Expense management software streamlines employees’ expense submission process and your business’s review, approval, and reimbursement process. With the right solution, you’ll increase visibility and control over your expenses, as well as boost productivity thanks to the time saved.
So what is the right expense reporting software for your business?
We’ve created a free buyer’s guide to help you with the process. You can download it for free here.
Download it for help from start to finish while researching and evaluating expense reporting solutions. We help you determine your needs based on your existing processes, stakeholder goals, and current market availability.
The guide also includes a helpful worksheet and questionnaire for vendors so you can easily compare platforms and make sure your needs can be met.
Download the guide here. Here’s an overview of the helpful resources it includes.
The ROI of Expense Management Solutions
If you’re interested in a general idea of ROI for expense reporting software and don’t want to spend the time analyzing internal costs, The Aberdeen Group published data on averages for expense report processing:
- Average business cost to process a single expense report without expense report software is $20.65
- Average of 1.5 expense reports submitted per employee per month
- Average business cost to process a single expense report with expense report software is $7.50
Our guide provides the ROI calculation to determine the monthly savings you’d see with an expense management platform.
Before Starting To Evaluate Solutions
Before you evaluate expense management solutions, you need to do the three things internally.
- Talk to stakeholders
- Set needs and requirements
- Outline your process
Once you’ve done so, solutions will be much easier to compare and your process will be much smoother. Our guide shares more on how to approach each of these three preparations.
Understand Your Options: Real Time vs. Batch Reporting
Expense management solutions break into two main system types: batch reporting and real time expense reporting. The type of system you choose will affect the features and capabilities available to you, as well as the process for submitting, reviewing, and approving expenses. Our guide explains the difference.
Features and Capabilities: Expectations and Limitations
As you evaluate solutions with your list of needs and requirements, be sure to understand what features are available across platforms, how they’re best implemented, and how they work in the solution. It covers features to look for across:
- Submitting and approving expenses
- Card management and issuing
- Reimbursements and managing cash flow
- Expense policy compliance
- Accounting software syncs and data exports
- Documentation and support
- Reporting and analytics
Use our guide to learn more about how each feature can help your expense management process.
Solution Evaluation Tool Kit
There are clear cost and time saving benefits when using an expense management solution. Selecting the one best suited for your needs will solidify those benefits and increase adoption throughout the company. Our guide shares the pre-evaluation worksheet to use, as well as the questions to ask vendors.
Ready to download our buyer’s guide to choosing an expense management system? Get it here.