For many businesses, expense software is something that is absolutely vital to their success. Failure to improperly track expenses can lead to issues including lost profits, noncompliance fines, lower productivity, and more.
Today’s expense software is incredibly powerful, offering a tremendous range of different features that can help your business thrive and get the best possible results from managing expenses. However, beyond the flashy features that draw someone to a program are some overlooked features that can make a real difference as well. Here are a few examples.
- Credit Card Integration – Linking a credit card account to your expense software might not sound like a big deal, and many businesses ignore this feature. But you shouldn’t. It allows for greater accuracy, reduced fraud, better compliance, and a much more streamlined process.
- Variable User Access Controls – Being able to give each employee the kind of access they need and restrict who can control certain areas of the system is incredibly important. So much so that it’s often taken for granted. It’s one of the best features to have, for numerous reasons.
- Auto Currency Conversion – This is very important for businesses that operate in multiple countries. Being able to automatically account for sales tax or currency conversions in other countries means that you have a much easier time of managing expenses. The best expense software will do just that, and keep you compliant and accurate in your reports.
It’s easy to look at features like mobile access and data report generation to see what helps a good expense software solution stand out. But the features above are worth paying attention to as well, and they could provide some surprising results to your business when you start managing your expenses. Don’t assume that just because you haven’t used or heard much about a certain feature that it’s useless. Instead, take the time to utilize every aspect of your program. You’ll be glad that you did.