Regardless of the industry you belong to, your priority should be to save time and streamline operational efficiency. Fortunately, automation has paved the way for increased productivity and profitability by allowing companies to free up resources to direct towards key business functions. One area where companies have undergone major transformation is accounting and bookkeeping, especially expense management. This blog will discuss about 6 Best features of an Expense Software.
Expense management software is designed to provide innovative solutions to businesses and accountants, by helping them keep track of employee spendings and compose error-free accounts for financial analytics.
Being an essential component of smooth business functioning, an expense software is resourceful to businesses of every shape and size. It helps save time and money, as well as guarantee top-notch security and risk-free accounting.
For businesses looking to upgrade their accounting systems, it is worth taking into account the best features of an expense management software before making a decision.
Therefore, in this article, we will look at 6 such beneficial features of an expense software to guide you in your decision-making.
Table of Contents
It is imperative to have a dashboard that can summarize financial data for you in a manner that is easily accessible. You should be able to navigate around your expense software intuitively to be able to manage your cash flow in a streamlined manner.
An intuitive dashboard will require a quick glance from you to become aware of all spendings and develop an accurate picture of your finances. It allows you to stay updated on your expenses and make better decisions for future endeavours. It also ensures that you don’t miss out on any crucial expenditures and provides transparency.
Top-notch mobile app
We live in our mobile phones in the contemporary world. Therefore, it is essential that your accounting software have a mobile app for maximised accessibility and faster shareability. It is significantly easier to keep track of daily expenses on a smartphone when compared to a desktop device.
With a powerful expense software such as Dext, you can integrate your devices and store information stored in your mobile phone to stay on top of your expense reports.
Compatibility with top accounting software and third-party integrations
An expense software is not the only technology companies use to streamline business processes and integrate with their connections. From accessing records from banks to using third party applications to make payments and convert to CSV or PDF formats, there are a plethora of technologies they need to be connected with to ensure smooth business functions. Therefore, your expense software should be able to quickly and seamlessly sync data from other software and deliver reports in your preferred formats. It should be compatible with top accounting software to be able to compile information comprehensively for an accurate picture of expenses.
This feature is especially beneficial to businesses that have multiple sources of earnings.
Automation in workflow
Businesses should be able to automatically create expenses and populate them as needed. If expenses have to be approved manually, it will end up taking valuable time which could otherwise be directed towards productive work.
populate and complete expense reports on the go. Effortlessly submit in a few simple clicks and watch Dext extract all the important information. Save time on logging data, finding paperwork, and approve expense reports in next to no time.
With cloud-based expense software, bookkeepers can process all expense related information effortlessly with a few simple clicks. This helps save time in manually logging data and indulging in repeatable paperwork.
The primary purpose of an expense software is to automate manual repeatable tasks and streamline accounts management. Given that expenses and costs need to be input separately and be categorized for financial insights, it is imperative that your expense software support automatic categorisation of expenses. Bookkeepers should be able to effortlessly approve or reject submitted expenses, and benefit from the customizability of in-company hierarchies for hassle-free management. This feature helps save a ton of time for employees and increases efficiency.
Flexible payment options
This one’s obvious. Bookkeepers and accountants should be able to choose their preferred payment options, currencies, and subscription models. With monitoring expenses and costs becoming increasingly challenging given the difference in currency values and companies having predefined budgets, it is necessary that an expense software offer flexible payment options to cater to the usage and volume of different companies.
Dext, for instance, offers both annual and monthly options, and has separate plans for small to medium businesses and large businesses. Even enterprises can effortlessly manage business finances by enabling access to up to 30 users and managing 4,000 monthly documents.
Now that you know what makes an expense software effective, go on and choose one that will best serve your needs. If you would like to give Dext expense software a go, sign up for a free trial to check how it benefits your team and company.