Nowadays, there’s an app for everything. Managing expenses and expense reports is one of those things that your company definitely needs an app for. This task is not only time-consuming, offers no added-value, but it is also costly.
A lot is invested in manual expense management, and mistakes are still prone to happen such as double entries or loss of justifying documents.
Companies are leaning more and more towards smart solutions for expense management. In order to find the perfect software adapted to your business, we give you the 7 necessary features to look for in any expense reports management software.
Mobile-enabled expense reports management software
Being always on the go means that reporting your expenses has to be done while also on the go. While employees can easily scan their receipts without needing to have a computer nearby, managers can also verify and approve the reports while on the move themselves.
The most basic feature your software should be equipped with is a mobile app to make things easier for everyone. After all, one of the main purposes of an expense reports management software is cutting time so you can focus on other valuable tasks.
Manual entry of expenses is a task that needs to be eliminated in a time where everything is becoming digitized.
Your expense software should spare you that trouble and partially eliminate any risks of false entry. Thanks to Artificial Intelligence and the powerful algorithms of Machine Learning, taking a picture of your invoice or transferring it on the app will automatically extract all the relevant information and have you verify them before sending them to your manager.
Expensya’s unique self-learning OCR+ technology allows instant recognition of relevant data on an invoice with a very low margin of error and an extreme precision.
Your expense management tool should be able to connect and integrate within other software that your business uses. This helps cutting time even shorter by avoiding data silos or double entries within an accounting software.
For instance, an expense management software has to be able to involve the accountant who must approve all expenses, enter them into the accounting software and then proceed to the reimbursement. No manual input is required to enter the data into the accounting software. An integration is enough to avoid double entry and also free accountants of this dreadful task.
Expensya integrates with your accounting software to help you centralize your data and cut time. Discover the various integrations proposed by Expensya.
Automatic currency conversion
Constantly traveling means incurring expenses in different currencies. A smart expense management solution would automatically convert your expenditures in your company’s currency. The software would instantly detect a foreign currency and then proceed to convert it to the local one following the exchange rate of the day of the transaction.
Expensya automatically converts the amounts of expenses incurred into foreign currency and even generates alerts when one of your employees manually enters a different conversion rate than the one calculated by our solution.
There exists two types of solution: On-Premise (local) or SaaS (based in the cloud). In order to choose, you need to know what each solution offers. A SaaS solution is paid for monthly and with no prior engagement, meaning you can cancel your subscription anytime. An On-Premise solution has a higher investment cost. This is one of the many factors to take into consideration before choosing a solution.
Keep in mind that a SaaS solution is the most flexible and the most suitable for an SME or any business with constantly evolving needs.
A user-friendly, dynamic workflow goes a long way in making the experience less time-consuming and easier for all the parties involved in the expense management process. A rule-based system cuts time and shortens human intervention, which is a big advantage when handling expense reports.
An effective expense reports management software equals an easy to use platform with all the needed information showing on one smart dashboard without needing to search for it. The dashboard shows you expenses awaiting approval, those already approved, different categories of incurred expenses, in addition to many other features for a better user experience.
Now you know what you need in your expense management software. Expensya is the solution that brings together all these essential features and even more. We provide you with a free trial for 30 days without commitment so you can have a glimpse of the features mentioned above.