How to choose Expense Management Software: 7 questions to ask

It’s time to bring the office up to date, and a great way to start is by adopting a future-ready expense management software package.


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It’s 2021. Business has been slow to catch up with the consumer technology revolution we now take for granted. We have gadgets in our home that listen, answer and even ask us questions, but at work we’re drowning in paperwork and scrambling around looking for lost receipts in a shoe box next to the stationary cupboard.

 

Choosing expense management software

If you’re just about to take a first dip into the world of expense management software, the first thing you’ll notice is just how much choice there is out there.

The key variables to look out for are:

  • Functionality
  • Robustness
  • Scalability
  • Price
  • Ease of use

The right package will depend on the unique characteristics – and future plans – of your company. We’ve put together a few key questions to reflect on, to make picking the right expense management software just that little bit easier.

Make a list of the five key problems your expense management solutions should solve

What’s not working about your current expense management systems? Where are you most wasting time and money? What do people complain most about? Where are you struggling most to get your employees to comply?

What does your expense claim management look like?

Whether you have a tight expense policy or are doing things spontaneously, it’s really important that you accurately appraise your current expense processes.

Are your employees paying up front and getting reimbursed later? Do you use cash? Do you need cash? Do you buy online? Do you use purchase orders? What happens to receipts? How do your employees do expense reports? Who needs to review purchases before they happen? Who needs to review expense reports?

Clarify which steps of the expense process you want the new expense management systems to replace, and which steps you will keep

Where is your expense management software going to be used?

If COVID-19 has taught us anything about business, it’s that it just doesn’t fit within four walls anymore. Even if you or your employees aren’t physically travelling on the road (or across borders), flexible working policies mean that working from home is the new normal. And, if your employees are travelling overseas, it’s important to choose an expense management software that can cope with multiple currencies without skipping a beat.

Do your staff work remotely? Do they travel? If so, is it in the UK or beyond? Where do the majority of expenses take place? Where do your employees do their expense reports?

Write down exactly where your new expense management software will need to be used

Are your current systems built to last?

You need to be able to select expense management software that will work for tomorrow as well as today. While no-one can predict the future, now is the time to assess the different options based on robustness, scalability and longevity. Remember that you’re adopting a new expense management system to save you time and money, so there’s no sense in going for a lightweight option that you’ll simply outgrow in a year or so.

Who’s behind the expense management solutions you’re considering? Who are the founders? Is the company well-funded? Who else uses them? Do they have clear plans to grow?

Read about and behind the expense management systems companies you’re considering

How much should you invest in expense software solutions?

Prices vary and – particularly when it comes to implementing a Software-as-a-Service (SaaS) solution such as expense management software – you need to be sure that your company can afford the operational expenditure on a long-term basis.

How much do each of the business expense management solutions packages cost? Are the differences in prices justified? Is it cheaper to pay annually? Are there discounts available at particular times – such as at the beginning of a new tax year?

Prioritise features over prices, but set a clear threshold above which you’re not prepared to pay

Treat the points in this article as a fact-finding mission. Consider all the questions carefully, and look beyond sales pitches and deep into the essence and quality of expense management systems packages.

Whichever expense management software you choose, it will work seamlessly with Soldo’s spend control platform, with integrated Mastercard® cards, a web-based administration console, and an app for employees.

Find out more at soldo.com