expense management related activities. The usual details about the features and benefits are there for everyone to see; in this article, we'll take a look at those things that are missed sometimes, either because you fail to ask or because the vendor fails to mention.
Integrates with other solutions - Today, many of the expense software solutions available in the market are built on open platform architecture. The advantage that organizations can gain from this is that these solutions can integrate with other applications and provide an exchange of data that is seamless. This means that if you have different applications that need the same information, you don't have to worry about manually duplicating the information anymore. This saves a lot of time for all those involved.
Analytics - Most people think about the expense management capabilities and features of the solution but forget to enquire about a feature that will help them very much in making their expense management process efficient save them money in the long run. The analytics feature helps organizations crunch complex numbers and process all the data they have. After all, where can we learn from, if not from the past?
This data always existed. What you get with an expense software solution are the tools to process this data and make sense from it. The processed information can be shared with the relevant employees to enable better and more accurate decision making.
Online and Mobile - The trend nowadays is to shift to the cloud. Most vendors who offer an on-premise solution also offer an on-demand or Software as a Service solution. Online expense software is more beneficial because it allows users to be mobile and complete their activities from anywhere. It also does not have to be installed on a system, freeing up essential space for other data. Everything will be stored on the cloud securely and can be called in a matter of seconds.
Policy enforcement - Policy enforcement is a major challenge and a big headache for many organizations around the world. They come up with beautifully defined policies but fail in enforcing them on the ground. However much airtight the policy is there are always employees who go out of policy. Expense reimbursement software lets you enforce the policy by controlling the kind of reports and expenses your employees can submit.
The line items, formats, and workflows are flexible enough that even a strict policy can be easily enforced. There is simply no scope for going out of policy because the users will not be able to prepare any out of policy expense reports.