from good online expense report software and the way that they influence your small to mid-sized business’ future.
- Automation and Integration – By setting up automation protocols, you make it possible for a large percentage of travel expenses to be handled automatically. This helps streamline the entire process and makes things much simpler for your business team. For smaller to mid-sized companies, manpower is at a premium and making sure that your employees use their time effectively is a must. Automation can make that easier to do.
- Accuracy – Online expense report software and the various features it offers help to improve overall accuracy within reporting. Since things like honest errors and fraud can cost companies as much as 5% of their total revenue according to a recent study, cutting those profit losses is a must for smaller to mid-sized businesses.
- Information – Knowledge is power, and the data reports that modern online expense report software for small businesses can provide to you will have a direct impact on your ability to strategize your overall company’s future and to modify policies related to it. In short, those data reports can form the foundation of your company’s future.
- Controls – Different employees need different levels of controls and permissions within your system, and good software makes it possible for you to set up not just the way that an expense system operates but also who can approve or deny various claims and who can make modifications to policies. The more control, the better.
Your company deserves the best possible future, and that often means making sure that you have the right tools to guide it forwards. Good expense reporting software for small businesses can make a huge impact on small to mid-sized companies regardless of their field and can help them grow even larger.
4 Benefits of Expense Reporting Software for Small Businesses
- A Personalized Feel– Online expense reporting software has many unique features available to small business owners. Not every business is the same, and what works for some, may not work for you. Integrating credit cards, receipt imaging, and analyzing spending data are just a few of the features available to you. All of these tools can be helpful, but setting them up in a way that works best for your business, is of the utmost importance.
- There Is An App For That– Smartphones have become a necessity for businesses in today’s society. It is crucial for employees to be able to use technology, that they are comfortable with, to report expenses. Fewer mistakes will be made, due to employees being more comfortable, and your business will prosper because of less time being needed to analyze spending.
- Reduced Paperwork– Paper trials can be a good thing, but they can also cause massive destruction, when not properly filed. Receipts can easily be uploaded, via smartphone, computer, or scanner, and can be saved through the cloud, or on hard drives. This benefits your business because lost paperwork equals headaches. The accounting team must sort out the confusion, and your employee will be caught in the cross-hairs.
- Policy Enforcement– Policies can quickly, and easily be enforced. You can keep track of employee spending, which will reduce the chances of fraud, and your employees will be keener to the idea of following these policies. Without online expense reporting software, policy enforcement can take weeks, or maybe even months, depending on resources. However, using online software provides employers with a tool to enforce policies, with minimal effort.