Key Features of an Ideal Expense Management System
What is an expense management system and what are the key features to look for in one? There are many features, and this article enlists the top 5 of them. Read on to find out what they are…
Today is the day and age where automation is the need of the hour, and every organization today is investing in the automation of their operations and processes in order to increase efficiency, increase productivity and experience the other benefits. Leading IT firms are offering several solutions and services to help enterprises to implement digitization with great results.
When it comes to digitization, there are different software and services available to automate the various processes in an organization. For the HR department, the solution is HRMS software. Digital HRMS is one such software that offers a range of modules to cater to every functionality of the HR department. Another good example of such a software is Zoho, which also offers a range of functionalities to help the HR department automate the different tasks. Expense management is one such task that the HR of an organization has to manage, and this article talks about the key features to look for in an expense management system.
1] Availability on Mobile
Today, when people are increasingly using mobile devices, there is the growing need for accessibility on mobile. Hence, this is one of the primary requirements in an expense management system. Accessibility online helps employees to raise requests and even get them approved on the go. Also, the round the clock connectivity helps employees to track expenses, and even connect with the team as and when required.
2] Easy Scanning of Documents
Expense management is a module that involves scanning of various documents that are required to be attached as evidence. Hence, an expense management software should support easy scanning of documents so that it becomes easier for the employees to attach the evidence of the expenses incurred. Another factor to take into consideration here is the support for multiple file formats.
3] Detailed Reports
Expense management system should ideally provide an option for the users to generate detailed reports, to help them track their expense requires, along with their status of approval. Also, the reports help the Admin to get an idea about the expense request made by the employees in the organization. Keeping track of expenses is important for the total expenses of the organization, and so this is an important feature.
4] Defined Permissions for Every Employee
Expense management can be a confidential subject, and so not everyone can access everything. So, it’s very important for every organization and an ideal expense management software to define the permissions for every user. THIs way, the users can access only the information that they are authorized to, and nothing more. This enhances the confidentiality of the data and enhances data security.
5] Integration with Company Account
Last but not the least, an expense management system should have seamless integration not just with different payment modes, but also with the company account. This way, it becomes easier to transfer funds and close expense requests quickly. In other words, it streamlines the entire process and prevents unnecessary delays.
That was about 5 of the key features of an expense management system, and when an enterprise invests in one, looking for these features will ensure that the software will serve the purpose. However, the other features depend solely on the requirements of the organization, and what they want to achieve.
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ABOUT THE AUTHOR
Elise Lowry is a technical writer and a web entrepreneur with many years of experience. She regularly blogs about rising IT companies, path breaking IT solutions, current IT trends and much more. Understanding how technology affects the world we live in, is her subject of interest.