The Need-to-Know Guide to Expense Management Software: Checklist of What to Look for

February 6, 2023

Expense management is one of the crucial parts of the business. It is among the factors that dictate a company’s future and growth. Such an important thing should be away from the possibility of human errors. Rather automated AI-based software with more than 90% accuracy should handle the action.

Considering this, a receipt scanning app or software can efficiently perform such tasks. For instance, document travel expenditures, streamline approvals, quick reimbursement, validate the warranty or expense claims and report submissions. Additionally, it has numerous other benefits, like a direct link to the accounting software and many other advantages. The present article mentions the method and important points concerning the Dext expense management software.

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Methodology of Expense Management

Though it may sound challenging and tedious, a receipt scanning app eases the expense management tasks of any company. The methodology followed is as follows –

  • Collect

Begin by simply taking a picture of the receipts. Ensure high-resolution images to capture clear and error-free data.

  • Analyse

Further processing does not require human intervention. The app inspects the generated data, extracts the information from it, and further publishes it to the linked accounting software.

  • Categorization

It streamlines the expense management process by automatically sorting it into different categories. It eliminates the requirement to manually enter the data. Additionally, this step encompasses linking the bank accounts for ease of updating. Moreover, the app provides the facility to precisely track and submit expense claims.

Benefits of Expense Management Software

Expense management software is seen to be associated with numerous benefits, such as:

Saves Time

The manual documentation of expenses from receipts requires time. An experienced professional may end up working on only 50 receipts per hour. At the same time, with a perfect click, the app can take up to 200 receipts in an hour.

Decreases Fraud

Receipt scanning apps or expense management software are AI-based tools that hold the ability to detect fake receipts. It does this by identifying the Photoshop markers, editing, and other related information. Humans are rarely able to identify such thefts and frauds.

Saves Money

Manual processing of documents requires a data entry employee solely focused on the task. With low accuracy and high time requirement, the app performs comparatively better, further saving the money company.

Ease of Tracking

All the saved data can be tracked through the app. It ensures proper management of expenses and assists in planning the strategy for efficient business. 

Builds Trust

On-the-go system for receipt upload and further reimbursement processing becomes quick due to the AI-based software. The system can speed up the process, thus not hampering the employee’s actions and financial status.

One-click Approval

Expenses uploaded by different employees will surely need approval. Rather than making tedious paperwork for the same, the app or software provides the platform to approve the expense with a simple click, further easing the reimbursement and other related procedures.

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Checklist to Look for While Opting for the Expense Management Software

Method of Expenditure by Employees

The software system can be required based on corporate or private credit cards. The expense report can be generated in the former case, while a picture of the receipt by personal private cards will be required in the latter case.

Cost Allocation in the Company

Expense management software can be used to track the different expense allocations in different departments. It enhances clarity, management of the total budget, and monitoring of overall figures.

Feedback of Employees

The expense management software is accessible to all employees. The problems faced by each user should be taken into consideration while choosing the software.

Switching the Software

In the case of new expense management software, ensure clarity on the demands. Find the answers for the best and worst points of previous software and if they are present in the new software. Schedule a demo for better understanding and sound choice.

While going through a list of selected software providers, do try to adhere to the following list:

  • Data Security
  • Go-live time
  • Advanced technology
  • Employee experience
  • Customer support
  • Potential for customization
  • Budget

Though expense software is available in the affordable range, it is crucial to allocate a budget for this expenditure. For the process, discuss the price range with other employees and check the company’s Return on Investment (ROI).

Selection

After working on all the above points, there must be three to four shortlisted expense management software providers. Discuss with stakeholders and get the final one approved by authorized personnel.

Conclusion

Dext prepare app provides solutions to business owners concerning budget management. The expense management software or receipt scanner is an on-the-go tool that eases finance management. Besides being pocket friendly, it is an affordable app available with monthly and yearly subscriptions.





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