Flexible, automated expense management

Expense management software simplifies the reimbursement process for employees and finance teams. It reduces the need for manual receipt matching with corporate card transactions and automates an array of manual accounting tasks.With expense management software, businesses can better monitor and track everyday business expenses, automate and sync reporting with accounting software, streamline approvals, and make expense claims much easier.

The best way to account for business expenses is to use expense management software to track and monitor your transactions. With expense management software, you can digitise your receipts, set spend controls, monitor and track expenses by category, and sync with your accounting software.

There are several ways to manage employee expenses. The best way is to create an expense management plan and use software to enforce it. With expense management software, you can put clear spend controls in place, set budgets, issue cards to employees, digitise receipt capture, automate reimbursement, and sync with your accounting software.

Establishing a policy to manage company and employee expenses is critical to ensure you comply with regulations and that your team doesn't overspend on budgets or use business funds to buy non-work-related things. Expense management software can help you set up and automate the enforcement of expense policies.

You can improve expense management at your business by using expense management software to set and enforce policies that automatically sync with accounting software. With the right software, you can also set budgets, issue cards to your team, and automate reimbursement.

Here are some of the pros of expense management software:‍

• Ease of use for your team to transact, lodge receipts, and get on with their job.
• Minimise wasteful spending through data-driven insights and smart spend controls. 
• Set team or individual controls and limits on budgets.
  
• Speed up reimbursement and receipt capture.
  
• Easier and more meaningful reporting.
  
• Automated approval workflows.
  
• Compliance with regulations and company policies.
  
• Simple reconciliation through accounting integrations.
  

While there aren't many cons to expense management software compared to manual expense management, here are a few things to consider:

• Most expense management platforms require you to sign up for a corporate card to use their software. While this could benefit some, others won't want to switch from their current card provider.
• It’s an immature sector. Expense management software is relatively new, which means all the features you want may not be available yet.
• There is a cost to using expense management software, albeit it is minimal compared to the reduction in wasteful spending and time saved.