Expense management software has always been a perplexing term for many employers or entrepreneurs for that matter. As easy as it may sound it is, managing accounts and keeping a track of the expenses is a tedious task. As each organization has its own set of policies that provide the employees with reimbursements for travel and other expenses. For instance, as a birthday present many organizations provide the employee with vouchers or reimbursements of purchase with a certain tab on the expense.

The challenge is to mark each expense that an employee makes and is eligible for reimbursement. Expense management software has made it easier for the team to track the expenses of the team and ensure that the employees can gain the benefits that are bestowed by the organization. It can be perplexing. 

Let’s take a look at these questions that can help in gaining better insight on expense management software and its role in the organization:

What is expense management?

Whenever it comes to expense management, the first glimpse is the reimbursements that is provided by the organization for certain expenses such as travel, conveyance, wifi , ect.  To enhance the employee experience organization tend to cater such expenses of the employee on a daily basis under certain terms and conditions.

Expense management is an essential part of any organization. It collectively evaluates the expenses of the organization and helps in generating the profit revenue at the end of each quarter. It is a robust mechanism that helps in reporting the end- end expense workflow of the organization.

How does expense management help corporations streamline their finances?

Expense management software empowers the team to manage the financial aspects of the organization. It caters the expense flow of the organization. The employees can easily update their receipts of the expenses that are eligible for reimbursement within a few clicks. It diminishes the hassle of the HR or the payroll team to update data manually. It provides a single view expense track budget for the employer. The employer can smoothly plan the amount that needs to be invested in the next quarter of the year. 

How to configure expense management?

Configuration of the expense management software is an integral part of installing the application. The vendors usually align a support team that can assist in configuring the application. 

Configuration of the application usually is combined with three steps

• A brief description of various categories that sums the requirements of the organization
• Introduction and implementation of policies to benefit the employees
• At the end the application requires the approval. Once approved the configuration process is completed. 

How is payment made to the employees?

The expense management software provides an integrated feature to automatically transfer the data to the payroll software. The data transferred assists in generating the expenses and pay the reimbursement amount along with the salary amount at the end of each month. 

How is approval handled in corporate expense management?

The approval of the expenses are usually catered under the HR policy of the organization. As each organization has it’s own policy for reimbursement and benefits. Once the application is installed it auto updates the data in accordance with the policy. The filters the receipts that is eligible for reimbursements smoothening the process of the expense management.

These questions help in gaining better insight about expense management software. With new technological innovation in each passing day new features have aimed to elevate the experience of using an expense management software. 

Having said that it is essential for the employer to opt for a trial session before investing in any application. As without integration it is impossible to achieve the desired results. A well calculated decision that can help in catering the requirements of the organization and avoid penalties is a step towards development.