Your accounting team needs a new expense management software. What's the best option?

1 Feature 1: Integration

One of the first things that you should look for in a new expense management software is how well it integrates with your existing accounting systems, such as your general ledger, your payroll, your invoicing, and your tax compliance. Integration is crucial for ensuring that your data is consistent, accurate, and up-to-date across all your platforms, and that you can easily transfer information between them without manual entry or duplication. Integration also reduces the risk of errors, fraud, and compliance issues, as well as the need for reconciliation and verification. Therefore, you should choose a software that supports the accounting standards and formats that you use, and that can connect seamlessly with your other tools and applications.

3 Feature 3: Mobility

A third key feature that you should look for in a new expense management software is how mobile-friendly it is. Mobility is essential for enabling your employees to manage their expenses on the go, wherever they are, and whenever they need to. Mobility also allows you to access your expense data and reports from any device, at any time, and from any location. This can increase your productivity, flexibility, and visibility, as well as your responsiveness and decision-making. Therefore, you should choose a software that has a user-friendly mobile app, that supports offline mode, and that syncs with your cloud-based system.

4 Feature 4: Customization

A fourth key feature that you should look for in a new expense management software is how customizable it is. Customization is important for adapting your software to your specific business needs, preferences, and goals. Customization can also help you comply with your internal policies, external regulations, and industry best practices. Therefore, you should choose a software that allows you to customize your expense categories, rules, workflows, approvals, reports, and dashboards, according to your requirements and expectations.

5 Feature 5: Analytics

A fifth key feature that you should look for in a new expense management software is how advanced and comprehensive its analytics capabilities are. Analytics can help you gain valuable insights into your expense patterns, trends, and performance, as well as identify opportunities for improvement, optimization, and savings. Analytics can also help you monitor your expense compliance, risk, and fraud, as well as benchmark your results against your peers and competitors. Therefore, you should choose a software that provides you with real-time, interactive, and visual analytics, that can generate actionable and meaningful reports, and that can integrate with your business intelligence tools.

6 Feature 6: Support

A sixth and final key feature that you should look for in a new expense management software is how reliable and responsive its support service is. Support is essential for ensuring that your software runs smoothly, that your issues are resolved quickly, and that your questions are answered satisfactorily. Support can also help you with the implementation, training, and maintenance of your software, as well as with the updates, upgrades, and enhancements that may be needed. Therefore, you should choose a software that offers you 24/7, multilingual, and multi-channel support, that has a dedicated account manager, and that has a positive reputation and feedback from other customers.