Expense Report Software Basics

Understand expense report software basics

Explore expense reporting software options to identify the solutions that would work best for your firm. There are a wide range of solutions, both online and desktop based. Investigate any possible integration with your accounting software to maximize the efficiency of your operation.

Invest sufficient time and attention on your requirements before selecting a solution. Write out your expectations for an expense reporting software and decide what features are required and what are nice to have. Follow the three steps below to learn more about expense report software basics.

1. Identify expense reporting software suppliers.

2. Look into desktop based expense report software.

3. Try online expense reporting software.

 

Look for expense reporting software suppliers

Use an online directory to identify possible suppliers of expense software. Make a list of the common types of expenses, the number of users, location of users, approvals required, frequency of reports and payment methods. Talk with your colleagues, financial staff and accounting services firm to determine how they are dealing with expense reports.
Try: Locate expense reporting software by viewing the supplier directories provided by The Software Network and Hotfrog. Send these firms your requirements and ask for a quotation. Read the quotation carefully and look for a separate price for the software, installation, service contract and customer service.

Investigate desktop based expense report software

Make a list of common types of expense reporting issues in your company. Look at the frequency of the filing, company policy and supporting documentation requirements. Meet with the accounting staff to discuss an expense reporting system and what types of features would be required in a company expense report software.
Try: Select desktop based expense report software to test in your firm. These expense reports can be customized to reflect dollar limits, approval requirements and company policy. Expensable and Data Basics both provide high quality products. Look at the operating system that you are using and investigate the space required for these solutions.

Download online expense reporting software

Look at Internet based expense report software to allow staff in multiple locations to complete and file there expense reports quickly and efficiently. Write out a policy and business practice to ensure the appropriate checks and balances are in place surrounding the use of online expense reporting software.
Try: Download free demos of online expense reporting software from the Internet. Aestiva and Expense Point are both well known expense reports online that are widely used. Install and test them with a few of your staff to evaluate for suitability within your firm.

 

• Ask your accounting services firm to review the procedures around the approval of expenses entered using expense report software. Make sure that the business process will catch any attempted fraud immediately.

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