Best Expense Management Software in 2021

 Keeping track of and managing expenses are critical components of running a business. Finding free expense management software to improve the efficiency and transparency of the process is critical for corporate success. With expenses coming from multiple companies and money entering and exiting the firm at various times, it’s natural for delays to occur when humans are in charge of management. This is the reason why many organizations are turning to automation technologies to streamline and eliminate errors in this process.

With the cloud and advancements in machine learning and artificial intelligence, expense management software in India has become tremendously powerful and can assist businesses of all sizes. These robust and sophisticated software suites alleviate much of the tedium and problems associated with managing corporate spending.

The following are the ideal features to look for in an automated expense management system:

We understand how difficult it may be to choose the appropriate one, given the plethora of options available on the market today. To alleviate your agony, we’ve compiled a list of the top functions that should be included in your expense management software in 2021.

• A device-independent expenditure management application:

This feature enables employees to submit expenditure reports on the move from any device. Similarly, approvers will access and approve or reject submitted expenses from their preferred device and location. This prominently decreases the time required to process refunds and almost eliminates the possibility of fraud.

A big issue that most employees encounter is the fact that they frequently misplace bills. This is a clear issue that requires attention, given the number of bills your employees manage at any given time. It is strongly advised that you choose device-independent applications. Additionally, this implies that your employees, approvers, and management teams can submit and view expenditure reports from any location and at any time.

• Effortless expenditure reporting:

This is a critical feature that any expense management software in India must-have. This functionality lets employees immediately click and upload receipt photographs. Once this is completed, the majority of free expense management software also has an automatic data extraction feature, which further simplifies the procedure. Similarly, administrators or approvers can manage spending by viewing expense data from a single dashboard.

Traditional methods of expenditure management require staff to enter data manually, and spending must be verified manually. This not only consumes their productive time but also requires considerable work and manpower. This feature assists in combatting fraudulent conduct by automating data extraction, hence avoiding the chance of duplicate invoices, overstated claims, and human data entry errors, among other things.

• Allows for integration with third-party software:

Integrating your cost management software further simplifies and streamlines the process. It is critical to investigate the integrations that a certain expenditure management software offers to comprehend the pain areas they can alleviate.

Your cost management software is designed to address a specific set of issues. Nonetheless, numerous issues may remain unanswered. These obstacles can be overcome by interaction with your preferred ERP, accounting, and other software applications to assist in resolving specific issues.

• Policy checks in real-time:

This is a critical element of any spending management software. This permits policy checks on submitted expenditure claims in real-time. If a claim breaches a policy, the expense is promptly identified, and the approver and employee are notified. This tool saves time and provides an additional layer of accountability and transparency to your cost management.

Most traditional cost management methods require the approver to manually validate each expenditure to eliminate the possibility of manual entry errors. Following that, Easy GST looks for any policy infractions. With this automated option, you can free up your financial team to focus on other essential tasks.

• Audit traces in digital form:

Employees can account for probable policy violations in the event of a violation. The employer or administrator is then responsible for accepting or rejecting the expenditure claim. Additionally, written evidence of all of these factors assists organizations in becoming audit-ready.

Keeping track of every detail for each employee who submits an expense report can be challenging. The software documents all communication. As a result, you’ll receive a seamless digital audit trail that keeps you audit-ready at all times.

• Analytical techniques for advanced data:

This feature assists in providing insight into what the numbers are communicating. It enables administrators and financial teams to determine “how much is too much,” hence reducing wasteful spending and optimizing business activities. Businesses may make informed judgments using advanced data analytics based on what the numbers say rather than on a hunch. This function ensures that credible data always back up your selections.

Data-driven analytics provide businesses with in-depth insight into the complexities of running and managing a successful business. Ascertaining your business assumptions with a numerical value is critical for growth and scale. Data analytics is crucial for understanding employee behavior, gaining insight into spending trends, identifying common purchasing categories, and much more.

• Simple approval procedure:

This function permits approvals of submitted expenses with a single click. You can see, approve, and reject expense reports from this page. All of the information is contained within a single dashboard. Certain expenditure management software additionally allows for the customization of approval hierarchies with multi-level approvers.

The feature addresses the fundamental reason for seeking automated cost management software: automating and streamlining certain areas of the best expense management software. When combined with real-time policy checks, this capability enables approvers to quickly approve or reject expenses without wasting time confirming individual expenditures.

Why is Easy GST the best expense management software?

• Enhance Visibility and Limit Expense Fraud –

Believe it or not, 40% of your staff are likely to engage in some type of expense fraud. Avoiding fraud, duplications, and other irregularities requires real-time, accurate visibility into spending with an audit trail, which requires a more sophisticated expense management software in 2021. For this, you can rely on Easy GST for the best results.

• Spend Less Time on Billable Hours –

Your workers and finance department spend countless hours manually entering and processing data. These are billable hours that are being squandered and represent a significant time expense to your firm. Additionally, these hours contribute to employee unhappiness. In this, Easy GST can be your partner.

• Reduce Costs –

Automation of expense management tracking, processing, and reimbursements can result in up to 75% savings. According to statistics, the average time required for a business to reach a unit return on investment with an Easy GST expense management software solution is less than a year.

• Business Insights & Reports That Are Effective –

With precise, reliable data on travel and staff spending, your firm can develop effective expense rules, budgets, and incentives, as well as negotiate volume discounts with vendors – all of which contribute to a healthy bottom line.

Conclusion

Free Expense management software is a critical component of running a successful business. This procedure must be efficient, transparent, and adaptable to future needs. Performing this task manually with paper and pencil or on a computer diminishes the efficiency of the operation and leaves the possibility for error and delays. The procedure can be controlled automatically and significantly decreased lag time when using high-quality expense management software in India like Easy GST. Many cost management software solutions allow you to quickly integrate the software into your existing structure and expand its use to include remote access via a smartphone.