4 tips for choosing the best expense management software for your company

Expense management software is a rapidly growing market offering numerous different functionalities and features (definition here). Many companies have already recognized the advantages of organizing and managing their expenses online – however, choosing a corporate expense management system that matches the company’s needs is certainly not so easy. Below are 4 tips that will help you picking the right.

1. Consider issuing own prepaid cards for business expenses

Many employees have to pay their hotel, business dinners, online subscriptions or office supplies in advance with their private money or with a corporate credit card. Both solutions cause a big problem for many financial managers:

The forms for cost refunds as well as the bank statements are only accessible at the end of the month or even more delayed. These long periods of uncertainty over the current overall spending makes it difficult to plan future expenses and to maintain an overview.

It is becoming apparent that companies strongly benefit from using prepaid business cards. The cards are connected to a corporate expense management software. This allows for expense management automation and the budget management of: teams, business departments, branches and each individual card online and in real time. Therefore, employees do not have to advance private money and all transactions are directly visible in an always up-to-date expense overview. All accessible in the expense management system.

2. Manage business expenses online through pictures of receipts

Corporate expense management software and mobile applications that scan and save receipts online are well-known and handy. Some business expense management systems go one step further and make it possible to link the digitized receipt directly to the transaction, making managing business expenses even more efficient. Also other transaction details that are relevant for accounting can be directly added online via an app or online expense tracking platform. Having all expense information immediately stored together saves a lot of time for the employees spending the money as well as for the accountant.

3. Online payments solution for Companies

Paying subscriptions and invoices online with a credit card becomes increasingly necessary in companies; such as buying office supplies in online shops or paying invoices for online advertisement such as Adwords and Facebook.

However, as convenient automatic credit card payments are, it is difficult for financial managers and accountants to maintain an overview of these online business expenses. Each department or even single employees have separate bank accounts and the bank statements include transactions from debit as well as credit cards.

A business expense management solution in combination with self-issued prepaid payment cards can easily solve this hassle. All expenses are debited from one single bank account. Even better, the expense management system can be organized based on the company structure. This means that all departments can get their required budget assigned and the cards being used by each department can be easily topped-up. This kind of corporate expense management software allows finance managers to get a clear and separated overview and also online payments are clearly arranged.

4. Corporate Expense Management in the Cloud

Accountability and transparency of business expenses is becoming increasingly important. Unfortunately, financial scandals are still common and studies show that 60% of employers suspect that their employees use company funds for private purposes. The problem mainly arises because information on company expenses is divided and stored on different locations or processed by several people which makes it hard to detect fraud.

Using expense management  automations allows you to save all information online instead of numerous folders at different locations. This enablescompanies to centralize all expense data and to easily view the complete information on all transactions online and in real time. These kinds of online data guarantee a high level of security and can be quickly exported into other accounting programmes.

Would you like to learn about SimpledCard expense management software?

Definition of Expense management software

An expense management software or Expense management system is a digital tool used by CFO’s, controllers, accountants and managers. Expense management software allows employees to submit expenses digitally and allows the manager to track, control and approve business expenses.

A expense management system can be used to track project spending, employee travelling costs, online business expenses of the company and any other kind of business expense.

When integrated with prepaid cards, a expense management software can completely eliminate the need for employee reimbursements and the incurring tasks.

On the Brochure bellow you can have an in-depth look of the functionalities of the payment card integrated expense management system of SimpledCard.

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The SimpledCard cards are prepaid Maestro® cards and prepaid Mastercard® cards. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to license by Mastercard International Inc.
WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)