Best Expense Management Software Features Consideration

Field employee Expense Management Software settlement is a tedious and challenging process only when you follow conventional approaches. You have to rely on spreadsheets and envelopes full of receipts, which is an entirely cumbersome task.

The best expense management software helps you maintain all your field technicians’ expense receipts and travel reports in one place. You can view expense claims raised by employees at any time and automate the reimbursement on the go. You can even enforce policies based on business goals, types of business expenses, and other essential parameters.

Looking at these benefits, you may not resist yourself from trying out the software. But wait for a while until you read this guide. We have discussed some essential features for you that will help you choose the best expense management software. Let’s explore further!

Key Components of the Best Expense Management Software

1.   Automated Claim Submission and Approval

Using the automated expense management software, you can let your field employees seamlessly submit claims with proofs. Managers also get notifications about each employee’s expense claim instantly. After assessing the bills attached by employees, they can make the reimbursement in just a few minutes.

2.   Multi-level Hierarchy

Field organizations, according to their organizational norms, can customize the hierarchy approval process. They can enable certain managers to behave as approvers. So, whenever a field employee raises a reimbursement claim, they can instantly validate it against the proof and provide their consent. If any manager in the hierarchy level does not approve the request, employees don’t get their reimbursement done. That means the further procedure depends on managers checking, assessing, and approving the request.

3.   Expense Evidence Upload

To ensure that employees are raising the right claims, this feature is provided in the employee expense management software. Here, employees upload bills and evidence that support their claims in jpeg, png, or pdf format. Managers, after assessing those proofs, can provide their acknowledgement. They can also use field workforce tracking software to learn if employees are present at that specific location and time. All these will help facilitate the appropriate expense reimbursement.

4.   Real-time Status Check

Both field managers and executives can check the real-time status of their claim requests. For instance, managers receive a message or notification just after an employee shares the reimbursement requests. Likewise, employees also get notifications on their mobile apps whenever they get approvals from their managers. This eradicates forgetfulness from the organization and streamlines a better workflow when everyone, from employees to managers, is in sync with each other.

5.   Cap on Expenditure

This is the most important feature that you must consider while choosing the best expense management tool. It allows managers to put a cap on expenditures incurred by employees. That means employees cannot go beyond the limits fixed by the managers. Cap can be put on expenditure allowance designation-wise, team-wise, or category-wise. This way, a field company can ensure that its expenses are managed appropriately.

6.   Distance Traveled Reports

Sometimes, when you cannot rely on proofs of bills and invoices, these distance-travel reports can be a major help. Using those reports, you can assess the distance traveled by employees from point A to point B. Thus, an overview of their fuel or travel expenses can be easily attained. When you have everything in place, you can successfully streamline accurate expense management, eliminating fraud and inappropriate claims.

7.   Data Security

A vast amount of your company’s data will be secured within the best expense management software. You can seamlessly store all your employees’ expense claims and status on their claims. Using the data, you can streamline an accurate payout to employees while crediting the amount of expenses they made along with their salaries. Even you can adhere to all relevant compliance and guidelines and decide who will access your company data.

So these are all the relevant features that you must look for while picking the best expense management software. However, don’t forget to focus on the goals that you want to achieve with the system. Also, prioritize your current business flow and budget to choose the best software among all available options.

To sum it up:

Slow reimbursement in the workplace will only strain employees’s dedication to the company. But, with the best expense management software in place, we can avoid this happening. All these essential features that we have mentioned in this guide can be found in TrackoField. It is all encompassing expense management software that streamlines employee expenses, claims, and payments. You will move closer to monitoring all your finances seamlessly with its offerings, like:

• Multi-level approval hierarchy
• Expense evidence upload
• Real-time status check
• Cap on expenditure

To strengthen the bottom line of your finances, get your hands on the comprehensive offerings of TrackoField including a leave and attendance management system, order management, and more. Try it out and witness the magic of hassle-free expense management like never before.

Read More: 15 Must-have Features of Attendance Management Systems