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 Unnecessary Costs
In the current business landscape, even the minimal cost or revenue increases can imperatively affect a business. Expense tracking software supports to figure out and cut down on unwanted expenses such as production expenses, inventory expense, or customer service processes. Introducing a cloud-based CRM system automates business procedures and minimizes unnecessary expenses.
Read our blog – 8 Ways CRM Software Can Help Reduce Costs for Your Business
2. Control Employee Spending
Expense tracking software enables the detecting, control, approval, and management of expenses submitted by employees, delivering an efficient way to facilitate and control employee expenses.
3. Organize Expense Management
Expense tracking software streamlines the organization of costs by storing all the associated information in the cloud on a single platform. With just a single click, you can avail the comprehensive lists of costs submitted by your team members.
4. Automate Expense Accounting
Online expense tracking software allows the generation of customized and automated workflows, regulating smooth cost accounting management. Such automation not only preserves staff time but also minimizes processing expense.
5. Reduce Paperwork
Unlike the conventional method of managing expenses in books or records, expense monitoring software significantly minimizes or reduces paperwork. The online cost tracker enables the employees to submit the lists of the expenses digitally, along with the bills or receipts sent via computer, smartphone, or tablet.
6. Employee Expense Management
Employees can pay out digitally and submit the receipts online to their managers, streamlining the review procedure and regulating prompt reimbursement. The software allows the recording, detecting, and management of all employees paying out, with an effortless synchronization of information to accounting software.
7. Increased Compliance
Expense management software assures companies stays compliant with local, state, and federal tax agencies. By classifying expenses into associated categories such as office, travel, and mileage, and delivering easily accessible electronic copies of reports and receipts, the software proves imperative in case of audits.
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.
Expense analytics
The employees can have a check on the analytic reports regarding the expenses or policy violations etc.
Expense reimbursement
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.
