Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/571003
September 2015 • www.CPAPracticeAdvisor.com 15 EXPENSE MANAGEMENT Reviews Accessed with a web browser, ExpenseWatch Spend Manage- ment ofers expense report management, along with purchasing, invoice processing, and budget modules. ExpenseWatch would be an excellent ft for small businesses with remote employees. Te expense report function ofers users an easy way to submit receipts, with users able to use their smart phone to take a photo of the receipt. Receipts can also be faxed or scanned into the system as well. Credit card data can be automatically downloaded into the expense report system, with users able to easily allocate expenses across multiple departments, projects, or account numbers. Te product also features travel booking integration, as well as integration with mapping technology to automatically record travel mileage. ExpenseWatch uses drag and drop functionality throughout the product, making it easy to record information quickly. While benefcial to employees, managers will enjoy the benefts of using ExpenseWatch as well, including the ability to receive automatic email alerts that lead to approval queues, where managers can access, review, and ultimately approve of submited reports. Managers will also receive a policy fag when it appears that accepted policy has not been followed when submiting an expense report. Managers can also easily review atached receipts with any expenses, and management can set up a simple or complex chain of approval, so expense reports are automatically forwarded to the correct people in a timely fashion. Managers can easily approve all business expenses remotely, creating a mobile approval chain, so all requests for approval get automatically routed to the correct person. Managers also have the ability to line item approve or reject any expenses. For those handling purchases, the purchasing module allows users to quickly create online purchasing requisitions, while ataching related documents to the requisition. Afer approval, using the optional Pay Invoice module, accounting can quickly approve invoices that can be paid via ACH, credit card or company check. ExpenseWatch ofers a series of pre-built reports, as well as a custom reporting module. Pricing for the ExpenseWatch Expense Report module is $8.00 to $14.00 per user. Pricing for both the Purchasing and Pay Invoices modules are $24.00 to $31.00 each - per user, per month. Expensify is a comprehensive expense management program that offers solid integration with a variety of third-party accounting applications including QuickBooks Desktop, QuickBooks Online, Xero, NetSuite, Intacct, Sage, Microsof Dynamics, MYOB and others. Available in three versions, Expensify is a good ft for businesses of any size. Expensify not only simplifes the way that employees manage and submit expense receipts, but the product also streamlines processing of those expenses by ofering easy import/export of data such as expense account details, projects, clients, and funds from accounting programs, such as those listed above. As a result, users can then easily enter receipt detail using the correct account information and simply export the detail to the respective accounting program. Users can easily enter expense data by using the mobile app, which is included in Expensify, which will automatically upload receipts. Expensify will also automatically import all credit card and banking transactions. In addition to uploading receipts, users can also capture additional data such as mileage, parking fee, and other reimbursable expenses. Users can also access Expensify ofine when necessary, and later upload captured information. And the Time Entry feature easily tracks employee time and logs hours to clients or projects. Expensify is compatible with over 160 currencies, and also ofers users the ability to rebill customers for expenses. Te product also integrates with various applications such as Dropbox, Evernote, Genius Scan, and works with Expensify's Chrome app as well. Managers will appreciate Expensify as much as employees. Compliance controls allow managers to set guidelines such as an automated, rule-based approval workfow, as well as the ability to set specifc rules for each expense type. Te product also ofers a full audit trail. Expensify is available in three versions: Team, which ofers basic system function ality for $5.00 per user per month; Cor- porate is $8.00 per user per month and ofers more comprehen- sive functionality; Enterprise, suitable for large businesses, ofers advanced integration options as well as the ability to sync with various third party applications. Aimed at mid-sized businesses, SpringAhead ofers users online time tracking and expense tracking and management. A complete time management and expense management system. SpringA- head allows users to import credit card data directly from the bank, or upload that same data from a fle. Users can fax or upload receipts directly into the system, categorizing the data as an expense item on an expense report, or as a line item charge. Transactions can be annotated for future reference, and SpringAhead ofers document management capabilities by integrating with Smart Vault Document Manage- ment. Te product easily handles time tracking, with users able to choose various timesheet entry modes, including both daily and weekly timesheet options, as well as time-in and time-out recording, which is great for those working remotely, or on a project. Overtime and vacation time can be tracked as well. SpringAhead also integrates with popular payroll products such as Paychex and Sure Payroll. Solid integration with all QuickBooks products makes it easy to create invoices automatically in an accounting system, reducing the need to re-enter information later. A long list of data can be easily transferred between applications, including hours, bill rates, pay rates, descriptions and notes, and other related data. When processing invoices or expense reports, users can automate the approval process, with users able to designate approvers based on a variety of criteria such as dollar amount, project, department, or company-wide. Managers and accountants will appreciate the gatekeeping capabilities of SpringAhead. Tings like mileage reimbursement rates are included, so employees will always user the correct rates. Managers can also implement various controls such as reimbursement rate limitations, receipt atachment, and other accounting requirements to make sure that they receive the documentation they need, and that employees are reimbursed for expenses properly. SpringAhead contains a foreign currency converter, and the product contains excellent reporting options, with all reports containing drill-down capability. All reports can be exported to Excel as needed. Tose new to the product can request a demo, if desired. SpringAhead is priced at $50.00 per month, with an additional $5.00 for each user license over 10. ExpenseWatch Spend Management Expensify SpringAhead Expense www.ExpenseWatch.com www.Expensify.com www.SpringAhead.com Concur also captures credit card expenses, with expenses captured and categorized automatically with the credit card feed, and integration with popular accounting and fnancial manage- ment systems such as NetSuite, Microsof Dynamics GP, Salesforce, QuickBooks, Intacct, and Workday eliminates the need for duplicate entry between systems. And users can expect even beter integration with SAP afer their acquisition of Concur. For those that spend an inordinate amount of time on air- planes or on the road, Tripit, from Concur is worth looking into. Tripit allows users to organize travel plans; with users able to create and view custom itineraries from any device. Te product also helps users manage reward programs, frequent fyer miles, with mile numbers and points always up to date. Tripit also sends instant alerts when fights are delayed or cancelled. Travel plans can be synched with a personal calendar, and users can easily forward travel information to those that need it. Concur Expense ofers potential users a free 30-day trial and pricing is available upon request. Tripit Pro, from Concur is available for $4.09 per user per month, or users can simply download the paired down version which is free. Users can also opt to try Tripit Pro for 30 days at no cost. Tripit is invaluable for those that spend a great deal of their time traveling, which just got a lot easier.