Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/728133
September 2016 • www.CPAPracticeAdvisor.com 5 EXPENSE MANAGEMENT SYSTEMS Reviews Travel Expense Management Systems D eciding that your firm or your client needs expense management soware is a relatively easy process. Deciding which expense management soware solution is right for your firm, or your client's business is a much harder task. Competition is tough in the expense management soware industry, and new solutions are being added every day. Even though business owners can be reluctant to introduce another soware product, accountants who have to muddle through the process of re-creating lost receipts and bugging staff every second to send their expense report in will happily implement an expense management solution. Aer all, even the most unorga- nized staff member can take a photo of a receipt with a smart phone. ere are other benefits as well: Automated credit card feeders import expenses directly into the product, and allocate those expenses based on a set of pre-determined rules that are created when the soware goes live. W hile there is a long list of benefits to managers, accountants, and administrators, employees will also appreciate the ease in which they can do everything from book a flight, choose their seat, capture a receipt image, download credit card expenses, and get reimbursed a lot quicker. If you're still undecided, here are just a few of the advantages of using expense management soware: • e entire travel process, from initial planning to managing trip expenses and reimbursements can be automated • Many expense management products also offer itinerary management as well, allowing travelers to organize their entire trip, including flight details, rental car information, and automatic travel updates such as flight delay and gate change notifications • For travelers who frequently travel by car, mobile technolog y can easily track trip mileage, for fast, accurate mileage reimbursement • Expense management soware collects expenses from multiple sources, so credit card expenses, per- sonal credit card expenses, and cash expenditures are easily managed as well • Itemized expense reports can be quickly created and automatically sent through the appropriate approval system, with employees typically receiving expense reimbursement through payroll or direct debit • Custom reporting options provide managers and accountants with the tools they need to be compli- ant with industry standards, while also processing reimbursements on a timely basis W hile expense management soware makes it easy to track expenses, that's not the only thing that it can be used for. Many of the products on the market today offer ways for business owners and managers to really manage their expenses, not just provide a timely reimbursement. Maximum allowable rates allow traveling employees to have the freedom to book their travel when it's convenient, yet be cognizant of the fact that they cannot exceed the allowable rates that have been entered into the system. Do you still have an employee who refuses to process an expense report on a timely basis? Automatic notifications will be sent out on a regular basis reminding employees to submit their expense report. And managers and employees can receive notification every time one of the policies is about to be violated, useful for both expense manage- ment purposes as well as for the personnel file. If you're ready to take a look at expense management soware, take a few minutes to determine exactly what your firm or business needs help with – be it flights, hotels, client entertainment, meals, or rental cars. Hav- ing an organized way of capturing receipts immediately, being able to book flight or rental car information from a mobile app, or creating an automated approvals pro- cess that ensures timely submission (and reimburse- ment) of employee expenses isn't just a wish list for accountants anymore. Once those needs are determined, take a look at the products highlighted in this issue. All of the products offer a free demo and online videos that can help new users in determining whether the product is a good fit for their business or organization. W hile many soware products are designed to benefit the end user, implementing expense manage- ment soware can prove to be beneficial for employees, administrators, managers, and accountants. Why not give it a try? ● BASIC SYSTEM FUNCTIONS EXPENSE & MANAGEMENT FUNCTIONS MOBILE FEATURES INTEGRATION OPTIONS HELP/ SUPPORT OVERALL RATING Certify Expense Management Concur Expense ExpenseWatch Spend Management Expensify travel Management System SpringAhead Travel Expense Management Tallie Expense Report Software TripIt (Product Overview Only - No Star Ratings) Mary Girsch-Bock Mary Girsch-Bock Mary Girsch-Bock began her career as an accountant in the property management and healthcare industries. She is now a eelance writer specializing in business and technology issues and is the author of her first book, several HR handbooks, training manuals, and other in-house publications. She can be reached at mary.girschbock@cpapracticeadvisor.com .