Expense Report Software Key Terms

Key terms you'll want to understand when researching expense report software
By Ann Starr 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.
Try: Microsoft has a definition of, as well as good advice about, managing T&E expenses.

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.
Try: Remember the Milk has a description of smart lists.

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.
Try: The Linux Information Project defines drag-and-drop functions.

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.
Try: XE has a popular universal currency converter.

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.
Try: A good place to begin researching is CompareCards.com

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.
Try: Reimbursement Management Consultants manages reimbursement for the heath care industry.