Top 5 features in a good business expense management system

Top 5 features in a good business expense management system

Drowning in receipts? Wasting time tracking your staff’s expenses? There’s an easier way with one of the many expense software programs on the market.

Here are five things to look for when selecting the right one for you and your organisation.

User-friendly

Look for a program where the interface is clear, intuitive and designed with people in mind. This should mean no training is necessary and temporary workers, volunteers and permanent employees can easily submit expenses using a common tool.

Mobile capability

Mobile capability means you can submit your expenses as they’re incurred. It also means that users can simply use their mobile integrated camera to snap and upload receipts.

Integration

An expense management system has to be able to integrate with all the major banks and credit cards. It also needs to work with other back-office systems such as electronic document management, invoice processing, accounts payable and CRM in order to reduce processing time and eliminate errors.

Automation and streamlining

The software should minimise data re-entry and effort, eliminate guess-work and human error.

For example, when submitting car expenses, its mileage verification tool should allow the user to simply enter the start and destination post codes and have options to adjust and add detours where necessary. The system should also calculate the value of the journey based on HMRC approved mileage rates.

Policy and compliance enforcement

The system should support compliance as well as allowing you to enforce a set of business rules that limit the expense claims, such as accommodation and travel. It makes sure VAT receipts are attached before such claims are authorised, thus giving you a better grasp of your expenses.

 

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