What To Look For When Selecting Expense Management Software (Part 1)

We help you ask (and answer) the tough questions!©iStock.com/zlomari

If you’re reading this post (first of all, welcome!), you’re likely already thinking about managing your expense reports in a different and more efficient way. Certainly, there can be a lot to consider when trying to choose an expense management software solution. With several vendors out there who all seemingly offer similar bells and whistles, it may seem difficult to make a decision.

We mean it when we say that we’re passionate about delighting people, and we truly want you to pick the best solution for your company. As part of our dedication to helping you determine what will be the best fit for you and your team, we’ve put together a series of questions that should help guide you through the process and make your choice of an expense management software solution a more straightforward and informed decision.

Question: WHY? (Deciding to incorporate a new way of managing expenses)

Before we get too deep into product features, integrations and support capabilities, the first question we should be asking is “Why is our current expense management system not working?” Perhaps the following applies to you:

  • The process of manually entering expense report information is becoming too time-consuming;
  • Employees are failing to get their expenses in on time, or are missing key elements in their reports;
  • There’s the risk of expense fraud, or maintaining accurate accounts for auditing purposes;
  • The current accounting system does not have certain capabilities or functions that we need in order to streamline the T&E reporting process.

You know your system better than anyone, but understanding your current organizational challenges will help build a foundation for making an educated decision.

Question: WHO? (Determining your organization’s unique needs)

Though many businesses’ accounting functions are standardized, each organization is as unique as the individuals that operate them. Before choosing an expense management system, you’ll need to ask yourself the following:

  • What is the size of your organization?
  • How many people in your organization file expense reports?
  • Approximately how often do they submit expenses?
  • How are users currently submitting their expenses?
  • Do your employees travel for business frequently? Do they travel internationally?

Not every expense management software application is made equally. Cost per user may be a factor in whether or not you choose a certain solution. Other SaaS providers may charge an additional fee for each expense report your employees submit. That can add up quickly if your employees are travelling often!

Question: WHICH? (A software solution that fits the bill)

Each of the above expense reporting challenges can be alleviated by implementing Nexonia Expenses as your organization’s dedicated expense management solution. No matter the complexity of your corporate expense policy, Nexonia will ensure the correct systems are in place with a streamlined approval process and clear spending policies. This will help enforce corporate spending policies by flagging expense overages, missing documentation and auto-nagging delayed approvals.

Nexonia Expenses can accommodate anywhere from a few to thousands of users on one system, with an unlimited amount of free expense report submissions. Daily exchange rates, integrated VAT tracking and multi-currency functions also make submitting expenses a piece of cake while on the road.

To be continued…

We’ve only really hit the tip of the iceberg when it comes to gaining a thorough understanding of how to choose the best fitting expense reporting process of you and your business. In Part 2, we’ll discuss how an expense report solution can integrate with your existing accounting or ERP software and the importance of choosing a company with full and accessible support.

P.S. Of course we’d be delighted if you decided to become a Nexonia customer, but at the end of the day we want you to find the right fit for you and your team. The best way to determine how our system will work for you is to see a live demonstration and ask our Product Experience Specialist all of your great and essential questions!