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Expense Management Software for Large Businesses: Key Features to Look For

Expense management is a crucial task for all companies, especially for CFOs who bear the primary responsibility. This task can become exceptionally complex when dealing with a group that has multiple subsidiaries. However, the adoption of expense management software can significantly simplify the process. But what exactly is expense management software? What are its advantages? What functionalities does it offer? And how can you maximize its benefits? All these questions will be answered in this article.

What is Expense Management Software?

Expense management software is a vital tool for large companies, offering an IT solution to efficiently track, manage, and control expenses. This centralized system allows employees to submit expense claims, managers to review and approve them, and finance teams to access data in real-time. Additionally, it ensures compliance with internal policies and supports informed decision-making.

Advantages of Expense Management Software

Instant Visibility of Expenses

One of the most significant benefits of using expense management software is the real-time visibility it provides into company expenses. The software's dashboard offers a comprehensive view of all crucial information at a glance, often accompanied by graphs for better understanding. Additionally, the software facilitates real-time tracking of fund movements, aiding in effective cost control across all company expenses. This means that from the moment an expense claim is approved and payment is initiated until the recipient receives the money, the system updates everything in real-time.

Simplified, Accelerated Process

With just a few clicks, employees can submit claims, managers can approve them, and the money can be automatically transferred. The primary advantage of this software is its ability to automate the entire process, making it both faster and simpler.

Eliminate Paperwork

One of the major inefficiencies in any task stems from the use of physical paper documents. Storing, tracking, and maintaining paper files is not only tedious but also prone to risks such as document loss, misprinting, and the cumbersome process of transporting for signatures. Organizing and managing paper files for processing can be exhausting.

Expense management software eliminates the need for a paper trail. All information and data are recorded within the system, correctly categorized, and arranged for easy understanding and effortless consultation. Moreover, this digital data can never be misplaced, and multiple backup and storage options effectively eliminate the risk of data loss.

Fewer Expense-Related Errors

Expense management software for large companies is the optimal solution for automating and integrating the company's accounting system to ensure ultimate accuracy. Manual entry of expense data into accounting spreadsheets and databases is prone to errors.

Employee Reimbursement Process

With an expense management system, employees can simply scan their expense receipts and submit a reimbursement request. This request is then forwarded to managers and approvers, who review a claim screen where all necessary details are clearly indicated. Managers can easily check and approve the claim, after which the money is automatically transferred to the employee.

For both employees and managers, the reimbursement process becomes straightforward and efficient. No more paper reimbursement requests, no more back-and-forth with managers for approval, and no more searching for missing receipts or correcting incorrect figures. All these issues are resolved by using expense management software.

Reinforced Policy Compliance

Staying on top of and enforcing every new expense policy while monitoring employees for compliance is a daunting task. Expense management software can automatically enforce a customized expense policy tailored to your company's needs. This ensures that any policy changes or the introduction of new policies are promptly updated in the system, significantly reducing the risk of non-compliance.

Optimized Operational Efficiency

Integrating your expense management system with enterprise resource planning (ERP) software streamlines the processes of expense reporting, tracking, and approval. This integration dramatically boosts cash flow and productivity as managers and employees benefit from automated expense management. With expense management software, employees are relieved of tedious, repetitive tasks, allowing them to invest time in other valuable activities such as strategic planning and financial forecasting, thereby bringing more value to the business.

Increased Protection Against Fraud

Manually handling all receipts, expense reports, and employee payments is extremely challenging and prone to inaccuracies, which can cause significant issues during audits and accounting. However, with expense management software, every detail is meticulously tracked, ensuring that any errors are automatically detected and reported. Additionally, the software restricts data modification to authorized team members only, preventing unauthorized changes to expense data. This level of control provides the ultimate protection against fraud.

Key Features to Look For in Expense Management Software

In the complex expense landscape of a large enterprise, choosing the right expense management software is crucial. Here's a look at the essential features to meet the specific needs of large enterprises:

  • Comprehensive Dashboard

    The dashboard functions as the beating heart of any expense management operation. It provides an overview of current activities while offering precise details for in-depth analysis. This enables agile spend management through customizable views, configurable alerts, and seamless integration with other data sources, enriching its functionality.

  • Seamless Mobile Integration

    In a world where productivity is linked to mobility, a robust mobile application is essential. It enables employees to record, validate, and track their travel expenses on the go. The user experience is optimized for maximum efficiency with features such as offline access, push notifications, and geolocation.

  • Automated Approval Process

    Automated approval processes ensure compliance with corporate policies and speed up workflows. Pre-set machine learning rules and algorithms guarantee that only compliant expenses are approved, reducing delays and errors.

  • Accurate Data Capture

    Reliable expense reports hinge on fundamental data accuracy. OCR (Optical Character Recognition) technology ensures precise data capture from digital receipts, while secure cloud storage makes this information readily available during audits and reconciliations.

  • Payment Card Creation for Employees

    Enabling the creation of virtual payment cards for employees facilitates efficient expense management. These cards are designated specifically for business purposes, making it easier to track expenses and simplify the reimbursement process

  • Availability in Multiple Languages and Currencies

    When business travel is crucial to your company, having a comprehensive expense management solution that supports multiple languages and currencies is essential. During a business trip, your employees should focus exclusively on meeting business objectives, without worrying about calculating exchange rates or understanding specific terms in the local language. It's advisable to find a solution that allows the creation of a customized dictionary and ensures daily updates of global exchange rates.

  • Automated Accounting

    Reduce accounting time and eliminate manual data entry with automated accounting features. Automate data entry, invoice collection, and bank reconciliation, providing instant visibility into cash flow and expenses.

How to Choose the Right Software?

Choosing the right expense management software is a strategic decision that can significantly impact a company's operational efficiency and financial health. By focusing on core functionalities and having a clear understanding of the different solutions available, companies can make an informed decision that delivers long-term value. Expensya, as the leading provider of expense management solutions in France, offers solutions perfectly tailored to the needs of large enterprises.

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Customer stories

Discover the ways that Expensya customers are simplifying their travel and expense management with a solution that just works.

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More expense management, payment and travel resources

Our library of case studies, videos, events, guides and reports are available to help you more efficiently manage employee expenses.

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Expensya Barometer Report

Learn about the trends in the “what” and “how” of employee spend, pulled from actual expense management data, in the annual Expensya barometer report.

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