Are you still manually managing all the data of employees’ travel and its relative expenses? If your reply reflects yes, then you are in big trouble. The bulky reports and the handwritten notes regarding not attaching re
Are you still manually managing all the data of employees’ travel and its relative expenses? If your reply reflects yes, then you are in big trouble. The bulky reports and the handwritten notes regarding not attaching receipts make your work even more complicated when the time for reimbursement comes. Also, manipulating those data using the pen-paper format consumes a lot of time and effort with the least assurance of getting an error-free result. Even today’s modern workforce does not prefer to spend time collecting and storing all the bills and receipts for their official travel.
Everything needs to be handled precisely, starting from collecting the receipts to organizing and verifying them. For doing so, it’s time to thank today’s technological advancement, which makes the whole spending management process easier for every business. It makes you free from tedious and time-consuming tasks. From tracking the spending to verifying and approving it, every aspect is managed by the tool itself.
Another catchy part of using such tools in your company is that they ease the accounting and are a cost-effective solution. This cloud-based technology is making the job easier and streamlined for every business. Also, employees will get the relief to get faster approval and reimbursement for the spending they made. The figure below shows the major pain points of the travel and expense management process-
Due to such vast usability, the global market size of the travel and expense handling software will achieve a compound annual growth rate of 12.4% in the years 2020-2027. The article will provide an overview of the top travel and expense management tool, which effectively manages all the aspects of the process.
Criteria To Look For While Choosing The Expense Handling Tool
Before jumping directly to the best software section, firstly, it is better to frame outlines as it is going to impact the financial management of the organization. Outlining the needs will help pick the best application for your organization. Evaluation of the required list of criteria is a must for every company as it differs based on the workability of various businesses. The major needed aspects are mentioned in the following points-
Integrable with other tools
Auto-scanning of the submitted proof
Categorization of the expenses
Automated report generation
Credit card integration
All these crucial features bring more effectiveness in managing the entire process hassle-free. Along with it, the application brings many benefits for your organization, as shown in the figure below-
By viewing the whole list of benefits, it is quite enough to say that today there is a particular place for such tools in every organization for making their workplace more productive.
Top Expense Handling Platforms For Your Business
Today expense handling tools are becoming necessary for the betterment of financial management of every business. To make your selection process easier as a vast pool of software is available in the market, refer to the following points. You will find the top 5 travel and expense handling tools that are most preferred and used.
Expensify platform is preferable for small and medium-sized businesses. It handles the whole painful expense management process effectively. Moreover, it automates the entire workflow converting it to a paperless working approach for both the managers and the workers.
It has an automatic reimbursement feature using which the approved figure is directly transferred to the worker’s account. It is one of the speedy and simplified solutions you can look for to seamlessly handle your business’s spending. The tool can determine and monitor the traveling cost based on the time utilization and distance traveled.
This tool allows importing personal and business card transactions to merge the reports in the fastest way automatically. Its SmartScan functionality allows capturing all the details of the receipts with just one snap. Other top features of this software are multi-stage approval, tax tracking, access delegation, card reconciliation, integrability with the accounting system, and many more.
Certify combines expense and travel management into one easy-to-use application. Any kind and type of business can prefer this solution for its firm. Whether you want to track the company’s spending for yourself or the employees, you can rightly do so using this software. Its auto-fill features make its usability even more worthwhile and loving in the employees’ view as it vanishes the need for manual data entry.
Certify supports about 64 languages and 160+ currencies, making the calculation and verification faster and effortless. The top features of this web-based tool are automatic report creation, receipt capturing, and auditing, which makes the job of spending management even easier for both the managers and the employees.
This software is integrable with all your existing business systems. Its intuitive user interface allows all the employees to access all the features of this tool quickly. The preapproval feature of this application enables the managers to get note of every spending which makes the maintenance of the overall cash flow better. You can also track the mileage and its relative expenses by setting up the starting and ending point of the journey.
factoHR helps keep away the unnecessary expenditure,by providing an expense management tool for handling employees’ expenses in the most secure manner. Here, Dedicated server cloud-based technology allows the workers to seamlessly undertake reimbursement requests, attach proofs, monetary requests, and many more in just a few minutes.
Your worry of policy configuration gets over here as you can simply do it. You can even set the criteria for a group journey to get the exact and factual information about their travel. In addition, it provides a mobile application using which employees can initiate their travel and expense claims on the go. Here is one more advantage to the workers called the AI-based reimbursement feature. With it, they can automatically fill the form in the digital format by capturing the image of the receipts.
Along with appointing the managers to approve the expense request, the system allows to set up reminders for the workforce and the respective authority to apply and approve their claims. Also, one of the aspects mentioned above, called multi-currency conversion, is handled automatically, which helps to make the process even more speedy and error-free. This tool undertakes all the procedures on a real-time basis and helps remain statutorily compliant.
Fyle is the next-generation spending management tool that completely eliminates all the manual work for handling the expense reports. The tool allows tracking receipts from wherever it is located, including gallery, Outlook, Slack, or G-Suite.
The tool uses OCR (Optical Character Recognition) technology to fetch the necessary data from the receipt automatically. Further, it automatically checks all the details to ensure that it does not contain any fraud actions and abides by the company’s policy. What’s more about it? The software determines the non-reimbursable spending, splits the spending based on the categories, and generates a ready-to-submit report. It showcases the level of risk the submitted reports have. Lastly, the tool automatically performs the payments and shows the status on a real-time basis. You can clearly view all the spending aspects, including the violator’s actions, change in amount, duplicate files, and many more.
Rydoo is considered one of the best spending management tools where all your worries get over with the use of just one app. With one single tool and dashboard, the entire journey of the employee’s expenses is handled and analyzed well. Also, they do have to suffer more from tracking their spending in multiple currencies and languages as the tool itself will manage the whole conversion process for them.
Workers can scan and submit the claim for approval in real-time. Moreover, it makes the reimbursement faster by allowing them to view the status of their request through the dashboard. Managers can undertake the approval process faster by forming a schedule to look into the expense requests without disturbing their primary tasks. In addition, the software allows you to automate a part of the approval workflow and helps to focus on the needed criteria, resulting in saving you a considerable amount of time.
The workforce can book the whole trip using this software, making the verification process much easier for the authorities. All the booking is performed keeping in view the company’s travel policy to ensure that every spending remains compliant. This helps to reduce fraud-generating cases and generate the result in an error-free manner.
An expense handling platform is a necessity for every business to handle the financial matters of their company effectively. Not a single firm will like to tolerate any mistakes in it as it drastically affects their growth. That’s why it is even more pivotal to search and use the best SaaS application for your business, as shown in the article. Furthermore, it will benefit managers and the employees as they can rightly focus on their primary tasks while the system handles all the matters related to spending.
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