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How can you ensure your expense report software grows with your company?

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Expense report software can help you streamline your business travel expenses, track your spending, and simplify your reimbursement process. But as your company grows, so do your needs and challenges. How can you ensure that your expense report software can keep up with your changing demands and scale with your business? Here are some tips to help you choose and use the right software for your company.

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable…
NARAYANAN NARASIMHAN

Associate Vice President Finance | SAP S/4HANA, Financial Operations
Sanket Mangrulkar

CFO | Advisor| Corporate Finance | FP&A | Investor Relations | Automation | B2B | SaaS | Tech | InsureTech | CleanTech…

1 Assess your current and future needs

Before you invest in any expense report software, you need to understand your current and future needs. What are your pain points and goals? How many employees and transactions do you have? What are your policies and workflows? How do you integrate your expense data with your accounting and reporting systems? How do you comply with tax and regulatory requirements? These questions will help you define your criteria and priorities for selecting the best software for your company.

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NARAYANAN NARASIMHAN

Associate Vice President Finance | SAP S/4HANA, Financial Operations
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Expense software significantly contributes to company growth through its scalability and digitalization benefits. As companies expand, the volume and complexity of financial transactions grow. Expense software automates these processes, ensuring accuracy and efficiency. It minimizes manual errors and reduces labor costs. The software's adaptability allows for customized workflows and integration with existing financial systems, providing real-time analytics for strategic decision-making. This ensures that financial management evolves in tandem with the company, supporting efficient operations and offering insights that drive growth.

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Sanket Mangrulkar

CFO | Advisor| Corporate Finance | FP&A | Investor Relations | Automation | B2B | SaaS | Tech | InsureTech | CleanTech | IT Services
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There are many expense management softwares in the market today which have similar features but listing 2 main requirements that I feel are key to scalability 1) Ability to integrate with multiple accounting softwares, ERP and Banks. 2) Availability of a global, multi currency pre-paid/preset limit virtual/physical card (real-time integrated with the expense software) which can be seamlessly used across the world.

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2 Compare features and benefits

Once you have a clear idea of what you need, it's important to compare different expense report software options based on their features and benefits. To ensure an effective experience, look for software that is user-friendly, intuitive, and accessible from any device and location. Automation is key; the software should be able to categorize expenses, enforce policies, calculate reimbursements, and generate reports. Additionally, it should be able to integrate seamlessly with your existing systems and platforms such as accounting software, travel management software, payroll software, and bank accounts. Furthermore, the software should be able to handle your current and projected volume and complexity of expenses, as well as offering flexible pricing plans and support options to suit your budget and growth. Lastly, security is paramount; the software should protect your sensitive data and transactions with encryption, authentication, backup, and compliance features.

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable Growth Driver
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In my experience, the following features in a expense reporting software should be considered: * easy-to-understand interface * mobile and web-based interface * cost per user * integration with existing GL * analytical tools to monitor usage * options to add credit cards or checking account * robust privacy and security settings * option to include the company's expense policy in the software (e.g. air tickets should be booked at least 2 weeks in advance) * extent to which manual effort is avoided due to automation

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3 Evaluate reviews and feedback

Another way to ensure that your expense report software grows with your company is to evaluate the reviews and feedback from other users and experts. You can check online reviews, testimonials, case studies, and ratings to see how other companies have benefited from using the software. You can also ask for references, demos, and trials to test the software yourself and see how it fits your needs and expectations. You can also contact the software provider and ask them about their customer service, updates, and enhancements.

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4 Monitor and optimize performance

Finally, you need to monitor and optimize the performance of your expense report software regularly. You can use the software's analytics and reporting features to track your expense trends, patterns, and insights. You can also measure your return on investment, your user satisfaction, and your compliance levels. You can use this information to identify any issues, gaps, or opportunities for improvement. You can also communicate with your software provider and request any changes, upgrades, or customizations that you need.

By following these tips, you can ensure that your expense report software grows with your company and helps you achieve your financial goals.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable Growth Driver
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Certain vendors (such as Ramp and Brex) offer expense reporting tied to credit card rewards and cash accounts in return for a lower or no fee. Cost-sensitive users should consider these options as well.

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How can you ensure your expense report software grows with your company?

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3

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1 Assess your current and future needs

2 Compare features and benefits

3 Evaluate reviews and feedback

4 Monitor and optimize performance

5 Here’s what else to consider

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