Tracking expenses no more involves tons of excel sheets anymore. Expense Tracking Softwares are the new dawn of expense management.
Indeed, inefficient expense management can lead to a lot of commotion ranging from employee dissatisfaction to making unwanted purchases. And companies end up spending a lot more than they should on employee expenses.
Thus, arises the need for expense tracking software. There are numerous ways in which this software can help. Let’s look at a few of them.
Table of Contents
Benefits Of Using An Expense Tracking Software
#1: Software Is Quick & Straightforward
The traditional way to reimbursing expenses involved submitting paper copies, attaching receipts, and then passing them on to managers for approval or rejection.
This was a time and cost-intensive task. Employees wasted company resources like paper and too much time in filing reports.
While managers waste time fiddling with paper reports, searching receipts, and matching the amounts manually.
By switching to automation, companies can transform to workflows and save on a lot of time and costs.
#2: Quick Payouts
The software makes real-time receipt upload a very straightforward task. For example, HCM Suite HROne allows employees to upload their receipts by web or mobile and instantly share this report with the respective managers for approval or rejection.
Managers receive notifications of the upload and can instantly approve or reject the application. Thus, the employee receives the money more quickly and easily.
#3: No Delay; No Errors!
An expense tracking software not only helps you cut on time and costs but also errors.
Errors usually occur when employees type in the wrong bill amount, and further damage can be done by finance staff entering info into the spreadsheets.
While on the other hand, the software can flag erroneous and duplicate entries, which prevents overpayment. At the same time, it also notifies if payment is overdue.
#4: Be More Operationally Efficient
If you bill your employee expenses directly to your clients, timely and accurate reporting becomes essential for smooth payments.
Integrations like that with accounting software, ERP software, project management software, HCM Suite’s attendance module, etc., help automate the process in a seamless, error-less, and most importantly, transparent manner.
#5: Automates Every Detail Of Your Expense Policy
Company policies and tax laws keep changing, and even the best of managers may not be up-to-date with every detail.
So, the possible erroneous approval/rejection in case of manual processes can be weeded out when you automate every aspect of your expense policy!
HROne expense module has enough flexibility to configure your module your way easily. It’s very intuitive UI empowers you to configure your expense policy down to the last detail that too with ease!
#6: Easy Statistics And Other Visual Data Reports
The best part about the software is the policy optimisation they facilitate.
Yes, they enable you to visualise every important pattern regarding expenses through visual charts and tables.
You can see what is your per employee expenditure, per category expenditure over years, the time you spend in approving requests, etc. All this data combined can help you optimise your expense policy for the better.
#7: Better Fraud Recognition
It is undeniable that busy managers and finance teams do not have enough time to check every entry for fraud. Thus carefully camouflaged entries are many times overlooked.
And once these are paid for, retrieving them is inconvenient and difficult. Moreover, it is worst when an auditor spots the wrong payout.
Software much like HROne, run Smart diagnostic checks. These checks can pull out redundant entries, entries not adhering to policies, and entries that seem suspicious, making the process error-proof.
#8: Software Make Compliance A Breeze
Tax laws are complex, and they keep changing. A software comes pre-coded with all the statutory compliance requirements and keeps updating itself with the new guidelines so that you do not miss out on anything.
Moreover, the software allows you to categorise expenses into various categories, some of which are non-taxable. Thus making it easy to stay compliant.
Also Read HCM Software: How It Can Work Miracles For Your Business!
Lastly, e-copies of reports and receipts are available at a click, making auditing much easier!