Expense management software is an essential tool for any business professional. Without it, staying on top of your company’s expenses can seem like a never-ending battle. There are many features to look for in the software you choose before signing a contract with a specific provider.
Do some research into what each feature offers, read expert reviews available online, and assess your company’s needs and goals before making your purchase. Be selective about the features included in expense management software, and look for a reputable provider like Divvy (https://getdivvy.com) to ensure you’ll have the support you need throughout your consumer relationship.
While you’re on the hunt, the options available can be overwhelming. Here are seven features to keep an eye out for while you’re narrowing your search for expense management software.
Software that can integrate into existing data
Regardless of what type of company you manage, it probably already uses some financial software. Whether your company uses Quickbooks or has an in-house system, the expense management software that you purchase should integrate with it. This integration will save time and help managers stay on top of their expenses.
Customizable reporting
Good expense management software will allow you to generate reports for follow-up with department managers. This reporting can be an essential feature if your company has many moving pieces and expenses from different departments.
It gives the department manager, not just the CFO or controller, the ability to track spending within their department.
Mobile application support
Mobile application support allows employees to take their expense reporting with them on the go. Although many employees have been using mobile applications for personal use, it’s important to remember that many companies allow employees to expense work-related items on their devices.
Email integration
Email integration is one of the more popular features in expense management software. Most companies already use an email system to communicate with employees, so this feature can save time by allowing employees to attach receipts directly into their expense reports.
Data backup and security features
Although data breaches seem to be occurring more frequently, it’s still crucial that your company invests in software with data backup and security features. These security options are critical if your business uses Quickbooks or has an in-house financial system.
Ability to track business expenses for tax time
Every year during tax season, it’s important to track expenses for your employees. Expense management software can generate 1099s, and W2 forms can help simplify completing tax documents, allowing you more time to readjust budgets and focus on increasing productivity rather than spending hours of overtime inputting data into various systems.
Purpose-built dashboard
The software’s user interface is also essential. Be sure that the software you purchase has a functional, well-designed dashboard. You want to make sure that managers can easily navigate the system and quickly access whatever information they need.
Before you go
Many expense management software systems are on the market today, but not all of them have what it takes to keep your company running smoothly. You want to ensure that any system you purchase has specific features to avoid wasting time with processes quality software could streamline.
