While certain skills will always be helpful in managing expenses, certain actions can be done to make expense management simpler and more convenient.
10 Key Features Your Expense Management Software Must Offer
While certain skills will always be helpful in managing expenses, 10 key features can be done to make expense management simpler and more convenient.
Managing business expenses can be a breeze or a burden – It’s all about choosing the right tools and expense management solutions. Good expense management software is a boon for businesses big and small, helping streamline the accounting process, minimise errors, and ensure compliance. There are many options out there, but what are the key features you should look for? Here are ten must-haves.
- Split Feature
A smart expense management system has the ability to split expenses. Ever had a single receipt covering both personal and business costs? The split feature lets you accurately divide these costs with ease. It’s a neat function that maintains accuracy and integrity in your expense reporting.
- GST/FBT Wizards
Navigating taxes can be a minefield. A good software solution should provide a GST (Goods and Services Tax) and FBT (Fringe Benefits Tax) wizard. These handy helpers guide you through the process, ensuring correct calculation and application of these taxes to your expenses. It’s all about making tax time less taxing.
- Automatic Coding
Gone are the days of manual data entry. Automatic coding is a revolutionary feature that saves time and reduces the chance of errors. It auto-populates expense categories based on vendor and expense type. It’s a bit like having an invisible assistant who tidies up your expense reports while you focus on more pressing matters.
- Smart Receipt Matching
Have you ever spent hours matching receipts to transactions? Smart Receipt Matching automatically matches digital receipts to corresponding transactions. It’s not just about efficiency; it’s also about accuracy, ensuring every cent is accurately accounted for.
- Virtual Cards
The era of digital transactions calls for innovation. Enter Virtual Cards. These are generated for specific vendors or expenses, providing a secure and traceable method of payment. This type of plastic-free credit card enhances security, control and convenience while reducing environmental impact.
- Integration with All Card Types
Speaking of cards, your expense management software should play nice with all of them. Whether it’s a company card, a personal card, or a prepaid card, the software should be able to integrate and track expenses across all card types seamlessly. The goal is convenience, reducing the hassle of switching between different platforms or tools.
- Bill Cycle Management
Every business has recurring bills. These expenses occur like clockwork, whether it’s utilities, subscriptions, or lease payments. Bill Cycle Management is a feature that automates the tracking and payment of these recurring bills. Acting as an alarm for your expenses, this feature ensures nothing slips through the cracks.
- Approval Workflow Configuration
Every organisation has its own unique workflows. That’s why top-notch expense management software should offer configurable approval workflows. This means you can tailor the software to fit your business’s specific approval process, ensuring seamless integration with your existing systems.
- Receipt Exceptions
Occasionally, receipts can go rogue. They might not match up with recorded transactions, or they might breach company policy. Receipt Exceptions flag these anomalies for review, helping you keep an eye on your expenses and ensuring everything is above board.
- Invoice Automation
Dealing with invoices is an essential part of any business, but it can be a time-consuming task. That’s where Invoice Automation comes into play. This feature automates the entire invoice processing procedure, from capturing and recording to approval and payment. It’s basically like a super-efficient conveyor belt for your invoices, ensuring each one gets processed accurately and on time.
Enjoy All These Features (and More) with ProSpend’s Expense Management Solution
In a world where efficiency and accuracy are paramount, it’s essential to have an expense management tool that ticks all the right boxes. It’s not just about simplifying your workload but also about ensuring compliance and accuracy in your financial management.
Luckily, ProSpend’s advanced expense management software has all the features listed in this article (plus a few extras you’ll love). Book a demo to see the difference it makes to your spend management.