![]() Why Is Expense Management Software Important?Īutomated expense reporting software helps companies simplify T&E operations, increase productivity and boost the bottom line by improving the process in five areas:Įmployees may submit expense reports and corresponding documentation, including photos or scans of receipts, directly into the software from their computers, tablets or smartphones, eliminating the need to fill out paper forms and hang on to sales slips. They may experience hits to their cash flow when duplicate or fraudulent reports slip through the system, they can’t bill in a timely fashion for expenses incurred on a client’s behalf and inadvertent mistakes lead to tax penalties. This can have severe consequences: Small businesses lacking expense software risk employees purchasing something that isn’t allowed and frustration with cumbersome processes and reimbursement delays. While larger companies have typically replaced paper reports, piles of receipts and spreadsheets with expense management software, smaller companies are more likely to hold on to inefficient manual processes and systems. ![]() ![]() Managers need to approve these expenses for reimbursement, track how much the company is spending on T&E (travel and expense) and document everything for tax purposes to help ensure the company can claim all appropriate deductions. Employees must submit expense reports to be repaid for out-of-pocket purchases. East, Nordics and Other Regions (opens in new tab)Īll companies need to track the cost of doing business, part of which includes managing expenses.
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