Travel and expense management for growing businesses

Why do organizations need expense management software?

Without expense management software, your organization will find it difficult to manually manage receipts, expense reports, and travel expenses. Expense management software has a direct impact on optimizing business spend, while drastically cutting down time on manual data entry and management.

Why should businesses avoid using spreadsheets to manage expenses?

Managing expenses via spreadsheet becomes tedious as the size of the organization increases. Using spreadsheets to manage business travel and expenses is neither efficient nor safe. Accountants need to ensure that there are no formula errors, as it may lead to costly financial mistakes during monthly or yearly financial calculations—and it's also expensive in terms of manually managing policy violations and fraudulent claims.

Why should organizations automate the expense management process?

A manual expense reporting process is a pain for employees—as well as travel and finance teams—as it involves a lot of work to create reports, approve or rectify them, and manually check for duplicate and fraudulent claims. Automating your expense management process helps in reducing manual work and improving compliance and policy adherence.

How should one evaluate expense management software for their organization?

Before investing in expense management software, businesses need to have evaluation criteria in place. Some of the main reasons for implementing expense management software are to help save time, increase compliance, and simplify the reimbursement process. If you're unsure about gathering requirements by yourself, talk to a product expert, explain what you're looking for, and let them suggest the best plan that suits your business needs.

How to choose expense management software?

Here are some of the key points to consider before choosing expense management software:

No hidden costs

Active-user-based pricing is one of the most cost-effective methods of pricing, where you end up only paying for the users who are actually using the product.

Ease of use

Businesses need to keep track of countless activities, so managing expenses and travel requests should be streamlined, and the software should provide an overall user-friendly experience.

Data security

As expense management software deals with a lot of sensitive data—like employee bills, business spend details, corporate cards, and travel documents—it's important that the software is compliant with all security standards.

Scalability

Changing software and migrating data is exhausting. So when you decide to implement expense management software at your organization, it should be able to meet your requirements when your business expands. The software that you choose should also align with your growth strategy and help you scale your business.

Support

A reliable support team should be available to help you resolve any issues or questions. You should also closely examine how easy it is to get in touch with the team via mobile or email.

What's the best expense management software?

We may be a little biased here, but Zoho Expense is used by businesses of all sizes in 150+ countries across the globe. For more than 7 years, Zoho Expense has been serving world-class software for businesses and delivering user-friendly experiences for their employees.
Sign up for a free trial today and start your expense management journey with Zoho Expense.