Expense reporting is key factor to manage your business finance efficiently. One of the easiest ways to boost efficiency and compliance for traveling employees is with travel and expense management software. But all travel and expense management software is not created equal, nor are every company’s needs exactly the same. Modern travel & expense management software can track spending better, save you a great deal of money, and keep your travelers compliant. With its financial repercussions, unruly travel and expense management can’t be overlooked.
Let’s take a look at few T&E expense reporting features that will help you stay ahead of problematic spending.
Accounting Software Integration
Integrating your T&E reporting platform with your company’s accounting tool consolidates your tracking and reporting tasks. This integration combines all your financial data into one place, so you no longer have to toggle between platforms. Plus, your staff no longer has to manually enter data, and they have constant access to travelers’ spending. A single source of automated data results in fewer duplications, errors, and miscalculations.
Mobile App Integration
Your travelers are always on the go and it is highly difficult to keep a stack of travel & expense records. There are chances of losing/misplacing receipts, unaccounted expense creating complete dismay. Having mobile apps for instantaneous tracking can catch and prevent fraudulent expenditures before they happen. Both you and the traveler can access all reports and receipts happening in real time. With Finly’s OCR tech, travelers can also use mobile apps to capture receipts with a cell phone camera.
Your traveling employees would feel a lot happier if they are able to book their travel itinerary, tickets and claim expenses all under one single report through an integrated mobile app. This makes their life much easier and they can focus on their business trip rather than worrying about approvals & claims. These modern travel desk applications can have a hierarchy system of approvals, comply with your organization travel policies and seamlessly integrates with your existing travel desk and automate the entire process of business travel. Travel & Expense manager software like Finly can also integrate with your existing accounting software and thus automating the end-end process.
Smart OCR technology is capable of identifying the information on the receipt like expense date, amount, merchant name and category so that your employees don’t have to enter anything manually. It also saves the email and receipt attachments and you don’t even have to download and upload files.
With business expense happening everywhere, one should keep in mind that data-driven decisions play a major role in the company’s financial management. With expense data analytics, you can analyze the amount of spending the company is incurring, where exactly the spends are happening and how often it is getting repeated. You have a chance to analyze your own financial data and then minimize by cutting the unnecessary expenses.
We live in an era which is vying to be a cashless economy. One of the foremost things an organization have to do is to cut cash expense encourage digital transactions. Prepaid cards function like any other normal debit card except that the company has the full authority on the spending limit. Your travelers can use these prepaid cards and minimize the hassle of collecting and email receipts for the finance team. Instead, they can swipe it at any POS and the finance team can instantly track in real-time.
Other must have basic features:
- Using electronic payments
- Establishing consistent expense types and audit rules
- Allowing users to work with software on any device and when switching between them
- Mileage tracking
- Compatibility with APIs for data integration
- Delegation of authority
- Credit Card Integration
- Email based expense Reporting
- Multi Level Approval Workflow