Save Money with Expenses Management Software
Trying to manage your expenses manually? These repetitive tasks are exhausting, waste the time of your staff, and can result in errors. Enter the Expenses Management Software.
Expenses Management Software can help businesses handle their various financial functions, notably by eliminating manual tasks and automating repetitive ones.
This kind of software offers features ranging from basic single-entry applications for tasks such as cheque writing and bookkeeping to sophisticated double-entry solutions, and even functionality such as inventory and invoicing in full-featured applications.
Why Do I Need an Expenses Management Software?
1. Use Live Data to Make Smart Decisions
You cannot make intelligent business decisions without reliable real-time data. Help managers report on all relevant performance indicators with centralised expense management information. Future decisions on expense policies, budgets, project-related costs, opportunities such as better deals or avoiding hazards such as breaching compliance can be taken based on those reports.
2. Comply with Internal/External Regulations
Mandatory regulations change from time to time, and businesses need to invest in tracking these changes or risk fees and reputation damage. Some Expenses Management Software can track legislative changes automatically, updating system data to reflect them. At the same time, all stakeholders are alerted on the change and how it could impact performance. Internal regulations can also be factored into the system.
3. Stay Consistent and Fair
Unless you stay absolutely focussed, it’s quite hard to stay fair and consistent with your expenses management allowances across staff – at least, if you’re managing expenses manually. With expenses management software, on the other hand, rules are rules! Employees know in advance what their entitlements are. A system like this also enables automated approval.
4. Mitigate Tax Risk
Expenses Management Software ensures that your data is absolutely accurate, as data from corporate cards and service suppliers can be imported directly without manual intervention. With data you can depend on, you can be fairly confident that your tax risk is minimal.
5. Drive Cost Efficiency
The fact that data is imported automatically means that your staff saves considerable time on data entry – and you don’t need to invest in double checking records. More importantly, however, an expenses management system gives you an in-depth and bird’s-eye insight on expenditure which helps you make decisions that can reduce future expenses.
How to Choose the Best Expenses Management Software
Pick the Right Features
Expenses Management Softwares offer a range of features, including advanced business systems to automate payments, audit employee-initiated expenses and report on various business processes. There are also features to factor in regulatory requirements, approving or disapproving expenses in accordance with internal and external regulations and policies, etc.
2. Try Before You Buy
The best way to identify which features you need, is also the simplest: try it out! Ask for a demo, or use the basic/unpaid plan from popular expenses management software providers. Using the software for a few weeks will give you an understanding of what features you need, and what you don’t. Test the software before investing.
3. Choose a Solution Targeted at Businesses Like You
Chances are, the organisation selling or licensing the software to you knows what they are doing! By and large, businesses of a certain kind and size need certain features. Therefore, these features are bundled and offered in a single composite solution targeted at businesses of that kind. For instance:
- Small Businesses: Need to report efficiently.Team sizes and budgets are small, but even small businesses must report quickly and accurately. They need affordable systems with robust reporting mechanisms and mobile capabilities.
- Medium-sized Businesses: Need front-end control.Mid-sized businesses need to process more expenses, to plan spending in advance and to assess performance. They require reporting that is fast and efficient, above all else.
- Large Businesses: Need to reduce fraud. Prevention of fraud without the right software is near impossible! Large businesses need expanded expenses management systems to track a volume of expenses and to study fraud trends.
Synel’s easy-to-use automated expenses management software solution offers more control at a lower cost and with fewer errors and paperwork. With Synel Expenses Management, users can quickly enter and approve Expense items and Mileage claims via their PC or mobile, using the Synel SYQR App.
For more information, get in touch today!