Important Features You Need in an Expense Tracking Software
Expense tracking software can help organizations make accurate estimates, gain control over their finances, automate their business spending and reduce costs. Without this tool, the finance department of a company may struggle to adhere to the strict timelines. This software features important tools that are required to run a business smoothly. Any expense report requires receipts, billing, and invoice generation. With an expense tracking software, you can record your numbers in real-time to get clear insights and skip the tedious and time-consuming process of going through the files. Although expense tracking software are made to suit almost every business out there, but you should look out for a these must-have features before choosing one.
• Regular Audits
• Advanced Analytics
• Claim Checks
• Smooth Integration
• Legal Compliance
Regular Audits
A periodically occurring event is auditing. Businesses hire specialists to get keep every detail intact. An expense tracking software can make this process relatively easy. This tool has all your documents and transaction history stored in its database. So, it becomes easy to keep track of the data. This way, you can always be ready for an audit. An expense tracking software can do this by auditing proactively. As soon as an employee uploads an expense report, your expense tracker can automatically perform an audit. It verifies the documents uploaded, cross checks information to ensure that you are on track with each and every receipt. The best expense tracking software should aim at keeping you on top of your audits with a complete audit trail.
Also Read: Business Expense Management Software for Transparent Expense Tracking
Advanced Analytics
Businesses tend to ignore so many recurring expenses that are bleeding them dry. Maybe it is just a newsletter subscription or an over-prized coffee. Every business needs to take a long and hard look at what they are spending their money on. This is what you should expect a business expense tracker to do. An expense tracking software can provide daily reportage and accurate analytics with interactive mediums like graphics and pie charts. This is simply to bring to your notice where your numbers are soaring and where are they dwindling. This way, you can get a grip on your funds, and use your budgets carefully.
Claim Checks
Many organizations send their employees outdoors on a work-related trip. When they come back, they claim the business expenses. This process is generally considered cumbersome and lengthy. Some of them tend to submit bills for their personal expenses while some end up paying for the travel from their pockets. Clearly, both these approaches are wrong. What you need is a simpler way to file claims and expenses. With a cloud-based expense tracking software, employees can file their expenses in real-time, and receive automated approvals.
Smooth Integration
As a business owner, you use a lot of software to run things properly. Especially in the financial field, the amount of work that is done in terms of manual labor is quite a lot. An expense tracking software allows businesses to navigate their finances at every step. To achieve this, they allow integrations with all kinds of business tools and software. You can link your invoicing software directly with your expense tracking software for timely billing. You can even link your communication systems to your expense tracker to manage tasks efficiently.
Also Read: 6 Reasons Expense Tracking Software is Important – Link
Legal Compliance
Another important aspect related to any kind of capital is the policies that go along with them. Every industry has its own laws and policies for money management and exchange of funds. This is of paramount important during the tax season. You may receive some claims that are irregular and in violation of the current policies. An expense tracking software keeps you updated with the legalities and nuances of your finances. This way, any violation of policies gets flagged and subsequently corrected.
