Businesses must make a crucial selection when selecting cost management software. expense reports are a broad phrase that refers to the system used by a company to process, pay, track, and audit employee spending. Travel and entertainment are two big categories that are frequently controlled with cost management software. It’s also used to track and control employee spending, but it’s more commonly used to refer to the laws and standards that govern how employees can spend and track their spending.
- Problems and Goals for the Future
In most ways, the procedures for selecting expense management systems are similar to those you’ll likely take when selecting any other new company technology. There must be a specific motive for implementing a technology solution. Specific pain points should also be identified so that the product chosen can alleviate them. It’s also a good idea for organizations to think about what future aims and would like to achieve with the program.
- Implementation and Setup
When you introduce a new type of technology or automated solution to your employees, consider how difficult it will be to set up, configure, and apply it. You want everything to run as smoothly as possible.
Ask yourself these questions.
- Take a look at your present spending management methods and tools. What role will a new product play in those solutions, and how will it integrate with them?
- Is the software user-friendly?
- What level of comfort will your staff have with it?
- Will it require substantial training before staff can start using it, or will it be something that can be introduced quickly and easily?
- Is your staff going to be apprehensive at first?
- When it comes to selecting a platform, these are all important questions to consider.
- Capabilities for mobility
Many of the suggestions on this list might be used for any new software product, not simply expenditure management software. Mobile features, on the other hand, are critical for cost management solutions in particular. One of the most significant advantages of a new software system for expenditure management is that it makes things easier for employees. It saves employees from figuring out what policies apply to them and waiting longer for reimbursements and approvals. It can also make managing spending on the fly a lot easier.
- International Points of View
Another feature unique to expenditure software is how it will operate on a global scale. Most companies that require expense solutions have personnel who travel internationally, and some even have full offices in other countries. The number of currencies that the software can handle is one of the questions to consider. This will apply to receipt submission and reimbursements that must be made in several currencies.
Finally, while selecting any new type of software, the budget will be a factor to consider. In today’s world, most firms prefer to use a SaaS platform rather than an on-premise one. They will have more payment alternatives and will be able to scale up as needed. They will make deployment faster and easier, and it will eliminate the need for IT involvement. Otherwise, a company must consider the costs and time required for setup and the involvement of the IT department when using on-premise expense management.