There are several variables to consider while choosing new expense tracking software. It’s not simply about the features that the providers have to offer.
It’s critical to consider what the company itself requires. Is the software affordable? What are the alternatives for deployment? Is it flexible enough to adjust with the business?
Larger businesses are in a bind. Their demands for a better Expense tracking software are genuine. However, the organization’s size and scope may cause uncertainty and ambiguity as to what exactly the organization’s needs are. To assist you with this procedure, we’ve produced a simple checklist that breaks it down into the nitty-gritty details.
Recognize Your Company’s Requirements
Let’s figure out what difficulties you are seeking to solve first before choosing a new Expense Tracking Software. Let’s take a look at some of the most typical problems that businesses face:
- Overspending Due to Fraudulent Expenses
- Employees, accountants, and approvers are under a lot of pressure.
- Processing accounting reports is difficult.
- Expense reports and claims that aren’t accurate
- Filling paper/excel forms by hand is an out-of-date technique.
We will go into how you might examine your present expense management approach once the specific issues have been identified. Decide what features you require and what you should expect from a new Expense Tracking Software after that.
Examine Your Present Expense Management System
Determine how and what needs to be changed by identifying all procedures connected with spending management and expense tracking. To present an accurate picture of your processes, include all essential team members and pinpoint the most important facts. This can help you narrow down your Expense Tracking Software options.
The following are some questions to pose to the various stakeholders:
- How do you presently keep track of your receipts?
- Is it taking a long time for staff to submit their expenses?
- Is there a process for reimbursing expenses, and do you need approvals?
- How many errors are there right now?
- What are the results of your expense policies?
- Do you have real-time spending visibility?
- Which aspects of your present procedure need to be tweaked or improved?
Define Your Expectations from The New Expense Tracking Software
There are various challenges that an Expense Tracking Software can help alleviate. Some of them are:
Streamlining expense reporting
Traditional expense reporting usually involves employees reporting via excel sheets. Digitally publishing this process via an Expense Tracking Software eliminates the risk of errors and also improves the speed and efficiency drastically.
Seamless expense report approvals
An Expense Tracking Software automates control on expenses, reduces errors, and checks expense fraud. It not only helps save time and effort but also improves employee morale and productivity.
No hidden costs with better efficiency
A recent Hubspot study had some interesting findings:
“On average, 49% of businesses were affected by employees losing paper receipts and 55% of enterprise companies achieved a return on investment through improved efficiency using Expense Management Software.”
These figures demonstrate that automated software can improve and streamline procedures without draining your bank account.
Conclusion
Expense tracking software makes it easier for employers and employees to keep track of, attribute, and refund employee expenses. It helps managers and accountants save time by centralizing the management process and automating regular manual processes. So, pick the one that best fits your company’s needs.
Choose Talygen
Whether it is an expense reporting, approval workflows, real-time policy checks, or comprehensive analytics, Talygen makes expense tracking simple. We are also changing the game when it comes to corporate card expense management! You can bring your existing/preferred corporate card providers to Talygen, and we will set up direct feeds to your dashboard.
Request a demo to learn more about the best solution for your expense tracking software needs!
