{"id":17337,"date":"2021-06-30T04:40:05","date_gmt":"2021-06-30T04:40:05","guid":{"rendered":"https:\/\/www.itilite.com\/?p=3008"},"modified":"2024-11-30T08:47:06","modified_gmt":"2024-11-30T08:47:06","slug":"choose-business-expense-management-software","status":"publish","type":"post","link":"https:\/\/www.itilite.com\/blog\/choose-business-expense-management-software\/","title":{"rendered":"How to Choose the Best Expense Management Software"},"content":{"rendered":"
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\"Best<\/figure>\n\n\n\n

Finding the best expense software for a business is tricky. There are a variety of service providers in the market with distinct features and services.<\/p>\n\n\n\n

So, how do you select best expense software that not only manages expense reporting<\/a> but also makes the entire process faster, easier, and more efficient? <\/p>\n\n\n\n

A software solution that fails to streamline tasks for you and your employees will ultimately prove ineffective, regardless of its features. You don’t want expense management software that requires coercion for your team to adopt it. Instead, it should seamlessly integrate into their workflow, enhancing their overall experience.<\/p>\n\n\n\n

With employee satisfaction<\/a> and business values aligned, here\u2019s a step-by-step list for choosing best expense management software that \u201cworks\u201d for your business.<\/p>\n\n\n\n

If you already have expense software, but your current provider isn\u2019t meeting your business needs like best expense tracking. This blog will help you re-evaluate your vendor and choose a better one. <\/p>\n\n\n\n

Finding the Best Business Expense Management Software<\/h2>\n\n\n\n

Step 1: Understand What is and isn\u2019t Working in your Current Process.<\/h3>\n\n\n\n

First, it\u2019s wise to analyze your current expense management process. Before you start searching for a good expense management software system, you can probably create a list of the problems your business is facing. This will help you choose the right option.<\/p>\n\n\n\n

Some questions you may want to ask yourself include:<\/p>\n\n\n\n

1. How do your Employees Generally Incur Expenses?<\/h4>\n\n\n\n

Do your employees use company-owned credit cards or personal credit cards and then get reimbursed later? If they use personal credit cards, you would need software that provides a mobile app<\/a> so that employees can take photos of their expense receipts on the go and file reimbursements. <\/p>\n\n\n\n

Moreover, the best expense reimbursement software<\/a> in the market offer ACH payments<\/a> feature where the reimbursement is directly credited in the employee’s bank account. <\/p>\n\n\n\n

2. What Problems do your Employees Face while Expense Reporting?<\/h4>\n\n\n\n

Employees will utilize the software to the same extent as you do. Hence, if you’re considering purchasing a new one, it’s prudent to gather feedback from them regarding the ease or complexity of the current software and any desired changes.<\/p>\n\n\n\n

3. If you are Re-evaluating your Current Software, which Features are Missing or you Don\u2019t Use?<\/h4>\n\n\n\n

There might be some features you don\u2019t use like best expense tracking that you initially thought you would and some that you think should have been there in the expense management software. You can create a list of features that are a must for you and cross the others that are not required.   <\/p>\n\n\n\n

4. How do you Allocate the Funds Between Different Departments? What Insight does your Current Expense Management Software Provide?<\/h4>\n\n\n\n

If your company allocates funds to different departments, you require expense management software which is having the best expense tracking feature that helps track allocation and different spending patterns. <\/p>\n\n\n\n

Once you know the problems you need to solve, the part of researching for software becomes simpler. The criteria for your business will depend on the problems you and your employees face.<\/p>\n\n\n\n

Step 2: Set a Reasonable Budget<\/h3>\n\n\n\n

You must also set a reasonable budget for the business expense management software. Check which software falls within your range and take into account its ROI for the company. <\/p>\n\n\n\n

For instance, a stand-alone solution may be cheaper now, but it makes sense to buy an advanced, all-in-one solution that helps you save money down the line.  <\/p>\n\n\n\n

Step 3: Research Business Expense Management Software Providers<\/h3>\n\n\n\n

Once you have created a list of all problems you need to solve and have set a budget, it\u2019s time to start researching the best expense management software providers. You can assess each provider in the following areas to make sure you select the right software.<\/p>\n\n\n\n

1. Essential Features<\/h4>\n\n\n\n

Whether you are buying new software or replacing your existing one, ask yourself: Does this software have all the essential features you are looking for?  Are the \u201cbonus\u2019 features necessary for your business?<\/p>\n\n\n\n

Here are some aspects that can help you determine if the software offers the features you need: <\/p>\n\n\n\n