Compare These Top Vendors for Expense Report Software

Expense report software can be either online or a desktop application. There are a myriad of features and functions that you can either buy “off the shelf” with desktop applications, or you can have them designed with customized modules by online vendors.

You can begin the process of identifying which features and functions are absolutely necessary and those that are “nice to have” by polling users in your organization. Some functions that can be included are travel and entertainment management, reimbursement management, and compliance management. Features that make the software easier to use include a currency converter, drag-and-drop, and smart lists.

Travel and entertainment, or T&E

Also referred to as T&E, travel and entertainment refers to any expenses related employee travel and activities associated with entertaining customers. T&E includes hotel stays, meals and various forms of entertainment such as golf, concerts etc. This type of expense is deductible for tax purposes, so tracking and documenting these expenses is important.

Smart lists

Smart lists are often included in expense reporting software. They are unique lists created with input from users on topics they would consider important. Smart lists can be lists of bills that are coming due, responsibilities that are shared with others, and items that are high priority.

Drag-and-drop transactions

Drag-and-drop transactions are performed by moving icons around on a screen in software by manipulating a mouse. Expense tracking software often includes drag-and-drop features, which most users are familiar with, to make the program easier to use.

Currency converter

Currency converter is a program that can calculate the exchange rate of one currency into that of another. A currency converter is often included in expense reporting software.

Travel Rewards

There are dozens of reward programs available for frequent travelers, and it's hard to find the right one for you. But the best approach is to conduct research and then stick with the same program as much as possible for all travel needs.

Reimbursement management

Reimbursement management is another feature that can be found in expense reporting software and refers to the process of paying back employees for out of pocket expenses they incur while on company business.