Expenses are the costs incurred during the course of the business. You might be a small business or a big enterprise but the management of expenses is surely a challenging task. Managing your store receipts, travel tickets, small expenses bills etc may get misplaced or may get mixed up with other files.
What is expense management?
Expense management is a system that the business firm uses to process, pay as well as audit the expenses of the business.
Thus, managing these expenses becomes easy with the help of an Expense Tracking Software. The Expense tracking software is cloud-based, which helps your employees to digitally record the expenses incurred during the business process. The cloud based system allows you to store the bills for future references as well. You can bring all your business expenses to a single platform, find, track and manage them online, efficiently.
Read our blog – What is Expense Management?
Why Is Expense Management Software Important?
Automated expense reporting software will help companies simplify T&E operations, increase productivity and boost the bottom line just by improving the process in five areas:
Employees can submit all the expense reports and corresponding documentation which includes photos or scans of receipts, directly into the software from their computers, tablets, or smartphones, eliminating the need to fill up paper forms and hang on to sales slips. Compensate is expedited, putting cash back in employees’ bank accounts and eliminating the frustration that comes with delays. Additionally, companies increasingly have geographically dispersed workforces, and as new and better collaboration tools enhance the experience of remote teams, the number of employees functioning from home is expected to increase for companies where that model can be an option. As a result, companies need a systematic way for employees to submit expenses and receive reimbursement at any time, whether or not they are at home or traveling.
Benefits of an Expense Tracking Software
1. Prevent unwanted costs
In the present business economy, even the minutest expense in the business or increase in the revenue makes an impact on the working of the business firm. Cut down unwanted expenses or costs with regard to – production costs, inventory expenses or customer service process etc.
The use of a cloud based CRM system helps you to automate your business process and also reduces unwanted expenses in the business.
Read our blog – 8 Ways CRM Software Can Help Reduce Costs for Your Business
2. Control employee spending
As the expense tracking software helps you to view, control, approve and manage the expenses submitted by your employees, it becomes easy for you to control employee spending.
3. Organise expense management
With the help of the Expense Tracking Software it becomes easy for you to organise each and every expense. All the data related to the expenses are stored in the cloud in a single platform. With a single click you can get all the expense lists that your team has submitted.
4. Automate expense accounting
The online Expense Tracking Software allows you to create personalised and automated workflow which helps you to manage expense accounting smoothly. This automated workflow can save staff time and also lower the processing costs.
5. Reduce paperwork
There was a time when expenses were maintained in books or records which included filling paper reports with attached bills or receipts. Whereas now, businesses make use of the Expense Tracking Software which reduces or may even eliminate paperwork.
The online expense tracker provides the flexibility of submitting expense list to your employees. These bills or receipts can be sent via computer, smartphone or tablet.
6. Employee expense management
Employees can spend digitally and submit the receipts online to their managers. Thus, makes it easy for the managers to review the submissions and payback the money faster. The firm can record, track and manage all employee spending and also sync the data easily to the accounting software.
7. Increased compliance
Expense management software will help all the companies to remain on the correct side of compliance with local, state, and federal tax agencies. Companies will divide expenses into categories such as office, travel, and mileage, and tag them relevantly. Expense management software also will deliver easily accessible electronic copies of reports and receipts, which are invaluable if the organization is audited.
What makes SalesBabu’s Expense Software the best expense management solution?
Expense Receipt storage
SalesBabu Expense tracking tool helps your employees to store the digital copies of expense receipts with the expense. The cloud helps you to store and manage these receipts without loss of the copy.
Expense Report Management
SalesBabu Expense tracking software lets you to consolidate the expenses by type or date, add them to a unified expense report and submit it in one package for approvers.
The employees can have a check on the analytic reports regarding the expenses or policy violations etc.
The expenses can be reimbursed using the bank with which the company is tied up. Once the reports are reported and approved the cash will automatically get credited or say reimbursed via, NEFT, IMPS, RTGS or bank transfers.
Real-time expense feeds
Get real time expense feeds from your employees instantly and store them in a single platform. The entire expense lists of the business can be stored and viewed by a single click.
SalesBabu’s Travel and Expense Management (T&E)
SalesBabu provides travel and expense management helps you to manage your unified travel workflow. From travel requisitions, advances to reporting and recon, our Travel and Expense Management software solution is going you make your workflow easy and automated.
You can take complete control over the entire travel expenses and give your business travelers a great experience as we ensure 100% policy compliance.
SalesBabu Employee Expense Management
SalesBabu provides a cloud based expense management software where you can record, store and manage all the data in a single platform. Employees can submit expense reports online and managers can approve these reports within seconds. Once the expense reports are submitted and approved they can be synced to easily to the accounting software.
How does Expense Tracking Software bring in effective changes in the firm?
The Expense Tracking Software helps your business to bring in certain effective changes in the firm. They are –
The Expense Tracking software plays a vital role in the taxation
As the expense tracking software stores all the data regarding the expenses incurred it can reduce the cost of tax. The reimbursement of expenses can be used to show records of the expenses and thus reduces the amount of tax to be paid.
Helps to identify the purpose of business expense
The Expense Tracking software helps you to manage information about the smallest expense incurred in the business. It provides enough information required to know about the purpose of expense incurred. Thus, end of all these information can be used to reduce any unwanted costs in the future time period.
Provides overall information from the incurrence of expense until, the reimbursement of the expense
The Expense Tracking software provides information regarding the –
- Submission of the incurred expense
- Purpose of the incurred expense
- Time taken to approve the receipt
- Time taken for reimbursement of the expense
How to choose the right Expense Tracking Software?
- Evaluate your technology needs
- Make a budget plan
- Understand the cloud infrastructure
- Examine technical implementation
- Work with a reputed organisation
With SalesBabu experience an effortless and automated expense tracking!! To know more about our Solution, visit our website https://www.salesbabu.com/ or request for a free demo. You can also have a look at our emerging trends at SalesBabu Online CRM.