What Are the Main Differences When Comparing Expense Reporting Software?

Expense reports can feel like something of a necessary evil for most businesses. In the past, expense reports were often pushed to the back of the to-do list, resulting in misconfigured financial records for a company. Employees just did not want to deal with the hassle of submitting an expense report and manually tracking expenses, which often led to inconsistent data and long turnaround times.

Luckily, expense report management software has revolutionized the expense report game and can significantly boost employee morale while also saving businesses time and money. A vast majority of businesses now implement expense report management software to centralize most of their financial data. In fact, a growing number of software companies are working hard to develop expense reporting software that boasts time-saving features at competitive prices.

With so many options to choose from, it can be difficult to determine which expense report management software is right for you. Here are some factors to consider when looking at an expense reporting software comparison

How does your company spend its money?

Before you can decide on an expense reporting software, you need to consider not only what your company spends money on but how it spends that money. For instance, if most employees are given a company credit card, then it is important to seek out a software with strong credit capability. 

If the company is more centralized around wire transfers, then consider investing in a software which is able to track account numbers and specialize in sorting money between different banks. 

What are the mobile features?

As an increasing number of companies transition into remote business, it is important to minimize the number of devices an employee needs to effectively do their job, regardless of their location. Many expense report software are incredibly mobile-friendly and even offer receipt scanning (an important feature for saving time). Some software even comes with a mobile app that takes advantage of cloud sharing. That way, employees can track expenses on the go and have easy access to past reports as well. 

Will this save my company time?

Process automation is a feature included in many expense report management software. The software will automatically collect and organize expense tracking data to get information where it needs to go in record time. This eliminates the need for employees to pore over spreadsheets and forms to determine what money needs to go where. For smaller businesses, automated process features are essential. 

What are long-term benefits?

Expense report management software is a must for maintaining a company’s financial health. A software’s report and analytics features may include capabilities for organizing data and presenting it in such a way that a company can easily decide how to budget, create a financial plan and allocate limited resources.

Finding an expense report management software which suits a company’s needs can prevent financial fraud and promote efficiency, focus and overall company spending.

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