The Average Cost of a basic Expense Management Software plan is $9 per month.
41% of Expense Management Software offer a Free Trial , while 15% offer a Freemium Model .
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In a world filled with smart devices all around us, maintaining a register to manage the expenses of your employees will be no less than antediluvian. Expense management software brings you the most advanced and efficient way to manage expenses of the organization with a high degree of automation. An expense management software incorporates every bit of modern technology available with us. The automation process of creating entries by scanning paper receipts being crucial. Most of them also allow you to track time and mileage along with the expenses. With proper integration of your accounting software and credit cards, everything can be catered on a single platform. The entries are used to generate reports, and the software itself sorts out expenses which are not in compliance with the company’s policies. This helps the approval team to approve the reimbursement requests much quicker. Finally, some of the expense management tools also offer tax claim solution to maximize the tax benefits for your organization.
Expense management software is highly useful in tracking expenses of employees in real-time and helping out the organization to obliterate extravagant costs. They offer one of the most straightforward and easy ways to add entries into the software database, which is used to prepare reports and compare them with the budget. But management doesn’t go easy. The type of software that you are looking for depends on the needs of your organization.
Said that there are also a few things that mustn't be missed out while choosing the tool of your choice.
Typical Features
Automatically tracks the expense done using a linked debit or credit card.
A sequential and thorough review process to approve expenses.
A statement prepared to report total outstanding payments and receipts.
Helps with tax reclaim on expenses and maximizes the tax benefit of the organization.
Can sync with bank notification and fetch expenses to make entries in the record book.
OCR (Optical Character Recognition) tool to scan and upload a paper receipt to make entries on the go.
Store and manage receipts of the expenses incurred by the employees.
Reports entries from different origin currencies in the native exchange rate.
To reduce spending and prevent unauthorized use by setting transactional control.
Helps in managing employee expenses claims and regularize the approval process.
Managers can review and approve expense reports. Expenses not in compliance are automatically flagged or rejected.
Offers synchronization with third-party applications
Facilitates tracking mileage automatically and stop recording when a location is reached & it can produce IRS compliant reports
Time and Expense is the process of recording and tracking hours worked and expenses as they relate to projects
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