The Best Expense Tracking Software for Small Business

Gone are the days when traditional expense management could keep up in today’s dynamic business landscape. Many small and large enterprises are shifting to automated expense tracking solutions to bridge the gaps that often plague businesses. The pandemic has featured efficient expense management as remote work, and digital transactions become the norm. Traditional methods cannot provide the real-time insights, compliance, and seamless reimbursements that modern businesses demand. So, let’s explore the benefits of automated expense management and help you identify the best expense tracking software for small business in 2023.

Understanding Expense Management

Expense management includes several steps: tracking, reporting, submitting, approving, and reimbursing employee business expenses. These expenses range from travel-related costs to corporate card expenditures and office supply purchases.

Expense management involves many necessary steps for keeping an organization’s finances in good shape. Expense tracking software includes recording every financial transaction accurately. Creating detailed reports helps understand how money is spent, which helps make intelligent financial decisions. Submitting and approving expenses ensures that they follow company rules and are genuine, preventing misuse or fraud. However, giving back money to employees on time keeps them happy and ensures the company’s finances stay in good shape. Every expense affects the business’s financial health, whether travel costs or buying office supplies.

How Expense Management Works?

When employees incur expenses on behalf of their organization, they can seek reimbursement by submitting an expense report that compiles all business expenses and their corresponding receipts. Depending on the organization’s workflow, these expense reports must be validated, verified, and approved, often by the reporting manager, finance team, and sometimes both. Once approved, employees receive refunds for the expenses they incurred on behalf of the company. This process, from report submission to reimbursement, comprises expense management.

This meticulous process ensures that all expenses are accounted for and related to the organization’s policies. It also offers transparency and validation, preventing any unauthorized or fraudulent payments from being reimbursed. Organizations can maintain financial accuracy and safeguard against financial mismanagement by facilitating the entire expense cycle.

Why Your Business Needs Expense Management Software?

While traditional expense management may get the job done, it leaves your business financially at risk, with a high likelihood of errors and expense fraud. This is why successful companies are actively adopting business expense tracking software to combat the issues associated with traditional expense management.

Moreover, the potential for expense fraud exists when transactions are not closely monitored. Recognizing these challenges, forward-thinking businesses are switching to modern software to track expenses. This shift allows them to prevent the shortcomings of traditional methods and maintain financial accuracy and integrity.

Benefits of Using an Expense Management System

1. Control and Monitoring

: An expense management software is crucial for businesses as it controls and monitors employee spending while optimizing overall expenditure from a centralized dashboard.

2. Automation

These time and expense tracking software solutions automate time-consuming and error-prone tasks, ensuring no data entry errors, duplicate submissions, or fraudulent expenses go unnoticed.

3. Transparency

These software solutions facilitate transparency by sending real-time notifications of policy violations to stakeholders, ensuring everyone is aware of company expense policies. Employees can also track their reimbursement status in real time.

4. Compliance

Expense tracking software efficiently enforces compliance by automating pre-submission checks, saving time for finance teams who no longer need to manually verify each submitted report against company expense policies. This also helps in curbing expense fraud.

Key Features of Expense Management Software

With numerous options available in the expense management industry, selecting the best expense tracking software for small business can be challenging. Here are six essential features your software should have:

1. Expense Tracking and Reporting

A capable expense tracking software should offer multiple ways for employees to track and report paper and e-receipts, consolidating all receipts and expense reports in one place for finance teams.

2. Expense Categories

Customizable expense categories help organizations understand business expenses, differentiating between various types, such as transportation, meals, accommodation, etc. This also enables differentiation between taxable and non-taxable costs.

3. Approval Workflows

The time and expense tracking software should support complex approval workflows, allowing for standard and custom approval processes for different expenses increases if amounts exceed specified limits, delegation of approval authority, and more.

4. Accounting Integrations

Ensure the software seamlessly syncs with your accounting software, automating data transfer to and from these systems.

5. Credit Card Reconciliation

Look for solutions that allow real-time reconciliation of credit card expenses for businesses.

6. Other Features

Additional features like analytics, automated reminders, robust security measures, budget management, reimbursement methods, compliance, mileage tracking, and integration with productivity software are also beneficial.

Talygen: The Best Business Expense Tracking Software

Talygen is the best business expense tracking software. It offers comprehensive features, including expense tracking and reporting, customizable expense categories, robust approval workflows, seamless accounting integrations, real-time credit card reconciliation, and more. It helps manage expenses and includes a mobile app for on-the-go expense management. Integrating the software with significant accounting platforms and popular applications enhances its versatility. Talygen provides cost-effective pricing plans that cater to small businesses’ needs. Moreover, Talygen boasts responsive customer support, ensuring quick issue resolution for users.

Don’t just take our word for it! Hear from the manufacturing rockstars who have embraced Tecnomatix and witnessed its transformative power.