Thanks to the best expense management software, businesses automate reporting, improve visibility into travel/entertainment (T&E) expenditures, and eliminate human errors. Additionally, organizations streamline processes like payments, billing, reconciliation, and reimbursements.
Recognizing the opportunity to digitize workflows and increase revenues, enterprises across all industries are investing in expense spend solution development. Driven by the rising adoption of mobile cost-keeping apps and the demand for accounting optimization, the global expense management system market is expected to climb from $6,344.97 million in 2021 to $15,506.90 million by 2027, at a CAGR of 16.05%.
In this article, we will describe the key benefits of spend management products. We also suggest comparing turnkey and custom software to help you make the best choice in line with your goals and plans.
Top 7 benefits of expense management software
Traditionally, employees need a lot of time to write reports, review T&E expenditures, and collect receipts. Using systems for spending control, SMEs and corporations digitize manual operations and boost productivity, resulting in increased revenues.
1. Travel spending control
Spend management apps help businesses considerably facilitate tracking, control, and reimbursement of travel expenditures. If many employees frequently go on business trips, a business can gain a specific advantage from this software.
2. Automated checks of business rules
With solutions for spend control, it is possible to enable automated checks of business rules and policies to provide compliance and eliminate human effort. What’s more, the system can conduct digital audit trials to control and record all activities performed by each individual. Thanks to this, you will prevent fraud.
3. Facilitated compliance
Compliance with industry, governmental, and other regulations is an obligation of every enterprise. The product can monitor legislative changes and introduce the required updates accordingly.
4. Ease of receipt management
Spend management products enable specialists to autoscan and prepare receipts, import them in bulk or from other cloud systems while providing secure digital storage.
5. Tax risk minimization
A company can develop a platform to organize expenses by categories, generate comprehensive reports, and track changes in tax policies. This way, you will maintain data accuracy and mitigate tax risks. In addition, you can implement risk score analytics to identify and assess fraudulent expenditures.
6. Streamlined reporting
A platform for spend control and tracking lets professionals verify and send reports from their web and mobile devices. Pre-built templates that correspond to the company policies, accelerate creating and submitting reports.
7. Automated reconciliation of credit cards
You can integrate the product with your credit card provider to enable an automatic reconciliation of corporate expenses/transactions. Furthermore, the application can send reminders to write and submit the necessary reports.
Custom vs ready-made expense management software
Before the project starts, you need to decide whether you will develop a custom spend management app or buy a turnkey solution. A tailored-made product matches with your business-specific requirements and integrates easily with existing systems.
An off-the-shelf platform generally offers several plans to meet different goals. As a rule, a basic plan provides access to limited functionality whilst more expensive models include numerous options. Examples of market-ready tools are Zoho Expense, Rydoo, Abacus, Receipt Bank, and Expensify.
Final words about spend management apps
A good expense management solution shall cover top-priority features, and ensure accurate spend tracking. A mobile version is also highly recommended to let employees perform their jobs on the go. Since the platform stores sensitive information, it is crucial to achieving data security.
At Surf, we have vast experience in building fintech apps. Following the best software development practices, we ensure protection against hacker attacks while enabling high availability, scalability, and performance.