What tools are essential for expense management professionals?

2 Expense tracking app

An expense tracking app is a helpful tool for capturing and managing receipts, bills, and invoices, saving you time and effort from manual data entry and paper filing. Additionally, it can monitor your spending habits, identify trends and patterns, and optimize your budget. When looking for an expense tracking app, consider features such as ease of use and accessibility for quickly scanning, uploading, or snapping a photo of receipts; categorization and tagging to organize expenses by type, project, client, or any other criteria; and reporting and analytics to generate summaries, charts, and graphs of expenses compared to budget or goals.

3 Expense management software

Expense management software is a tool that helps streamline and automate the process of submitting, approving, and reimbursing expenses. It can reduce errors, delays, and fraud, while improving workflow, accuracy, and transparency. This software also enforces expense policies, complies with tax rules, and integrates with accounting software. When choosing an expense management software, consider features such as mobile and web access for submitting and approving expenses anytime and anywhere; a workflow and rules engine to set up an approval hierarchy, spending limits, and validation criteria; and audit and compliance to track and audit every expense claim and comply with tax regulations and reporting standards.

4 Budgeting tool

A budgeting tool is a helpful tool for planning and forecasting income and expenses. It can assist in setting achievable financial goals, allocating resources, and measuring performance. Furthermore, a budgeting tool can identify opportunities for cost savings, revenue growth, and profitability improvement. When selecting a budgeting tool, consider features like scenario analysis and modeling to test different assumptions and outcomes, collaboration and communication to share the budget with your team and stakeholders, and variance analysis and reporting to compare actual results with the budget.

5 Tax preparation tool

A tax preparation tool can be a great asset when it comes to filing your taxes. It can save you time and money by simplifying the process and maximizing deductions and credits. Additionally, it can help you avoid penalties and audits by ensuring accuracy and compliance. When choosing a tax preparation tool, look for features such as data import and integration, guidance and support, and e-filing and payment capabilities. This way, you can import data from your accounting software, bank accounts, or other sources without duplicating information or making errors. You'll also have access to answers to your tax questions, as well as experts and resources. Lastly, you'll be able to file your taxes electronically and pay your taxes online or by other methods.