The Best Way to Choose the Right Expense Management Solution for your Business!

An expense management solution can help companies in a myriad of ways. For starters, they reduce billable hours for your finance team by automating the entire process of submitting and approving expense claims. Most business expense management solutions also help you avoid expense fraud (whether intentional or not) as they come equipped with features that minimize human error and maximize accuracy. Additionally, by automating your expense tracking process, you can significantly cut down your operational costs, which can ultimately help you grow your business and profits. Finally, an effective management solution can also help you gain business insights and great reports that help you understand how you can improve your business policies, budgets and even performance incentives.

Thus, it’s not surprising that many companies want an expense management solution that helps their businesses expand. As there are so many different types of expense trackers and solutions available in the market, it can be quite challenging to get the right one for your needs. Here are some factors that you should keep in mind while choosing the best expense management solution for your business:

Does the app offer expense tracking solutions?

Expense tracking is one of the most important jobs for a company in order to minimize losses and unnecessary expenses. So, it makes sense to evaluate whether the platform you are considering offers this feature. Make sure you prioritize a platform that lets you submit expenses on the go, and also supports mileage tracking, email invoices, photo receipts, and even time and distance tracking so that all types of expenses can be accounted for.

Does it support approval and workflow automation?

Automation is the future, and more and more companies are looking to make their workflow processes as seamless as possible with the help of automation. Thus, it only makes sense to pick expense management solutions that support the same. Ideally, the platform you choose should be able to:

• Match claims and transactions easily
• Identify any duplication's or policy violations based on company rules
• Understand corporate hierarchy for approvals and set systems in place that adhere to corporate policy
• Categorize different expenses into the right categories
• Create varying user levels and authorities

Does it support reporting, exporting and integrations?

A large part of tracking your expenses is being able to analyze whether different operational processes are having the desired effect. As a result, you need an expense management system that can report accurate data in a way that lets you identify pertinent spending patterns. Thus, it should be able to:

• Provide analytics regarding the expenditure, broken down into team-wise, individual-wise, project-wise, and organizational-wise reports.
• Offer vendor insights that help you with future volume negotiations and contracts.
• Should let you create data in different formats, such as a PDF, Excel sheet, and so on.
• Integrate with your various accounting or HRMS systems such as Tally, Xero, and any other. If the platform has an open API, that’s an added bonus.

Does it offer ample usability and support?

Finally, an expense management solution isn’t worth anything if it’s very hard to use. In order to use a platform that gives you maximum benefits, you should use:

• A software that makes the end-user experience intuitive and easy
• A platform that offers vendor support 24x7 so that no matter when you need help, you’ll get it
• A platform that offers proactive customer support to prevent any issues from cropping up

A great expense management solution can help you optimize your business operations and ensure high profits, which is why you should certainly consider getting one. Greater accuracy and less tedium are the twin promises of the Expense On Demand business expense management system.