Spend management software is a great option for tracking a company’s business-related expenses. It is a web-based tool that helps the companies to keep a record of employee-initiated expenses and is particularly useful in tracking travel and entertainment expenses. During business travels or while organizing corporate events, it is almost impossible to track every single transaction. On the other hand, keeping a record of such expenses is important for reimbursement purposes. And this is where you need expense management software.
Implementing such software in extremely easy; an Internet connection is all that you need. Simply install the software and all your expense and other related information will get stored in your service provider’s server. You can easily access this information anytime and from anywhere. There are two types of expense management software, the first is for managing your personal expenses and the second helps to manage corporate expenses.
By using the personal spend management strategies, you can prepare a report regarding your business travel related expenses and then forward the same to the account department of your office for reimbursement. This tool is a blessing for individuals who seek an easy and fast way of tracking and reporting their expenses. The corporate spend management software too performs the same job, but it allows several employees to track and report their expenses at the same time. With such software you can easily submit and upload your receipts through several communication devices like cell phones, fax, webcam, or email.
There are many entrepreneurs who dislike the concept of corporate credit cards. Nevertheless, the usage of such plastic money is unavoidable. But again, it is quite difficult for any company to control the expenditure behavior of its employees by using a manual system of managing expenses. Thereby, the advent of corporate expense management software is a savior. You can even enforce your company’s travel policies into your system. And the software cross-checks the expense data provided by your employees to verify whether or not it complies with the organizational rules.
The spend management software can make a dramatic impact on a company’s bottom line. In addition, it will help in fraud controlling. It has been observed that employees often exaggerate the payment amount and apply for multiple reimbursements. And it is rather difficult to catch such scams with a manual expense management system. This software will also help you to identify mischaracterized or fictitious expenses and thus help you to save money. In United States, it has been observed that company revenues are often lost due to mismanagement of employee-initiated expenses. Though the software can not eliminate such mismanagement altogether, it will at least reduce the chances.
However, opting for licensed software involves a significant investment. Apart from the cost of the software and other necessary hardware, you will also have to pay the installation charge. So it is advisable to go for web based solutions provided by third party expense management companies. They provide round the clock services at a much cheaper rate.