Expense reports are an integral form of document employees use to list and itemize business expenditures in order to request reimbursement. Like many forms of business documents, expense reports have moved over to a software counterpart in order to facilitate easier reporting and provide a more comprehensive reporting tool.
As a vital accounting tool for employers, it’s important that expense reports are itemized and detailed to make the examination process as easy as possible. Accurate and valid reports are important so that employers can quickly pay employees their requested amount. Ultimately, expense reports are an important component in tracking business expenses, managing overhead, and calculating profits.
Though expense reports are simple in principle, software solutions provide a greater amount of control, allowing for customizable forms with a greater degree of detail. Furthermore, software is capable of providing multiple means of reporting expenses, a valuable feature for both employees and their employers. With that in mind, let’s examine a few powerful features available to expense report software that may be worth taking advantage of.
1. Global Currency Support
At a base level, standard expense report documents are designed to function with a businesses native currency. Businesses often have employees who are tasked with travelling out of country to complete a business arrangement. While on a business trip, an employee is likely to build up some reportable expenses in a foreign currency.
While old-fashioned paper expense reports will struggle with foreign currencies, software can make quick work of them. When expenses are input into the software, it can account for the currency, automatically check the conversion and tax rates, and convert the amount into local currency. This eliminates the need to manually track each detail and painstakingly convert each transaction. As a bonus, software can manage hundreds of different currencies, so businesses around the globe can benefit equally from this useful technology.
2. Credit Card Tracking
Organizations that need to manage employee travel and expenses regularly often provide company credit cards. Credit cards are extremely useful tools for supporting employees and are often required for temporary living arrangements such as hotels. Credit is not without its flaws, however, and over-spending is a major concern for some companies.
Modern expense reporting software can actually integrate with company credit cards in order to monitor transactions, and control spending. With a transaction feed that constantly updates, businesses can rest easy knowing that expenses are being kept at a reasonable level.
3. Mobile Reporting
Smartphones are commonplace now, and there exists an application for most tools imaginable. Expense reporting is no exception, and the best software will have a mobile counterpart integrated into its reporting system. Allowing employees to report expenses through an app ensures that the reported time and dates are accurate, and the costs are exact.
App integration helps provide a method to report expenses quickly as they’re accumulated, rather than in a large sum at the end of a trip or pay period. Businesses can then monitor expenses as they come in, understand how the expenses are being accumulated, and better plan to minimize future expenses with that knowledge in hand.
4. Full System Integration
Any business managing any significant amount of money has accounting systems in place. Accountants, banking software and payment tools can all easily be integrated into the expense reporting software available today. By fully integrating each component in the accounting pipeline into a synced up network, businesses can access and manage accurate accounting data with ease.
Accounting is a major component of any successful business, and understanding expenses and carefully managing them goes a long way to maintaining profitability and limiting expenditures. Expense reporting has never been easier.