How to control organization's expense with Expense management software?

Organizations can't operate efficiently if they have no idea how their budgets are being spent.  In today's scenario business travel is on the rise and with it travel spending and related expenses. Using the traditional manual system to record, track and predict travel costs and expenses can leave finance teams struggling, to ensure data accuracy and to provide senior management with correct and up to date reports. It's vital that expenses are reported correctly and within a certain deadline.

"Beware of little expenses. A small leak can sink a great ship."

As with many other aspects of your business, technology can ease the burden of managing and monitoring employee expenses.  If you've been considering online expense report software, but are wondering how to justify the purchase, here's a look at key benefits that expense report software offers companies and how businesses can apply these advantages to help achieve their financial objectives while keeping administration/ processing costs low.

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Across the board efficiencies:

Employees can use software to upload expenses and associated receipts at their convenience and the report automatically undergoes an evaluation process customized to your business. Managers and finance departments can analyze reports created from entered data.

Control Expenses with Policy Enforcement:

Many companies have specific business or division-level guidelines, as well as parameters associated with specific projects or clients. Online expense management software allows companies to control spending by automating policy enforcement without the unwieldy process of manually comparing expenses and rules. Non-compliant expenses can instantly be flagged to employees when they're submitted, and expenses that require extra attention can be highlighted for immediate management review.

Enforcement assistance:

The software can be programmed to flag and even deny items that are not valid business expenses. Limits can also be set for expenses such as lunches and lodging.

Reimburse Employees Faster: 

Expense report systems can help reduce turnaround time by improving accessibility for faster submission, approval, and employee reimbursement cycles. Information sharing is instantaneous, so employees can initiate the process by submitting expenses while still on the road, and managers and accountants can immediately review and approve expenses or send them back with questions.

Better information:

Expense management software offers a plethora of options for monitoring spending. Want to know how much is spent with a specific vendor? Or track expenses by department or individual? Automated systems allow users to easily generate reports that can pinpoint inaccuracies or potential abuses.  

Integrates with Tally:

Tally is one most used accounting software, So the Integration of Spine Expense Management and Tally makes Spine's expense management more user-friendly and efficient while managing the expense.

Currency conversion:

International travel and the accompanying currency issues can tax the most competent of accountants. Software easily converts and calculates exchange rates for accurate reports.