What to consider when purchasing an Expense Management solution?
Thankfully, manually managing business and travel expenses is becoming a thing of the past – we all know that manual processes are both time consuming and tedious.
There are many advantages to a digital and automated solution, but it is important to choose wisely. There are several solutions on the market that digitise and optimise the process – from purchase to payout. But what should a company consider when purchasing an Expense Management solution?
What to keep in mind and which features are important?
- The solution must have both app and web support for reporting expenses. It doesn’t matter if a receipt is digital, has been emailed to you, or is the plain old paper variety, your new system must be able to accept and process all receipts.
- Expense management includes receipts, entertaining, per diems, company card purchases, and mileage. That’s why it’s vital that the service supports all of these components in one solution, one app.
- Ease of use is key to getting employees to embrace and use a new service. Make sure to choose a solution that doesn’t require staff training.
- The new service should have automated features that help the users, for instance, analysing receipts and automatically filling in the category, amount, VAT, currency, and so on.
- Accounting regs are a jungle and no one can keep track of all of them, make sure that the service complies with your country’s regs. The service should also make manually calculating allowances and mileage obsolete by going the calculations for users.
- Is the service optimised for employees who report their expenses, the bosses who have to approve them, and the administrators who do the payout?
- If you have company credit cards, make sure you can integrate them into the new system for easy reporting.
- Digital mileage reporting is becoming more and more common, reduce reporting by integrating it in the service.
- It should be possible to integrate your new service with both your payroll and accounting systems. Integration ensures that expenses paid by company cards are reported to the accounting system and that mileage, per diems, and expenses are reported to the payroll system.
- Scalability is vital. As your company grows, the system must be able to grow with you. If your enterprise comprises multiple companies and divisions, the system must be able to manage all of it.
- Your new service provider must have dedicated customer service which you can contact by chat, email, and phone.
- And your new service provider has to be able and willing to continuously develop the service and make the service the top priority.
And finally, some good-to-haves
- Support for all payment types and currencies.
- Notifications when expenses have been reported more than once, or when information is missing.
- The ability to manage multiple companies with one login.
- Customisable approval processes and temporary approvers (for vacation, leave, etc).
- Support allowances for congestion taxes, food, fuel, and more.
- Statistics and reports that give you a complete overview of travel costs.
Let’s look at some of the key challenges banks and card providers face, and consider some ways in which they can keep evolving – in line with their customers’ changing needs
In this article, we’ll explore how the industry is changing following the introduction of PSD2 and how corporate card providers can team up with fintech companies to meet customer needs – and do so fast.
We stand on the threshold of a digital revolution: one in which sectors as diverse as retail and financial services are adapting – or dying. This is true for businesses operating across both B2B (business-to-business) and B2C (business-to-consumer) markets. But while it may appear that it’s ‘everyone for themselves’ right now, many companies are finding that collaboration is the best way forward.