When you are choosing an expense management solution for your business, there are many factors to consider. Each company has different needs and wants in its software. The number of employees, the type of industry, and the size of the budget can all make a big difference in what system is best for your organization.
In this blog post, we will outline the key factors that should be considered when deciding which cloud-based spend management solution to choose for your business.
Let’s get started.
The price of the software should always be taken into account when you are looking for a spend management system. Of course, there is no use spending lots of money on something that does not provide value to your company, so it is important to choose an expense management solution based on what will benefit the business without breaking the bank.
For instance, Penny Inc is a completely free platform with no hidden charges or fees. You can sign up to assign virtual business expense cards to your employees, minimize fraud within your company, and take control over your spending.
Your company needs to choose an expense management solution that can grow with your business. You will want a system that offers you the ability to add or remove new employees, upgrade features as needed, and integrate into other software easily.
If you are just starting out with one employee then it might not be wise to buy enterprise-level software because of how much it will cost each month.
However, if you have multiple employees, need integration capabilities, manage expenses beyond travel costs, etc., then this type of plan could work better for your organization instead.
Most business owners don't have a ton of time to spend dealing with complicated software programs. It is important for your company to choose an expense management solution that provides you with easy-to-use features and doesn't require too much training from employees before using it.
When choosing which expense management system is best suited for your business needs there are many different factors at play including what kind of reporting the program provides along the way.
Depending on the size of your business, it might be important for employees to work remotely and access their expense reports online.
There are many ways in which an employer can track expenses through a program including entry by hand, scanning receipts with mobile apps, using credit cards directly linked to the account, etc.
A good expense management solution will have all these features included so you don't have extra costs trying to get employees to get their way around expenses each month.
Having great customer service is always essential when choosing any kind of business software because there are updates being released constantly along with new versions coming out every once in a while, depending on the software.
It is important to choose a company that will offer you the help when needed and be responsive in helping your business grow through their program.
One of the most common features amongst different expense management systems are integrations with other platforms like Accounting or Project Management ones.
These programs allow for automation of many tasks which can save time on reporting each month, making it easier to stay organized throughout the process, no matter how large your budget might be.
If you want to monitor your team’s spending patterns in real-time, then look for an expense management solution that provides this feature. It is important to gain access to the latest data as soon as possible so that managers can make informed decisions quickly.
Expense management solutions have been evolving to become a part of people's everyday lives. With an increasing number of employees working remotely and on the go, companies are mobile expense trackers that allow them to track expenses from anywhere – be it their home office or out in the field.
The ability for managers and accountants to access reports at any time makes expense reporting even more efficient as they can make better business decisions with real-time data.
One of the best benefits of expense management software is the ability to eliminate paper receipts and free yourself from hours spent filing them away.
With an electronic system in place, all your expenses are scanned into a single digital receipt repository where they can be easily managed. It's simply one less thing for you or your employees to worry about at tax time!
You can also send your employees a quick email reminder to upload their receipts as soon as they return from the field. This is an easy way for them to manage and submit receipts without having to mail or fax anything in by hand.
One factor you shouldn’t skimp on in your search for spend management software is security. The last thing you want is for your crucial company financial details to get in the wrong hands.
Be thorough about the security that a platform offers. Before making your decision, you can get in touch with a company’s customer service to ask how your company information is protected. If you have any doubts, then it’s better to look for another option to avoid future regrets.
It's important to find an expense management solution that fits your organization.
We recommend you consider these 10 factors when deciding which software is the best for your company; it may take some time, but if you want a system that will work well for both employees and managers, this list should help.
