Running a company can take a lot of work. It requires that you spend time looking at numerous aspects of business operations, and that you continue to drive your bottom line upwards. This means a lot of things, but managing expenses is one of the most important. That goes for travel expenses logged by your employees just as much as it does anything else, and finding a good expense program is one of the secrets to getting the best results at this.
However, not all expense claims programs are created equally. You’ll need to consider a lot of different things in order to ensure that you find the right one for your business. While each business is different and its needs will vary, there are 5 key features that help an expense program stand out as being worth your time and money. Here’s a look at those five things.
- Online Connectivity – This is one of the most important things to look for. Online expense reporting software offers a huge assortment of benefits including the ability to monitor claims in real time, improved efficiency, and much more. Most programs are now in an online format, and it’s a good idea to go with one that is.
- Mobile Functionality – Just like online connectivity, the ability to manage your expense claims and to allow employees to manage their claims through mobile devices is important. The added convenience allows for a huge boost to productivity and efficiency and as such it’s well worth looking into.
- Receipt Imaging – Being able to use mobile devices to scan or photograph receipts and upload them into the expense program means that employees no longer have to carry around huge stacks of receipts while on the road. It adds convenience to their life and lets you get increased accuracy from expense claims throughout the year.
- Credit Card Integration – This is another major feature to look for. With credit card integration, you can link credit card accounts to the system and automate approval of charges made with the credit card on that account. This helps eliminate non-compliant expenses, reduces, fraud, and simplifies the entire process significantly.
- Analyzation Tools – Things like data reports, charts, and spreadsheets are a key part of a good expense program. The reason is simple – using the information allows you to review expenses and determine what areas of your business are spending too much. You can use the info to develop new strategies and policies to help take your business into the future.