Choosing Expense Report Software
Should you purchase an expense report software? It really really depends on the need you have for it. For small companies as well as the self employed or those on contract basis, very likely you will not. But there will come a point where you realize that drafting your own excel sheets, and later in collating and interpreting the data that there is simply too much hassle. Sure, you could get a secretary to do it, but at some point the extra workload will become too much especially if you happen to be scaling up operations.
When it comes down to this point, and if you're reading this you are very likely to be at this very point in your expense difficulties it might now be the time to start considering an investment in expense report software; as a matter of course a few things must be kept in mind before you undertake your purchase. Here are the requisites you might want to keep in mind behind the decision for your expense reporting software:
Helpful tips in choosing your expense report software wisely
1) does it have the specific quality you require for your own goals?
Different scenarios and contexts would have different needs for their own expense analysis. Some places would perhaps offer expense claims for travel available to most people inside the company, which would mean a large amount of claims that would basically be in the same single category. For that you would look for an expense report software that would allow you to set limits and calculate reasonable ranges and then automatically process and accept those claims.
This can be especially important for new companies that have very novel and innovative profit models, which can easily have very different and unconventional requirements.
2) post collation processing and analysis
You'll want to look at how much control you intend to have over the approval of your data and claims. Generally transport claims are relatively easy to predict and process. For more complicated procedures, a good post processing software application will be ideal to sieve out the areas which constitute a portion of your operating cost that you should be able to remove, thus saving money. A good software can easily point out glaring sources of expenditure wastage, singling them out for you and giving suggestions for resolution.
3) Internet component
A final key feature of your management software that one has to scrutinize carefully would be it's capability as well as it's features related to the Internet. Certain examples in which this would prove particularly pertinent to your company could come in the form of say: an electronic online submission feature. Your employees will be able to submit their expenses reports as well as accompanying receipt if necessary. They can do this either from the comfort of their homes or from another country if relevant.
Conversely, an Internet component can also be useful to you as an owner or manager. You could also process records from the comfort of your own home! Other possible benefits include portable file formats, or simply from even a web browser, very helpful for small business owners who are always on the go, or makes the occasional working hour inside a starbucks.
You might also want to see the difference between an expense report and a sample inventory report