BQE Core is a cloud-based business management solution providing integrated project management,
business accounting and billing and business intelligence to help businesses with better decision-makin.. Read more
Join thousands of other professionals and get personalized recommendations based on what businesses like you are using. There is no obligation to buy.
Hidden charges, implementation fees, long term costs? Get the complete picture from us to simplify your software selection.
There is no obligation to buy.
Jedox is a cloud-based business intelligence and performance management solution that helps sales,
human resources, accounting and other departments streamline and manage planning, budgeting,
analys.. Read more
Abacus is a modern cloud-based Travel & Expense reporting software for individuals and SME businesses
to track and manage their expenses, book travels and pay back employees. Abacus simplifies an.. Read more
Workday is a cloud-based SaaS (Software as a Service) solution designed to provide Enterprise Resource
Planning (ERP) tools to businesses of all sizes across various industry verticals. The software .. Read more
Odoo is an advanced fully integrated open-source business ERP management suite designed to serve
businesses of all sizes among all industry verticals encompassing an ever-growing list of applications.. Read more
DealerCenter is an all-in-one cloud-based dealer management software designed to help small to large
businesses streamline their accounting processes, customer relationship management, auction, digit.. Read more
Wave is a free web-based accounting platform geared towards small and growing businesses,
consultants, entrepreneurs, and freelancers. The solution offers a range of integrated applications that
com.. Read more
Xero is a web-based accounting solution offering robust and complex accounting tools to small and
medium-sized businesses in all industry verticals. Xero provides them with a direct gateway to connec.. Read more
Denali Business, a Cougar Mountain product, is an accounting software geared towards small to midsize
businesses. The solution has the ability to customize 10 integrated modules. The primary goal of .. Read more
Coupa Expenses is a cloud-based e-procurement and expense reporting and management solution that
helps businesses reduce spend leakage, enhance accuracy and transparency, and automate approvals to
m.. Read more
Clearview InFocus is a project-based ERP solution built for architects and engineering firms to manage
their project lifecycle from the opportunity to project completion with tools for real-time acco.. Read more
Zoho Expense is a cloud-based expense reporting solution designed for businesses for all sizes to help
them automate, approve and monitor expense reporting processes. It provides employees, managers,.. Read more
TimeSolv is a cloud-based time tracking and billing solution that caters to accountants, consultants,
architects, lawyers, and freelancers, helping them manage daily business operations. Users can ke.. Read more
Financial Edge NXT, a Blackbaud product, is a cloud-based accounting solution geared towards non-
profit and governmental organizations to help them effectively manage, automate and monitor several
.. Read more
Expensify is a cloud-based business accounting system designed to help users manage spends,
transactions and related financial matters using real-time data processing. The platform offers user-
frie.. Read more
Last updated: January 21, 2021
Accounting Software Reviews, Features, Pricing & Compare
Managing your cashflow is one of the most important aspects in your company. It can make or break you if you don’t monitor this asset. You don’t want to be forced to use your overdraft, right? So, get yourself dynamic software to manage the different variables.
Your expenses are huge role players and money spent by employees on business travel & expenses can quickly add up to large amounts. Having a streamlined system providing expense reports will make it easier to keep an eye on the details. After all, you can’t have just anyone spending your hard earned money.
It can also help you manage this aspect of your business effectively so reporting doesn’t rob you and your employees of too much time.
Getting expense report software is a justified expense to consider.
Now how do you make the best decision when planning this expense? Let’s guide you through it.
Understanding Expense Report Software
Technology is supposed to improve how you do business, not make it more complicated. Your expense report software should help automate and therefore simplify a process that usually requires many role players.
Usually, in handling of expense reports, four factors apply:
- Someone submits a claim: This can be for employees’ expenses and travel costs. The claim must be reviewed and approved by managers.
- Process the numbers: The details of the claim must be added to your accounting system such as QuickBooks.
- Payment of claim: When employees are reimbursed quickly it ensures they stay positive about the system you use.
- Analysis: You want to know where your money is being spent so getting feedback is essential if you want to help employees spend wiser. You’ll also get data to use to budget accurately for the future.
A high end expense report software package can automate many of these tasks and prevent human error from causing problems in your accounting system. Effective management can even help you prevent fraud in your company. That’s a good reason to invest in this, right?
What Will Your New Software Do?
So, how does software do what you’re battling to streamline each month? Most expense report software will have these features and it’s important that you invest in a package that provide you with as many tools as possible:
- Reporting made easy: Make it easy for employees to keep to your expense policies by giving them an easy way to submit receipts—taking photos of receipts and documents. For this it’s also important to have a mobile app so anyone can submit no matter where they are. Your software should allow you to categorize expenses and having an option for non-deductible expenses is handy. This can help you for easy allocation once tax season comes around.
- Integrated features: Your expense report software must make it easy to channel data between your accounting system and your new software. This means manual entry isn’t necessary.
- Compliance and approval features: Let your software look for discrepancies on your behalf. If someone didn’t attach the appropriate receipt your software can flag it and so make sure a claim aligns with your company policy before it gets reimbursed. It also makes it easy for managers to review a submitted claim and then approve when they deem it prudent to do so.
- Analysis: Get data about expense trends to help you budget effectively. Every business is different so make sure you can download a customized report containing the data you need.
- Deposit options: The easiest way to manage reimbursements is if your software allows you to connect with employees’ bank accounts and make direct deposits.
- Import options: For credit cards and other accounts, software can enable a user to pick which transactions to add to an expense account. Have it imported for quick processing instead of wasting time on manual tasks.
- Ensuring control: Your software should give you an overview of how your money is being spent. This leaves an owner or managers in control to prevent fraud or abuse of company funds.
Questions to Ask Before Buying Expense Report Software
As with most software, it’s not a one-size-fits-all purchase. If you ask the following questions you’ll narrow down which software vendors and products will best meet your needs.
How Big is Your Company?
Products are often designed with a certain niche in mind. A small business has different needs than a big corporation. For one thing a SMB has fewer employees’ accounts to manage. Make sure the software is scalable to your unique business and don’t spend money on features you’ll probably never use.
A small business requires simple features such as easy submissions. It’s still relatively easy for managers to stay in control of expenses, so you won’t need advanced features like spending limits. A corporation may have more software packages in use already, so integration is essential. You may need to ensure your expense report software also communicates with your ERP (enterprise resource planning software).
What Type Do You Need?
The market gives you options of cloud based systems which are handy. It makes information accessible wherever you are. You must also decide if you need both travel and expense management—not all packages empower you for travel management.
What Does Expense Report Software Cost?
The cost will always remain a major consideration. Luckily many expense report software packages can be tested out for free before you buy.
This is one expense you don’t have to doubt: it’s worth it. With the right software you can increase productivity since fewer manual hours are spent on reporting. This software can also help you stay compliant with tax laws and keep your books error free.
All of this means less effort and more time to focus on your business. Simply pick the right features so your money is well spent.
Have any tips for others? Please leave your thoughts below.