Expense Tracking Software
All businesses must adopt efficient expense tracking and reporting system to bring financial discipline across the management team. As the business volume surges with growth, streamlining and improving the process of collecting and organizing receipts, invoices & other supporting documents becomes a constant challenge. The need for management for handling large volumes of expenses to create accurate and easy-to-read reports, verify and approve reports, and then add results to make settlement of expenses does become time-consuming.
Today, businesses are fortunate to have cloud-based solutions, which are not very expensive, and are capable of handling expense tracking and reporting, controlling employee business expenses with ease and less tiresome. Use of mobile apps and smartphones to scan and photograph receipts, quick and easy methods for organizing and submitting expense reports online for timely settlement all help to enhance a uniform and transparent work culture.
Any Expense tracking software – ETS (like Expensify, greytHR, Expenseout) must ensure the following features that would make the process smart, easy, and fast!
- ETS must ensure that expenses always stay within the budget with pre-set spending limits on business cards
- ETS should make reimbursements super-easy with real-time tracking and monitoring of expenses
- ETS should help in easy bookkeeping with automated reconciliation and automatic categorization of spends
- ETS must optimize expenses through various in-built controls on the nature of expenses
- ETS ensure to never miss payment deadlines with automated recurring payments
- ETS must help to avoid duplicate payments or fraudulent activity with real-time visibility of each transaction
Conclusion
The end result of this ETS tool is to ensure that employees feel at ease to spend and get reimbursement, management is able to control and approve with ease and accounting becomes seamless for reporting.
About SBS
SBS Global is an ISO 9001:2015 & ISO 27001:2013 certified company serving since 2007. SBS Global offers a comprehensive range of Outsourced Financial Accounting Services, CFO Services, Compliance (i.e., Company Secretary services) & HR Services catering to the needs of Small & Medium Organizations across industry sectors to meet their changing needs & expectations. Our team includes employees having industry & domain expertise who have insights drawn from years of professional experience.
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