Managing employee expenses isn’t easy, and the more you have on the road the harder it can be. That’s why using expense management software is so important – it can have a tremendous impact on your results.
But not all software options are created equally. In fact, it’s common for some to stand out above the rest. The way they do so really comes down to features. While nearly all of the good choices will be online, you need to go further than that. Here are 5 key features to look for when choosing your expense management software.
Keep them in mind to get the best results from your efforts.
- Mobile Access – This goes beyond just online connectivity. Expense management software that allows your team to access it through their mobile devices means that they’re better able to stay connected, adds extra features, and also makes it easier for your team to track expenses. It’s a must for any business.
- Receipt Imaging – This is the natural evolution of mobile access. It lets your employees photograph their receipts with their mobile device and then upload them right into the system. That means that there is far less of a hassle keeping track of receipts and paperwork while on the road.
- Data Reports – Used properly, data reports can give you some very clear insights into your company and how its employees are spending. This allows you to change strategies, adjust policies, and even identify fraud.
- Multiple Permissions – The more employees you have who need to upload expenses or oversee tracked expenses, the more apparent it becomes that you need expense management software that has multiple permission levels. Each employee will be able to access what they’re supposed to, and nothing more.
- Credit Card Integration – This one is often overlooked, but it’s important. Being able to integrate the company credit card or credit account right into the system means that the entire process is streamlined dramatically. It cuts down on potential errors and adds extra simplicity to your workload.
These are just 5 of the main features to look for. To be sure you get the best expense management software for your needs, take a close look at your goals and what you expect from a program. Then match up the features to your specific situation. The list above is worth remembering and should help you start the search more effectively.