Everything you need to know for selecting the right Expense Management Software for your Small/Medium Business
One of the first big decisions small and medium businesses make as they begin to expand is – expense management.
Solutions that may have worked in the beginning may hardly stand the test of time as businesses begin to grow. Often, organizations that have decided to switch from their existing spreadsheets to a full-blown expense management solution can find the selection process daunting as there are a plethora of expense management software out there for companies to choose from.
We understand that wading through a swamp of options can be overwhelming. So, we’ve put together a list of considerations that small and medium businesses need to be mindful of while shopping for an expense management solution.
Importance of Reporting & Visibility
Visibility is vital for any business function. One area that businesses will need to keep their eyes skinned is resource allocation and knowing how they are put to use. A lapse here can create leeway for unrealized potential. A good expense management solution will offer insights that can help ease this process. Applications with dashboards and preconfigured reports can make life easy by providing quick intelligence. For instance, it can segregate expenses by project or client, filtering the most profitable clients.
Power of the cloud
The gift of cloud computing helps avoid paying for a bunch of hardware to run a given solution and can avoid the costs otherwise incurred for a boxed set of software. Another benefit is that c loud solutions usually come with subscriptions that can automatically get the latest version without having to apply patches or go through a lengthy update process.
Integration & Scalability
An integration-friendly solution equipped with the ability to incorporate the solution with the rest of the existing application will solve numerous problems. Scalability is another aspect that will help widen the scope of the application as the business continues to evolve. Integration and scalability will be critical constituents in identifying an ideal expense management solution.
Organizations have policies and regulatory standards they must strictly conform to. A good expense management system will ensure ease in implementing these rules and regulations. For instance, the expense management solution can have a trigger to notify breaching of prescribed limits or misuse of privilege functions. A solution that can automate policy checks to help quickly identify whether any policies have been violated without checking every charge is beneficial for the company.
Ease of use
The new solution must be proficient in automating rote tasks and freeing up resources that can be better utilized elsewhere. For instance, in the case of a paper-based onboarding system, an optical character recognition tool will be able to free up tasks of a data entry clerk who may be better assigned elsewhere.
It would be convenient to have a solution that offers an implementation team to help you set up the features you want, get started using the system, and transport your data into the new system. In other words, it would be wise to try and avoid setting everything up from scratch.
It is common knowledge today that small and medium businesses are an integral part of the force driving the economy. Primarily, they are the hubs for ideas and innovations. A good expense management solution will allow organizations to get a handle on expense report management so that organizations can free up critical resources to focus on the bigger picture.
PeopleHCM is a human capital management suite of applications that offers a superior user experience with flexible configurations to effortlessly onboard your people while addressing their operational needs.