Introduction
Businesses and organizations worldwide use expense tracking software to manage their complex reimbursement and reconciliation processes. The software tools provide modern expense report creation, submission, approval, reimbursement, and accounting facilities.
It replaces the manual paperwork process with an automated expense workflow to conveniently upload and submit expense receipts. Reimbursement receipts are easily accessible to the administrators through a streamlined process to approve the claims while checking for corporate policy violations.
In addition, the software tools also assist businesses in keeping track of their employee’s corporate and out-of-the-pocket expenses.
What are the Key Features of an Expense Tracking Software?
1. Intuitive Dashboard
Intuitive dashboards provide teams leads and managers with centralized expense tracking data and present it in an easy-to-read format. With an intuitive dashboard in place, the management and floor teams can save themselves the trouble of dealing with a huge stack of receipts and expense reports.
Quick reference & verification, real-time insights, and custom reporting benefit from an intuitive dashboard design in an expense tracking software.
2. Mobile Applications
Mobile applications is one of the most crucial features of an expense tracking software. There are so many corporate expenses that are incurred by employees on the field that can be forgotten while submitting reimbursement receipts.
With a mobile application, the employees can easily scan the receipts from their mobile phones and submit it for approval. It also allows managers to get real-time updates of the employee activity on the field.
3. Integrations with Bank Accounts and Credit Cards
The automated expense tracking software allows businesses to integrate their bank accounts, credit cards, and other banking details, with the expense tracking application. By doing so, the financial team can effortlessly identify any bottlenecks and instances of fraud and misuse.
Automated bank reconciliations can be cross-checked with the expense reports, which can help businesses in maintaining of accounts.
4. Multi-Currency Facility
Automated expense tracking software can seamlessly process different currencies from international business trips to paying salaries to global employees and billing foreign clients.
The value of the foreign currency is automatically converted into the value of the local currency. This is a crucial feature of the Expense tracking software to consider while reimbursing employees and maintaining accounts.
5. Insights and Reporting Functionality
As per multiple reports stated by several agencies, the majority of corporate losses are incurred due to human error or fraud. With integrated cross-checks and controls, expense tracking automation can keep a check on human errors and frauds.
Employees often delay reporting expenses because of the fact that maintaining expense receipts and filling expense forms takes time and effort. But reporting expenses on an online, centralized expense reporting software is speedy and straightforward.
Top Four Expense Tracking Software Solutions
Talygen
Talygen is one of the most effective, speedy, and powerful expense tracking platform. It allows businesses to get a detailed view of the expense reports. Rather than sending expenses one-by-one, employees can submit expense receipts in bulk in a few clicks with Talygen. The management can set a limit on the monthly, weekly, or yearly expense limit, which keeps a check on business impulsive spending. Talygen also supports a modular, centralized mobile application, allowing employees to submit expense reports remotely.
Expensify
Expensify expense tracking tools can be the ideal expense tracking tools for small to medium businesses. The tools allow businesses to scan receipts in a single click, which can be sent to the concerned authorities for expense approval. Users can sync their accounting, travel, and HR accounting systems with Expensify, which saves a lot of time, money, and efforts. It helps corporate houses to get ready for the tax season, as it allows them to make audits, prepare account statements, and more.
Digits
The Digits expense tracking dashboard helps business owners track how their company is spending money by showing spending by category, identifying vendors and recurring expenses, and offering real-time alerts, among other features. It is a wholesome platform that allows managers and financial teams to analyze how much are they spending on different projects, which expenses can be prevented, and so much more. It is a free of cost application with a lot of unique features.
QuickBooks Online
Needless to say, QuickBooks Online is one of the most famous and reliable expense tracking platforms available out there. Its fame is justified because of the rich features it offers. The expense tracker allows business managers to get real-time updates of the cash flow, connect the software with bank accounts, review transactions, see profits, minimize preventable expenses, and so much more. It has a huge customer base that is spread across the globe. It also offers a free 30-day trial to get a gist of its premium features.
Bottom Line
Expense tracking software refers to a set of tools that help businesses and individuals automate their expense tracking processes, enabling businesses to minimize unwanted expenses, enhancing employee reimbursement process, and so much more. One of the most important benefit of using powerful expense tracking software is that it provides insightful reports and analytics to the business. The business can evaluate these reports, and accordingly make informed decisions.
SmartBuyorNot lists features, advantages, disadvantages, and customer reviews of top ten expense tracking software solutions. Compare and analyze top expense tracking software before investing in the most suitable expense tracking platform for your firm.
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