5 Best Expense Management Software For Field Employees
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Systems used by a company to handle, reimburse, and monitor employee-initiated expenses are referred to as expense management. Entertainment and travel expenses are among these charges. Expense management software helps to support businesses in many ways.
What is the Process of Expense Management?
The three main entities involved in expense management are financial teams, department managers, and personnel. It is a multi-step procedure.
- As part of their expense reports, employees code, document, and submit expenditure claims.
- Department administrators review, validate, and cross-reference these reports with spending policies before deciding whether to accept or reject them.
- After analyzing expense reports to ensure compliance and check for spending fraud, finance teams forward the reports for payment processing.
- Expense management refers to this entire process, from report filing to payment.
Importance of Expense Management Software
- Streamlines and optimizes the complete process of managing expenses.
- Removes errors, unauthorized expenses, and postponed employee reimbursements.
- Automates all repetitive, laborious, and error-prone processes.
- Provides finance teams with real-time access and control over all organizational business expenses.
- Guarantees automated adherence and no financial breaches.
Components of Expense Management Software
When it comes to spending management, every organization has different needs. Some crucial components that businesses require are.
App for mobile devices
To avoid reimbursement requests turning into full-time jobs, it is crucial to make expenditure monitoring as simple as possible. To enable employees to report costs while they’re on the go, a mobile app comes in handy.
Hierarchy for Expense Approval
It should be possible for the expense approval system to support your approval hierarchy while also allowing you to make necessary modifications at any moment.
Credit Cards for Businesses
To enable automatic retrieval of transactions from credit card statements, the system ought to enable the addition of credit cards. The accounting team finds reconciliations easier as a result.
Eliminate duplicate entries
There should be possibilities for integrating your spending management application with other programs. You can save yourself time by not having to manually enter the same data twice when you integrate your cost reporting system with other programs, such as accounting software. You’ll save time and avoid human error by doing this.
Your expenditure should be fully transparent to you, and the system should offer you advice on how to reduce costs. You may track down policy infractions, prevent needless spending, and examine the costs incurred by staff members while on business trips.
5 Best Field Employee Expense Management Software
Here are 5 best field employee expense management software:
Lystloc is a real-time employee tracking software to track your employees. The software comes with real-time data insights, automated workflows, meeting notes, reimbursement features, task management, and field sales reports. Employees can easily submit their online reimbursement forms which then will be approved by field managers. The software can be integrated with other platforms for smooth and effective functioning of expense calculations. Finance teams can find it very helpful to calculate their daily expenses with customized data reports.
Appropriate for: Small and medium businesses.
Pricing: The basic plan starts from ₹99/user/month.
Expensify is an online cost-tracking tool that helps you keep track of your spending in real time. It is simple to create and submit expenditure reports, as well as to scan your receipts. Additionally, the system includes an automated repayment mechanism that deposits the authorized sum straight into the bank accounts of the employees. Accounting programs like Xero, Oracle, Sage, and QuickBooks online are all closely integrated with it.
Appropriate for: Expensify offers a plan for everyone, from reporting and reimbursements for businesses to tracking expenses for sole entrepreneurs.
Pricing: For SMBs, the base plan begins at $5 per month.
3. Zoho Expense
One of the most detailed expenditure management software is Zoho Expenditure, which allows you to grant staff role-based access. It gives you plenty of customization options and supports your approval hierarchy and serving regulations.
For both approvers and submitters, the mobile app is useful. To make the lives of the finance employees a little bit easier, it is also connected to the Zoho Finance Suite and posts automatic journal entries.
Ideal for: Businesses and SMBs
Cost: For a single automated workflow, there is a freemium option available for up to three users. There is a minimum of 10 users and 25 automated workflows with the premium plan, which is billed annually at $2.5/user.
Concur is a travel and expense management software that provides an integrated, end-to-end solution that enables you to take charge of every aspect of corporate expenditure management. You have complete control over travel spending and may enforce travel policies using their user-friendly mobile app.
Ideal for: Businesses and SMBs
Cost: The $25 monthly small business plan for 25 users is $8 per user.
Fyle is a cutting-edge expense management software designed for both mobile workers and efficient finance teams. Fyle offers real-time dashboard and analytics for all employee expenses, automated card reconciliations, and rich data extraction from any paper or digital receipt in Gmail/Outlook inbox, Slack, and WhatsApp.
Ideal for: Businesses with between 100 and 5000 workers.
Pricing: Only active users—those who generate at least one expense report each month—are billed by Fyle. For businesses that are expanding quickly, the well-liked Business plan costs $8.99 per active user per month when paid yearly.
A company’s financial stability ultimately determines how big it can get. It is therefore crucial to know exactly where and what your employees are spending their money on. It can be harmful for an organization to have little or no access to spending information. Your business can expand, decrease costs where necessary, and maintain better overall financial health with the aid of expense management software.