Have you been thinking about getting an online expense management system? Perhaps, you got tired of calculating your finances all over again? Or maybe it has become too time-consuming for you that you cannot do other things for your business? Well, whatever reason you may have, you will surely enjoy having a business expense manager by your side. For sure, your employees would be glad, too! You see, this software allows you to check your finances at any time and anywhere. It means that you would not have to go to the office to see your finances, you can do it at the comfort of your home.
Well, of course, like anything else new, the first thing you will face is your lack of knowledge. Sinceautomated expense reportingis something new, it does make sense that you do not know anything about it. You probably have no idea how to use it. More so, what questions to ask and what things to look for. However, that is alright. You do not have to worry about it. The following could help you with all of that.
Here are the questions you need to ask the expense management company.
About the features
- How is the synchronisation of the master data?
Similar to Google workspace, a business expense manager should have real-time monitoring, whereas one user can see the changes that the other user has made. This feature could help you check if all the information matches into your system. So, make sure if their master date synchronised well and automatically.
- What about the outdated expense policy, are they flagged automatically?
Aside from its synchronisation, the expense management companyshould also consider the changes that may happen in a business. You see, expense policy depends on the economic growth and market price. So, if these two transposes, then as a business owner, you should update yours. That way, your employees would be able to file reimbursement of their expenses without any trouble. That is why it matters if the said business expense manager could flag it automatically so you would not forget updating your expense policy.
- What approval options does it have? Is it escalated or dual consent?
It would be better if the software has these two features. That way, your employees would no longer have to wait for the approval of their request. Furthermore, an employee cannot receive the consent of their appeal without receiving confirmation from two assigned personnel. With this, you can quickly identify if there is fraud happening in your business.
- Does it have a check control or version history?
If they said yes, that that is great! You see, these two features can help you identify duplication. It means that you would be able to monitor your finances and expenses even better since you can see all the details of who and when they submit a request. One of the things you would notice is the date and time when they did it.
About the users
- Does the user interface have different languages available?
Since Singapore is a diverse country, it would be better if the software had different languages available. That way, any of your employees could use it with ease. Also, they would not need anyone to explain the text since they could understand it with their native tongue.
- Can users attach receipts of their expenses?
Being able to attach a picture of the receipt would further help your accounting department. That way, they could quickly check the amount that your employees had spent. With that, there will be no miscalculation of the liquidation, and your employees would be able to receive the approval of their reimbursement application.
- What kind of access does each user have?
You also have to ask this to make sure that not all of your employees could access your network. Having this feature could help strengthen the security of your business and protect information about your finances and expenses. If they answer that their software has 2FA access, then that is great. That would help secure your network even further.
About its mobile application
- Does the business expense manager have a mobile application?
It would be better if the business expense managerhad this one. That way, you and your employees would be able to check it using your smartphone. With that, you would no longer have to open your desktop to monitor the expenses report.
- What features does it have?
Make sure to clarify this one since some mobile applications have different features with their desktop version. If they answer it has the same, then that is good. You would no longer have to brief your employees on how to use it. You could also ask if the said application would be available on both OS of Apple and Android. That way, whatever smartphone your employees have, they can download and use it.
Still, have more questions to ask? Reach out to our expense management company!
At Volve Solutions, our purpose is to make things easier for our customers. That way, they can manage their finances and expenses without a problem. Furthermore, they would have more time focusing on other areas of their business. Perhaps, promoting their products and services so they could attract more customers.
So, what are you waiting for? Drop us at the enquiry at firstname.lastname@example.org. Or if you want, you can also visit our website and find out what solutions do we offer. That way, you would be able to decide better whether you should get a business expense manager or not.