Expense reporting is one of the most important things about operating a business, even though many employers don’t realise it. Problems with your expense reports can range from outright fraud to simple errors to expenses being claimed and approved that shouldn’t be. No matter the size of the business, these issues can add up quickly and lead to big issues for a business. That’s why it is so important to invest in good expense reports software for your company.
You’ll have plenty of choices available to you when you do so. There are numerous expense reports software options out there, and spending the time to find the right one for your needs is important. For most, it really comes down to a matter of looking at the different features offered by a program and finding the one that gives them what they need.
Some of the benefits you’ll look at will be fairly obvious. Things like online functionality, instant automation, and the ability to review data and graphs to get a clear picture of expense spending are all common features people appreciate. But there are some features that are often overlooked, but that shouldn’t be. If you pay attention to these overlooked features, you should be able to get the best possible results from your expense reports software.
With that in mind, here are three of the most commonly overlooked – but incredibly important – features to look for.
- Credit Card Integration – By allowing you to sync up your credit card accounts with your expense software, you can automate a large part of the process and help avoid claims that aren’t applicable to your policy, speed up the process, and increase efficiency. It eliminates a middle step in the process, making things much easier for you and your staff.
- Receipts Imaging – This is a major feature to look for, and one you can’t ignore. Receipt imaging lets your employees use their smart phone or tablet to scan or photograph receipts and file them into the system while they’re on the road. This eliminates the need to keep up with large amounts of receipts, lets you approve or deny claims while they’re on the road, and offers other benefits as well.
- Currency Conversion – If your team crosses borders to work for you, their expenses may need to be converted to or from foreign currency. There may also be tax issues to deal with. Good expense reports software will actually handle most of these conversions for you automatically, eliminating the risk of errors and noncompliance will increasing overall productivity in a significant way.
If you review what these three overlooked features can do for your business, it becomes clear that they should be given the same kind of attention as any other major feature of an expense reports software program. Think about what you need from a program and compare the different features offered by an option. In doing so, you’ll find the solution that works best for you.