Home Business Adding the Costs: 7 Signs You’re Managing Your Expenses Properly

Adding the Costs: 7 Signs You’re Managing Your Expenses Properly


Managing the expenses of your employees doesn’t have to be complicated. You can simplify this task with an expense management software. If your business is already using such a software, how can you tell if you are using the right one? Here are 7 signs you are using a great expense management software.

1. Your expense management software collects records from different sources

Your employees can pay for their business expenses in cash, with their personal credit card, or with a shared corporate card. Therefore, your expense management software needs to allow you to easily collect transaction records that come from multiple sources, to make sure that you are not forgetting anything.

2. Your expense management software integrates with prepaid credit cards

A good way to simplify the business expenses of your employees is to provide them with a prepaid credit card. This is a convenient solution, but you have to make sure your expense management software can integrate with prepaid cards. If it does, you should be able to manage the budget of each of your prepaid cards online.

3. Your expense management software supports different currencies

A great business expense management software can support different currencies from around the world, and will use daily exchange rates to ensure you are managing the expenses of your employees properly. If your employees are often on the road, or in a place, the currencies of their different destinations will not confuse your software.

4. Your expense management software makes it easy to categorize expenses

The way you choose to manage your business expenses depends on your company policy. You might ask your employees to submit a reimbursement request for each of their expenses, or you might ask them to add all the expenses of a single trip together. Either way, your expense management software should make it easy to categorize your business expenses properly.

5. Your expense management software can automate your reimbursements

No matter how you choose to provide your employees with the reimbursements they request, your expense management software should allow you to automate these reimbursements. It should also be able to send reminders to your employees so they won’t forget to submit their receipts.

6. Your expense management software can work on any mobile device

Unless your spend all your time in your office, glued to your computer desk, you can certainly enjoy the benefits offered by an expense management software that allows you to manage business expenses, and to approve expense reports from any mobile device, no matter where you are in the world.

7. Your expense management software comes with great customer support

 Finally, any great expense management software should come with great customer support. If you have any problem with your software, or if you have any question, you will be able to receive the support you need. If you need some training to use your expense management solution, you should be able to have access to it.