In today’s technologically advanced world, there are several advanced tools you could be using in your business. One of these is expense management software.
To give you more understanding of what this is and how it works, we’ve put together the top questions surrounding this software so you can find your answers…
How Does Expense Management Software Work?
Expense management software allows you to handle every aspect of your business expenses more effectively through an advanced platform.
This includes being able to monitor every payment that takes place, analyze the data for key insights, and control your spending through various features.
The software takes the traditional, manual way of managing your expenses, and gives it a modern, automated improvement.
Which is the Best Software to Implement?
There are a variety of expense management platforms you could implement in your business. That being said, it’s important to choose the right software for the best results.
For example, you can choose something such as Mesh Payments software that specializes in travel expense management for your business travel payments.
Also, we recommend choosing a provider whose platform can easily integrate into your business and work alongside a range of other tools – such as Google Workspace, Apple Pay, and Bank of America, for example.
What Type of Expenses can be Tracked?
You can track a wide range of expenses with your software, so you have complete visibility over how your business is spending money in different areas.
For instance, you can track the various payments made during an employee’s business travel, including accommodation, food, transport, and more.
Also, you can track payments made for Software as a Service (SaaS) subscriptions across different teams.
Any type of transaction made with your virtual corporate cards can also be monitored using this software.
Are There Extra Features the Software Offers?
When using expense management software from the right provider, you can gain access to a range of extra features to improve your spend. This can include things such as:
- Spend controls – You can set specific limits on different expenses in your business, and change limits for each expense type, virtual card, team, and spend category.
- Automated approvals – With each expense approval, you can set certain criteria that if met, will allow the expense to be automatically approved without manual intervention.
- Expense insights – The software can show you a range of meaningful insights in real-time, such as cheaper alternatives to your current expense payments, or the presence of any duplicate payments.
Is the Software Difficult to Use?
With the right software, you can manage your business expenses seamlessly.
You can have all your transactions displayed clearly on one centralized platform, so you can easily access the data needed for any payment at any time.
Also, you can organize your platform to visualize the data how you want, so it can more accurately show the bigger picture of your corporate spend for the month, quarter, or year.
Your software can also include things such as automated receipt collection, so it takes the effort and time out of manually entering data – as well as removing the risk of human error.
Do these answer your burning questions when it comes to expense management software? Are you now more knowledgeable about the vast benefits of using this tool in your business?
If you have any further questions you want answered, speak to an expert expense management software provider who can give you the clarity you need.