Expense Report Software: 6 Salient Features to Look For in an Expense Software
February 26th, 2019 • Expense Management
Manual expense report tools involve paper receipts, tedious processing cycle, and costly errors. But over the past decade, there has been substantial technological development. Tech-savvy employees have started demanding a technological overhaul in every aspect of the financial management process including expense management and expense reporting.
The ever-evolving technological landscape creates a demand for organizations to rethink their expense management strategy and implement expense report software. Expense report software enables every organization to offer its workforce a streamlined and flexible expense management process without sacrificing spend control.
An expense report system removes an employee’s need to collect paper receipts and track transactions manually. It empowers employees to track, manage, and submit policy-compliant expenses. As for the finance team, they get 360-degree visibility into all corporate business expenses and helps them catch overspend and deviant expenses instantly.
Here’s everything you need to know about expense report software.
Role of an expense report software?
Expense report software consolidates expense reports, reduces dependency on paper, and improves spend visibility. It provides an array of features from business intelligence and spend analytics to proactively optimize expense management. An expense management tool covers all aspects of the expense management process from pre-trip authorization to post-trip analysis.
How to create an automated expense report system in 4 simple steps
If you’re just looking into the concept of expense report automation, it will seem like a hard battle. In reality, expense report software helps businesses automate their expense reporting process in a flash.
Before venturing into the realm of technology to find a perfect expense management system, businesses need to map out their current process, list out tasks, define workflows, find out stakeholders, and more.
When the business process mapping is done, organizations can use process automation software like Kissflow to create an automated expense report process in just four steps.
1. Choose a process template
Organizations can decide to automate their expense report system from scratch or start at the finish line by installing an existing process template.
2. Automate workflows
As the expense report process is filled with a number of stakeholders, businesses need to create a dynamic expense approval workflow that moves documents and tasks from one step to the next without any human intervention.
3. Tweak the process outline
After automating the basic process outline, businesses can customize the process to fit around their requirements. Organizations can edit data fields, create unique business rules, set deadlines, define stakeholders, and more.
4. Share the automated process
Once the process outline is customized to fit your business requirements, it is ready to be shared within your organization. After launching the expense approval app, businesses can spot trends, retrieve real-time status, and make instant changes to the process.
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Salient features to look for in expense report software
In an expense management system, the main goal is not just to help employees track business expenses easily but also speed up the approval process. Expense report software offers an organization the framework it needs to enforce policy compliance and eliminate inflated expenses.
Listed below are six features every expense report software must have:
Mobile-enabled expense report tools help employees track, manage and submit expenses on the go.
2. Drag-and-drop interface:
Visual form builders empower business users like finance staff to create an automated expense management process from scratch without any coding.
Solutions that connect seamlessly with other expense management software used by the business to eliminate data silos and reduce manual data update.
4. Automated workflows:
Rule-based, dynamic workflows reduce human intervention and shorten the turnaround time of the expense management process.
5. Insightful analytics:
Visual rich reports help businesses analyze not only travel expenses but also the common business expenses to eliminate overspending and spot improvement opportunities.
6. Intuitive dashboard
An intuitive dashboard that displays visual-rich reports based on priority and business needs will help stakeholders informed.
Benefits of using automated expense report software
Once organizations implement expense report software, most of the shortcomings associated with manual expense report management are reduced or eliminated. The top benefits achieved by adopters of expense report software are:
- Improved spend visibility
- Faster employee reimbursement
- Enhanced ability to enforce policies
- Reduced processing costs
- Increased chances to spot and prevent fraud
- Heightened employee satisfaction
Create your own expense reimbursement app with Kissflow
Selecting the right expense report software in a sea of solutions is a daunting task. Size plays an important role in the process. Small businesses can neither afford a leading expense report software nor do they need one. A simple and affordable software solution like Kissflow that comes with a solid set of expense report management features would suffice.
Kissflow simplifies all the steps involved in an expense report process: initiation, approval, tracking, and auditing. In addition to eliminating complexities, Kissflow integrates seamlessly with other financial and business accounting software used by the organizations.
Make your expense approval app employee-friendly with Kissflow. Expense report automation is the future–get on board with a risk-free 14-day trial and see for yourself!
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