Keeping an eye on your expenses is one of the least exciting parts of running an organization. First, you have to gather receipts and invoices. And then, you have to arrange them to produce precise and easily understandable reports. These reports then need verification and approval before you can input results and issue a check.
Every business wants to have efficient expense tracking and reporting. Fortunately, many platforms are available to automate and revolutionize the way you generate an online expense report.
What Is an Expense Report Software?
An expense report software is an application that eliminates paper documents, removes the hassle of managing and storing paper receipts, and decreases manual errors. Built to track and manage your T&Es (business travel and expenses), this solution streamlines every aspect of your expense management. This results in eradicating the risks that come with traditional processes.
Aside from receiving and processing your business expense reports, it also checks and verifies the reports before reimbursing them. Here’s an overview of its key functionalities:
- Track receipts – Optimizes the uploading, submitting, and updating receipts.
- Administer policies – Automates policy checks and enforcement.
- Streamline approvals – Handles verification and forwarding of expense reports to the respective stakeholders.
Why Your Company Need an Expense Report Software
1. Automatically Facilitate over Your Expenses and Collects Receipts
Producing an online expense report is stress-free when you have an expense management software. They take care of every aspect of expense tracking for you. It accumulates receipts and invoices. Then, it stores expense data to comply with company policies and regulations.
With an online expense system like Welly Box, you’re guaranteed seamless expense tracking. We collect every receipt and invoice. And then extract and document expense data. After, it delivers them all to your designated cloud storage, bookkeeping platform, or your accountant. You can just sit back and watch us do all the expense tracking work. It frees your time so you can focus on other things that can cultivate your business.
We offer a free trial for interested clients. Don’t hesitate to get in touch with us and see how our expense management app can change the way you monitor your expenses.
2. Automatically Generate Expense Reports
Creating expense reports is always a daunting task. It’s also tedious and cumbersome. You need to manually input the data you need to report from receipts, invoices, and other source documents.
That’s not the case if you have an expense management system onboard. The software automatically pulls out all or select significant information from your receipts and invoices. It does so using artificial intelligence and optical character recognition functionalities. Yes, we can do that, especially with the receipts you’ve scanned through receipt scanning apps.
A powerful online expense system can easily categorize expenses, designate vendors to tax classifications and divide expenses among many enterprises. It can also immediately send this data to where it needs to be. It may be your accounting software, your cloud storage, or your bookkeeper.
3. Work Well with Other Platforms
Let’s say you’re using an accounting software like Quickbooks or Zero to produce your online expense report. Traditionally, you have to manually input expense records to process the report. If you have an expense management software, it automates the entire process.
An expense management system automatically hands over all information and documentation of your organization’s expenses to your bookkeeping platform. Hence, you don’t have to break a sweat transferring and entering all these necessary data.
To start looking at solutions that work well with your accounting system, consider this expense management software list by FinancesOnline.
4. Respect Your Data and Your Privacy
It’s valid to worry whether expense management is safe to use and implement in your business. After all, you deal with financial matters such as receipts and invoices.
Data breaches are common, especially with the growing use of virtual documents and with establishments heavily depending on digital data. Statista tallied 1,437 data breaches in the United States alone in 2019, where 164.68 million sensitive records were exposed.
However, most expense management software possess privacy policies and terms. Often, they ask permission before using your data to streamline your expense management processes.
For instance, here at Welly Box, we explain the manner our expense management app uses our users’ financial data.
To help prepare tax files for you or your client, we need to examine your financial records. We eliminate duplicate documents. Then, we pull out the amount, vendor, and item data from each record.
So we can accomplish this, we use our expense management app’s proprietary algorithm along with third-party services. Some examples are Amazon Web Services and Google Inc. If the situation calls for it and only when a warranted company officer approves it, we also perform limited debugging and quality assurance purposes.
Your financial records are in safe hands with an expense management system. Security is the least of your concerns when incorporating this innovation.
5. Get Support and Assistance
Expense management isn’t always smooth sailing, even with an expense management software. Producing an online expense report is always a challenging task, and so is implementing new technology and techniques to make it more efficient.
However, automating expense management processes ushers huge advantages. It gets rid of manual entry and accelerates approval processes thanks to real-time alerts. In fact, Forbes urges businesses to hop aboard the inevitable digital transformation of their expense management operations. The reports show how it helps businesses examine expenditure and invoicing information and make more well-informed decisions.
It’s good to have an expense management app that supplies responses to your queries through various channels. Some examples are live chat, e-mail, phone and even social media.
Most providers also have websites hosting various resources such as instruction manuals, white papers, articles and blog posts. These resources do not only cover expense tracking 101 or how to make the most out of your expense management platform. They also provide information on how to make online expense report production easier.
Because of this, incorporating an expense management system to your operations doesn’t have to be so bumpy. Should you encounter some issues along the way, you’re sure to have answers instantly.
The Power of New Technology for Expense Tracking
An expense management system would be a great addition to your accounting operations. Choose a product that aligns with your business demands to maximize it.
When selecting your online expense system, consider usability, pricing, and functionality. It should also be cost-effective, easy to use, and scalable, so it grows with your organization.
If you’re looking for a solid option that will remain with you down the road, come give WellyBox a try. It is an all-in-one receipt and expense management tool that takes care of all your receipts, extracts and records expense reports, and stores them in the cloud. You can easily share the reports with your accountant or connect them with your accounting systems.