#WHAT IS BEST EXPENSE TRACKING SOFTWARE SOFTWARE#

#WHAT IS BEST EXPENSE TRACKING SOFTWARE SOFTWARE#

Increased productivity: Expense tracking software saves tons of time by automating time-consuming tasks, allowing you to spend more time on profit-generating endeavors like sales and marketing. You can set dollar amount limits on travel expenses like hotels and food, or flag items that shouldn’t be charged to the company.Ĭurrency conversion for international expenses: If you or your employees need to travel for work, expense tracking software can automatically convert currency for internationally-incurred business expenses. Information about the request is available to management immediately to be approved, questioned, or denied.įlag or deny invalid business expenses: Expense tracking software protects your business from employee fraud by flagging or denying invalid business expenses. Streamline reimbursement approval process: Employees can submit a reimbursement request from anywhere with expense tracking software. The Most Important Benefits of Expense Management Software The software will alert management of suspicious activity and automatically approve recurring expenses that have been authorized previously. When an expense report is submitted, the software checks the report against your company’s policies like pre-approved expenditures and spending caps.Ĭompany credit cards can be linked with expense management software to automate monitoring of these accounts. Allow employees to submit expenses themselves for reimbursement.Įxpense tracking software automates the reimbursement process. Scanned images of receipts are uploaded and stored into the expense tracking software for better organization and easy access. You’ll also be able to see real-time reports that give you visibility into how money is being spent and expense trends. The software will process the report and automates the approval process.

Track individual employee or department-wide expenses.Įmployees can submit expenses and create entries for the report. Input and save important information about the expense like amount, date/time of purchase, and a description of what the expense is for. Key Functionalities of Expense Management Functionality Additionally, this accounting software streamlines the reimbursement process so employees aren’t frustrated by a long wait time to get their money back.Įxpense management software helps companies manage costs related to:Įxpanse management solutions are best suited towards administrators and accounting specialists who review, approve, and report on employees’ expenses. With an easier expense reporting system, you can better analyze your current spending habits to shape your future expense policies. Expense management software gives you visibility into the costs associated with each service or project by keeping records of when and how expenses were incurred.

What is best expense tracking software