Expense Management is important no doubt. But do you even track your expenses properly?
First off, we need to understand why expense management is important. Businesses need to thoroughly check expenses to ensure the business complies with regulations and make sure employees aren’t spending too much or buying non-work related items. Expense management technology can help with business audits by providing visibility into what funds are coming in and out of the business.
Following are the major features of an expense management system-
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Expense Tracking
When it comes to tracking expenses there are not many efficient ways to do it. You can either do it manually in a register/excel sheet or you can use software. Using a software is always a better deal as there are no real drawbacks and it is just much more efficient and cost-effective. Of course if you are a very small organisation, the traditional manual way would work just fine. But as you grow, this will become more and more difficult for you. An HRMS lets you track your organisation’s expenses at the very moment they are incurred. Employees can submit bills/receipts as a proof of expense. With an HR Management System as efficient as Spine HR Suite expense tracking becomes easier than ever before.
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Categorisation of Expenses
Expense management feature of HRMS also lets you group and categorise expenses. Eligibility can be set group and head wise. Receipts for eligible expenses can be added through the web/mobile app. Per kilometre expenses can also be added for travel. And if you thought it ends here, HRMS also allows you to add expenses in foreign currency.
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Emails for notifications
Spine HR Suite allows you to set up a mass emailing system for notifications. Initiations and other notifications like bill upload, expenses paid, etc. this helps you be updated with the expenses incurred/requested. HRMS ensures that you never miss out on notifications and expenses!
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Integration with ERP
Okay HRMS helps you track expenses but where does this data go? All the expenses that are approved are directly reflected in your ERP software. Seamless integration between HRMS and ERP softwares allows you to create JVs and ledgers which directly reflect the expenses recorded by the HR Software. Spine HR Suite is integrable with an array of ERP Softwares which allows seamless integration.
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Web and Mobile App
You might not have a laptop or computer everywhere you go. But you would always have your phone with you! Majority of Human Resource Service providers have a mobile app for convenience. But Spine HR Suite takes convenience to a whole nother level with the web-based application.
In conclusion, expense management is one of the overlooked features of an HRMS. Read 6 Overlooked features of HRMS and why should you consider them? But it is as important as others as expenses directly reflect in your statement of affairs.
Are you on a hunt for an HRMS or Expense Manager? Spine HR Suite is the one stop solution! With seamless integration and an array of other useful modules it is the ultimate HR Solution!