There are a few things small to midsize businesses (SMBs) can do if they find themselves in the red, other than winning a lottery, of course. One of the ways is to cut down on the employee costs or salaries. However, this option can be tedious given that laying-off employees or reducing their salaries can have an adverse impact on the company, as it is already running on lean business plans. The second option is a lot easier one –The cloud, using which companies can rely on expense reporting, management SaaS and tracking products, whilst making sure that the expenses are controlled vastly.
How to get started?
It is important that you understand your company well, before you get down to selecting a SaaS expense reporting software solution. Understand where your company operates out from? Where are its branches? How big your workforce is? The best way to get started is in understanding how your employees submit their expenses through reimbursements for business meals, travel, office supplies and others. Try to figure out whether these expenses are legitimate and reasonable. See if you can create an organizational structure with multitier approval features that can be incorporated into the accounting and technology software that you have been using in your business already.
To get a better understanding, imagine your staff using only Windows or Blackberry phones. In this case you can easily overlook those products that only use mobile apps for Android and iPhone. However, if your staff uses only Android or iPhone, then you’ll be glad to know that there are quite a few SaaS products that have products that support these platforms. Looking at the financial side, see whether your CPA and bookkeeper use Xero Standard, Intacct, Sage or QuickBooks Online Plus and that they can be integrated easily in your existing software.
The Best Expense Reporting Softwares of this year
Though there are a few expense reporting software in the market today, the best ones have been those that provide a lot of features to its users, intuitive interfaces across mobile and web platforms, and ease of use in order to provide users with quality impressions for speed of image analysis, image capture quality and efficiency of submission and approval of expense reports.
On the above grounds, it is fair to say that Abacus, ExpensePath, Xpenditure Small Business, Certify Now and Concur Expenselt and Concur Expense have ticked our boxes fairly comfortably and deserve the tag of best expense reporting software of the current year.
This intuitive expense tracking software is well known for its easy to use interfaces that come along with a host of interesting and useful features. With this multi-tasking software at your disposal, companies, especially managers and finance department, will find it easy to match expenditures in different ways that include project, team and ROI (client return on investment). Submitting your expenses has been made easier with Abacus, even if you were to do it regularly. In fact, you do not have to fill out the form all over again. Also, the turnaround time of reimbursement is about 2 days only! Then there’s a cool communication feature with Abacus that lets finance department, managers and employees connect with one another.
It is one of the most reasonably priced and well featured expense reporting software available today. The best part with ExpensePath is that you do not need to store your banking information to use it. Also, its customizable features make it easy for both employees and finance team to make changes to parameters, depending on individual situations and company policies. If you are an exclusive mobile user, you’ll be glad to know that ExpensePath free to download and use mobile apps for its Android and iPhone users through which expense submitters or employees can capture images of receipts, create expense reports and have them edited and submitted from their device. Managers, on their part, will receive the notifications on their mobile and can approve or deny the reports from their device.
3] Xpenditure Small Business
This comprehensive expense tracking software is very easy to use and comes with many useful tools, including multi-lingual interfaces, OCR technology and multiple accounting software support. Expense submitters will find it easy to work around with Xpenditure Small Business as it combines the OCR technology with easy to navigate, multilingual Web and mobile interfaces. Also, given that this software has a 10-year data storage feature coupled with integrated approval and administrative features, users will have all things covered in using it.
4] Certify Now
Whether you’re a company finance department or a mobile user, Certify Now will serve you as a great expense monitoring software. The exhaustive set of features it has lined up through its software is truly amazing. Small business are surely going to find this software easy to use and esthetically pleasing. Certify Now is available at different price points to make it possible for everyone use it in one way or other. The comprehensive payroll support and customizable report templates are among key features this software has to provide to its users.
5] Concur Expenselt and Concur Expense
For SMBs looking forward to moving into the enterprise mode, Concur Expenselt and Concur Expense provide a wide range of features for both travel tracking and expense management. It has apps ready for all mobile platforms, including Android, iPhone, Windows Phone and Blackberry.