How to choose a corporate expense claim software?

Managing business expenses is of great importance for any organisation. But keeping track of all these expenses manually can be quite difficult. It is actually an ineffective way to handle it. A better solution for managing business expenses is to implement a claims software.
Employee productivity decreases if they waste time saving and organising receipts and submitting expense claims. Finance managers then have to manually go through and check receipts and expense reports before approving claims.
This is why claims software is an indispensable tool for companies. Especially for companies that are growing.
Declaration software automates the whole process, making it a lot more efficient. Claims can be submitted and approved quickly. Which reduces the risk of errors and gives you control over all expenses.
❯  What is claims software?
❯  Why do you need it?
❯  How to choose the best software for expense claims?
❯  Top 3 free expense management software packages
❯  Top 3 expense reporting systems with extensive expense management modules
❯  Is a fully integrated system better?

What is claims software?

Claim software is an application used by both employees and finance managers. Its purpose is to simplify and automate the submission and approval of expense claims.
Employees use it to report business expenses by uploading photos of purchase receipts online to claim expenses incurred.
Finance teams can then find all employees' expense claims in one central place. Claims can be checked and expenses reimbursed through the software.
The software package can be tailored to the company's expense policy. This reduces the risk of overspending on approved expense items. Indeed, managers can use the software to spot policy violations in time.

Why do you need a claims software?

Expense management software provides benefits for the entire company. Management gets a complete picture of all expenses in the company with the software. And the expense analyses can then be used to make informed management decisions.
Employee expense claims can be easily checked and approved by finance managers. The administrative team can quickly check whether the expense policy of the company is complied with. And violations of the policy can be dealt with quickly.
Employees no longer have to perform all sorts of tedious, manual, actions to claim expenses. There is less paperwork and no risk of a claim being rejected because the receipt is lost.

How to choose the best software for expense claims?

There is no one-size-fits-all solution when it comes to expense software. A sole trader, for example, needs a less sophisticated system than a large multinational with thousands of employees.
Expense software can generally be divided into three categories:

1. Basic solutions that allow easy comparison of expenditure against claims.
2. Comprehensive software packages, offering a central dashboard, a mobile app and individual employee profiles.
3. Full-scope expense management systems, offering the above plus the ability to issue payment cards to employees.

 Expense claims software is a fast-growing market with products of all shapes and sizes. Many companies now know the benefits of organising and managing their business expenses online.
But choosing software that suits your company's needs is certainly not easy.

> Features to look out for

The larger the company, the more varied the expenses will be. Choose a software package that can support large teams and offers multiple ways of submitting claims.

> Integrating payment options simplifies reimbursement

A central dashboard for tracking and monitoring business expenses is also important. Preferably, the expense management software should also be integrated with desired payment solutions. That way, the finance team can initiate reimbursements from the dashboard.

> Integration with a claims software is essential

The claims software you choose should also be able to integrate with external accounting software. All kinds of tasks can then be automated and the finance department no longer needs to manually process expense claims to update the books.

Top 3 free software packages (basic modules) for expense management

To help you choose the best software without having to make large investments, we have selected three free software solutions.

1. Everlance

Everlance offers seamless expense recording. Users can upload photos of purchase receipts to record business expenses. The app also integrates bank accounts and credit cards to capture transactions automatically. It even makes recommendations, based on expenses, for tax deductions. Everlance is a great claims software for freelancers, self-employed and small businesses. The app is available for free for both iOS and Android devices.

2. Mint

Mint offers freelancers and small businesses a simple and free solution for tracking business expenses. It uses budget categories to help users keep track of their expenses. They can also add tags to further organise their transactions.

It is accessible via mobile apps and web browser. Mint is available for free on both iOS and Android platforms.

3. Zoho Expense

Zoho Expense has a free version that supports bulk uploading of receipts and also sends automatic reminders. It offers the ability to track expenses in different currencies, as well as taxes. Users can link bank cards and accounts to record expenses automatically. It is a great solution for the self-employed, small businesses and freelancers. The Zoho Expense app is available for free for iOS and Android devices.

Top 3 augmented claims software

If you are looking for a more sophisticated software solution, go for ‘augmented software’. These, more comprehensive, software packages offer many control options with practical insights.

1. Concur

Concur offers thorough tracking of travel and business expenses. Through the app, employees can easily submit receipts digitally. Finance managers can see all expenses in one central dashboard. And the expenses policy can be properly monitored and, if necessary, adjusted from the dashboard.

Concur is suitable for both small and large businesses. Prices start at $8 per user, per month, with a small business subscription supporting 25 users.

2. Fyle

Fyle offers a ‘mobile-first’ expense management solution, with multiple ways to track purchase receipts. Employees can record receipts by uploading a photo, via text or via apps such as Slack and Gmail. Receipts are automatically held against the framework of the expense policy, while managers have full visibility through the dashboard.
Fyle is ideal for small and medium-sized businesses. Prices start at $4.99 per user, per month, with a minimum of 5 (active) users.

3. Xero

Xero aims to make expense claims quick and paperless. Claims submission is via uploading photos of purchase receipts. Finance managers are notified as soon as a claim is submitted. They can also monitor all employees' expenses via a dashboard.
The basic module is designed for sole traders and small businesses. Prices start at $24 per month and increase for medium and large businesses.

Is a fully integrated system better?

A ‘full-scope’ expense management system offers all the benefits of the basic and ‘augmented’ solutions mentioned above. But such a solution additionally offers the ability to prepaid debit cards spend on employees, allowing you to even better manage your business expenses. For example, with SimpledCard.
Finance managers can easily set limits on bank cards and replenish balances through the card management system. The prepaid Maestro and Mastercard cards can be used worldwide, both online and at PoS terminals. So this offers employees a lot of flexibility with the added ability to withdraw cash from ATMs.
SimpledCard makes submitting expense claims even easier for employees. The mobile app sends a push notification after the card has been used, after which you can upload a photo of the receipt and claim the expense. This way, expense claims are submitted on time and reimbursed quickly.

How do you integrate the software into your own workflow?

You can integrate a claims system into your own workflow in three steps. First, provide a portal or app that employees can use to submit claims.
This data should then be sent to a centralised dashboard that finance managers can access. Finally, the dashboard should allow direct payment to be triggered once the claim has been approved.
SimpledCard enables such a seamless integration. It can also be integrated with existing accounting software to enable a smooth workflow between the expense management system and financial accounting.

Discover the possibilities of claims software

Questions following the article on expense claims systems? Or would you like to know more about how to use SimpledCard to manage your business expenses? 
Our financial experts will be happy to discuss which solution best suits your organisation.

From SimpledCard

Claim software | Expense management