Top 5 Reasons You Need Expense Management Software
Are you tired of dealing with expense reports? If not, you probably don’t have to deal with them at all. They’re cumbersome, inconvenient, time consuming and difficult to accurately enter into accounting systems. Thanks to software that automates the process, you never have to see another one. If you need to convince management to make the capital expenditure, here are the top five reasons your company needs expense management software:
- It makes controlling expenditures easier while traveling. Expense management software can integrate with your corporate travel provider and only book trips that fall within corporate travel policies. It also uses automatic workflow to escalate management approval and even puts travel dates on employees’ Outlook calendars.
- It interfaces with your corporate P-Card provider. The software can connect with your company’s credit card provider to download expense information. This can help mitigate problems such as keying errors or employees losing receipts.
- It prepares reports for you. Thanks to its ability to integrate travel and credit card data, the software can complete an expense report with essentially no human intervention. All data is available on demand, which means information is real-time accurate as opposed to slow, out-of-date information associated with manual processes.
- It makes auditing easy. Having all of your expense data in a single application makes it easy to review and audit what your employees are spending. Some software even integrates mapping data so that you can see at a glance not only what your team is spending, but where they are spending it.
- It’s less expensive than you think. SaaS (Software-as-a-Service) solutions are available for expense management automation. SaaS allows for a leaner IT staff and fewer hardware purchases; those expenses are incurred by the SaaS provider. All you have to do is pay a nominal recurring fee for the right to use it.
If these five reasons are not enough, consider two more: expense management software will make your job much easier and your company’s data more complete and accurate. If you have not already looked into acquiring software to automate your expenses, now is the time!