Employee expense management software is an advanced tool that automates expense reporting. It makes it easier for companies to track employee expenses, claims, and payments. Wondering how? Read this blog to find out!
Whether in our personal or professional lives, we are very particular when it comes to tracking expenses. Isn’t it? Despite our best efforts, there are errors in manual operations when tracking expenses, especially in mid and large-size companies. Here’s when employee expense management software becomes your seamless operations buddy. It automates the entire expense reimbursement process to ensure quick and transparent claims. Let’s dive into the meaning, benefits, and workings of the expense management system in detail!
What is Employee Expense Management Software?
An expense management system is a software that automates and streamlines the employee expense claim and reimbursement process. It not only monitors the spending of employees but also automates the recording, approval, and payment of reimbursable costs incurred by employees.
Businesses must integrate expense management solutions as they reduce manual operations, minimise errors, and streamline the entire workforce management process. Furthermore, companies can prevent themselves from going over budget by monitoring authorised or unauthorised expenses.
The analytical tools offered by the software help improve future spending decisions and inform any necessary policy changes. Lastly, employee expense management software helps organisations uphold accountability and compliance by providing precise reporting on all costs.
Benefits of Employee Expense Management Software
Expense management systems are a technological advancement that is reducing workloads and streamlining financial systems. It fosters great accountability, expedites employee reimbursements, and offers real-time data analytics to evaluate financial data for a company. Looking for more benefits? Here are some of the additional reasons to implement expense management software:
-
Quick and Simple Process:
It reduces manual operations, time and the cost of processing expenses. Approvers receive automatically generated expense reports from the software, and authorised expenses are processed electronically.
-
Minimise Errors:
Manual data entry can lead to duplicate entries, resulting in overpayments to employees. However, employee expense management software flags duplicate entries and prevents overpayments. And with the software automating expense entry, the chances of errors are next to none.
-
Enhanced Productivity:
Employees do not have to visit in person to submit expense bills and vouchers. Simply put, they can scan the bills and submit expense reports using smartphones from anywhere.
-
Quick Employee Reimbursement:
With automated approval and pay expense software, employees can reimburse their out-of-pocket expenses quickly, resulting in enhanced employee satisfaction. Also, instant reimbursements will act as incentives for employees.
-
Simplified Reporting:
The reporting and analytics feature of the software ensures better field employee management as it offers real-time information on costs broken down by them based on project, employee, and category.
How Does Employee Expense Management Software Work?
The expense management system is dedicated to digitalising the process, starting from compliance to approvals. Each step that the accounting department had to manually complete is automated. Let’s find out how you can track employee expenses with employee expense management software.
The expense management procedure is as follows:
-
The employees submit all the bills and receipts to their reporting managers through the software.
-
The respective managers review and submit them to senior person in hierarchy.
-
Once the managers approve the reimbursement amount, it is sent to the accounts team.
-
The finance team will process the reimbursement, and employees are notified of the action.
-
The software will save all the expense bills, records and receipts for future external audits.
How to Choose the Best Employee Expense Management Software?
Once you decide to invest in expense management software for complete automation, choosing the right software becomes crucially important. But what factors should you consider to make the decision? Find out in the section below:
-
Know Your Expense Management Needs:
Determine what exactly your expense management needs are. If you own a mid-size or larger company, you will need to track the expenses of too many employees. Henceforth, you will require more extensive functionality in employee expense management software to streamline the reimbursement process for employees.
-
Assess Your Current Expense Management Process:
Whether you are using the traditional expense management process or any software, evaluate the challenges you face now. Figure out the features that you might want in your new expense automation system to simplify the processes.
-
Compare Expense Management Softwares:
The crucial step to follow when choosing an expense management solution is to compare different software based on your business needs. For instance, your company wants to put a cap on expenditure allowances according to teams and designations. Henceforth, compare different expense management systems to select the one that offers a cap on expenditure feature.
-
Select the Right Expense Management System:
Lastly, select the right employee expense management software that satisfies your company’s needs and provides the option to customise it according to your requirements.
Why Choose TrackoField Employee Expense Management Software?
TrackoField is an expense management solution that brings complete automation to a single platform. It is a field management software tool to monitor expenses, control them, assess proofs and process claims made by different employees at different levels. What more? Here are some additional features of TrackoField Expense Management Software:
-
Expenses Based on Categories:
With TrackoField Employee Expense Management Software, you can distribute expenses into numerous categories, such as travel, food, stationary, or others, as per your company’s requirements.
-
Hierarchy Approvals:
The software allows you to set a multi-level approval hierarchy to ensure transparent reimbursements. Managers at different levels check the bills, assess and approve the claim request manually.
-
Cap Expenditure:
With TrackoField’s expense management software, managers have the option to put a cap on the reimbursement amount. This cap is completely customisable on the basis of amount, category, team-wise and designation-wise.
-
Real time Status Check:
Employees can check the status of their claim on the executive app. Immediate managers involved in the process too can check the request status in real-time. In addition, the employees are notified every time the status of the claim changes.
-
Expense Evidence Upload:
Employees can upload bills and receipts either in jpeg, png or pdf format as evidence. The upload of proofs will not only support the claim but will also speed up the entire reimbursement process.
-
Real-Time Analytics:
Both employees and managers can check the claim requests and approvals in real-time on the TrackoField app. Furthermore, executives also get a notification on each status update.
Conclusion
Employee expense management software is an advanced technology for businesses that want to automate, streamline, and enhance the efficiency of their expense reimbursement process. The software offers a wide range of benefits, including quick processing, minimising errors, enhanced productivity, and much more. However, it is crucial to select the right software, such as TrackoField, for better financial management and employee satisfaction.
Schedule a demo now!
Read More:- 10 Best Expense Management Software for 2024 – Try Demo Of!
About The Author
