Expense Tracking Software (ETS):
SBS-Global - Enabling Business Transformation
Financial Accounting | Staffing | Outsourcing
Expense Tracking Software (ETS):
All businesses must adopt efficient expense tracking and reporting system to bring #financial discipline across management team. As the business volume surges with growth, streamlining and improving the process of collecting and organizing receipts, invoices & other supporting documents becomes a constant challenge. The need of management for handling large volume of expenses to create accurate and easy-to-read reports, verifying and approving reports, and then adding results to make settlement of expenses does become time consuming.
Today, the businesses are fortunate to have cloud-based solutions, which are not very expensive, and are capable of handling expense tracking and reporting, controlling employee business expenses with ease and less tiresome. Use of mobile apps and smartphones to scan and photograph receipts, quick and easy methods for organizing and submitting expense reports online for timely settlement all help to enhance uniform and transparent work culture.
Any Expense tracking software - ETS (like: Expensify, greytHR, Expenseout) must ensure the following features that would make the process smart, easy and fast!
ETS must ensure that expenses always stay within the budget with pre-set spending limits on #business cards
- ETS should make reimbursements super-easy with real-time tracking and monitoring of expenses
ETS should help in easy #bookkeeping with automated reconciliation and automatic categorization of spends
- ETS must optimize expenses through various in-built controls on nature of expenses
- ETS ensure to never miss payment deadlines with automated recurring payments
- ETS must help to avoid duplicate payments or fraudulent activity with real-time visibility of each transaction
The end result of this ETS tool is to ensure that employees feel at ease to spend and get reimbursement, #management is able to control and approve with ease and accounting becomes seamless for reporting.