Best Expense Management Software 2021
Every business or organization wants to check and monitor the expenses done by their employees. They need to ensure that the company is complying with regulation and the employees are not spending the money on or buying unnecessary things. The financial process we used to audit this is known as expense management.
In a simpler term, Expense management is an accounting process or a financial process in which a company or an organization can track process, audit, or reimburse employee expenses. The expense management system is helpful for big and small companies to audit the spending and the data related to it. The data can include costs like travel, hotel, mobile phone bill, food, entertainment, etc.
With the expense management module by ‘OneBusiness‘, you can handle the expense management related tasks of your company in the most creative way. This software can help you in a great way to manage the expense claims, authorization, and repayment and audit process. The expense management system has two main elements that are how a business pays for their items & how they track that spend.
The expense management process includes four types of tasks that are:
- Entering expense reports: To adding the entries of expenses given by employees.
- Auditing expense reports: Auditing the report for any false claim or necessary costs.
- Approving expense reports: Approving the expenses for payments.
- Reimbursing employee expenses: Releasing the amount against employee’s expenses.
The reason why you should use ‘OneBusiness’ expense management system in your organization
- To reduce the administrative costs: While using the software, the machine does half of the work of your expense management system. It does not need lots of people to note, upload, check, clear, and audit the employee’s expenses. OneBusiness expense management solution gives you all the data in a single click in a pure and understandable form. Solely, it decreases your overall administrative cost and time.
- To speed up the processing and approvals of expense claims: In the expense management system by One business, you get all the data in the tabular form where you can easily handle and check all the entries. It helps you in processing and approvals of expenses claims by employees in a short time. It also gives you full access to create new costs with the custom feeds. You can also add the attachment to a particular claim.
- Submitting the expenses from any location: Say no to manual work, with the expense management system by ‘OneBusiness’, you can log in from any remote location and can add the expenses of employees. It gives you easy access to multiple devices so you can work without any hurdles from any site.
- It reduces the chances of human errors: There is a high chance of mistakes when you do all the tasks manually, like losing the receipt is one of the common issues while handling the job manually. It is essential to use an automated system for the expense management system to control the human errors and to maintain the data in a pure form.
Easy to track, audit & Limited Enforcement of Compliance:
- In an automated expense management system, you can easily track and audit the data of expenses and reimbursements. In the expense management module by One business, you can search the entry by merely using the filters like date, department, expense category, etc. It also helps you to make a report to analyze in a short time.
- It helps you to prevent fraud in expense: This is one of the most common reasons why companies opt for an expense management system. To effectively combat false costs, it is needed that you analyze and compare the data of multiple employees simultaneously. The data in the tabular form with the date search and other valuable features, expense management module by ‘OneBusiness’ can help your company in avoiding over-inflated expensed.
- Economical: Say no to costly ERP software, OneBusiness software is very economical to implement and run.
- Get real-time data: It gives you the latest data to make your end-time strategies.
- Say no to costly ERP software, OneBusiness is very economical to implement and run.
OneBusiness Expense Management module’s Features & Capabilities
- Receipt management in the form of attachment
- Manual expense entry and administrative editing
- Mobile accessibility
- Customizable expense approval routing
- Searchable option by using filters like date, employee, department etc.
- Creating an expense claim in a single click
- Data in tabular form
To try the ‘OneBusiness’ application, visit: https://apps.onebusinesserp.com and contact us for a free demo and development system access.