Any company with traveling employees needs to be sure that it does all it can to properly manage and oversee those expenses. Failing to do so could lead to noncompliance, instances of fraud, and much more. To help with the process, most will turn to travel expense systems. Good software can make a tremendous difference in how you manage your employee expenses, and as a result it’s important to choose the best one.
There are plenty of options out there, and one thing that can help you find the right one for your needs is to take a closer look at the various features one might offer to you. While some features are fairly common and generally well-known, others are often overlooked. These frequently overlooked features could separate great programs from good ones, however. If you’re looking into investing in travel expense systems, remember these important features that aren’t often considered initially.
- Currency Conversion – If your company does business in other countries, you’ll need this feature. It does just what it says and automatically converts currency amounts for you, removing the hassle and the likelihood of major mistakes. It can also handle most foreign tax related conversions as well.
- Receipt Imaging – This is a feature that is quickly becoming more important, and more well-known. Essentially, it allows users to photograph a receipt with their mobile device and upload it into the system. This replaces the need to keep track of dozens of paper receipts, increasing accuracy while reducing hassle.
- Credit Card Integration – While most travel expense systems will automate the majority of your expense processes, credit card accounts that aren’t synced to the system are often the exception. This feature lets you link your credit card account to the system so that when employees use the company card you don’t have to deal with the process of managing two separate accounts.
- Data Reporting – This is a feature that is included in virtually any of the good travel expense systems, but that is often overlooked or ignored. In reality, it’s vital for your company since it allows you to generate data reports that can help you identify what areas of your business are spending too much and where you have room for improvement.
These are just four of the key overlooked features you should look for in a good expense management program. Be sure you find a system that uses them, and you’ll be on your way to easier, more efficient expense management.