3 Best Expense Report Software & Buyers Guide
Cloud based accounting Designed exclusively for self employed Spend less time on paperwork & more time in business work, Tax time information without complexity
Spend management solutions grow with business tomorrow & beyond, Takes beyond automation to a completely connected spend management solution, Grows with needs
Leading Cloud-based solution Helps large & SMBs Automate Spend management system Customisable requirements & seamlessly integrate infrastructure of organisation
Expense Report Software
Expense Report Software is a tool that helps in automating, recording and reviewing expenses, and reimbursements to employees. It offers the employees to create expense reports by uploading snapshots of receipts. It can route the generated reports to the concerned supervisor defined in the workflow. If the stories get the required approval, the tool reimburses the expenses mentioned in the report. If they get rejected, the device can send them back to the employees for modification and even can discard them.
Benefits of Expense Report Software
Decrease turnaround time: The tool removes the time consumed in printing, scanning, and physically sharing expense reports for approval. It can even automate the approval workflow and helps in simplifying of uploading expense receipts, that also speeds up the process.
Manage finances more efficiently: Businesses can analyze expense reports, helps in identifying the most significant expenses and the essential details. They can utilize the data to negotiate volume-based discounts with service providers.
Enforce expense policy: An organization can have a different expense policy for every business team, hierarchy level, project, etc. An expense report software helps in automating all these policies and help avoid compliance issues by highlighting any digressions.
Features of Expense Report Software
Approval process control: Offering managers to develop the approval process based on the type of expense and other factors.
Receipt management: Allowing employees to add cash expenses to expense reports by uploading screenshots of the receipts.
Corporate card management: Fetching data from corporate credit cards and matching them with the receipts submitted and generating accurate expense reports.
Reimbursement management: After approval of expenses, reimbursing the approved amount into the employee’s bank account.
Cost of Expense Report Software
Most products available in the market are priced on a per-user, per-month basis and can be divided into three pricing tiers based on their starting price. A premium product is priced higher and has unique features like multi-currency support and global tax law compliance.
Points to Consider while buying Expense Report Software
Checking currency and compliance support: If the business has a global presence, verify that the seller supports multiple currencies and complies with comprehensive tax laws.
Checking for third-party integrations: Checking tool supports third-party integrations. Integrating the tool with accounting software can make it easier to input expense data and supporting documents into books of accounts. Similarly, integrating the tool with financial reporting software can help offer the necessary data to make financial reports.
Expense Report Software Trends
AI for faster expense entry and review: Artificial intelligence (AI) can offer enter expenses automatically. Employees can upload expense receipts, and AI can automatically get travel details from the booking websites, emails, or corporate cards. By checking for approvals and rejections, it can learn how to approve and reject expenses.
ICR for faster data extraction: Intelligent character recognition (ICR) helps extract data from the image of an expense receipt and automatically convert it into a line item. The technology was extracting information from handwritten receipts and learning what data to input into which category.