3 Tools to Streamline Your Expense ManagementBy Kathleen Burns
Expense reporting is a pain, but new tools are making it easier than ever — here are our three favorites
Let’s face it: expense reporting is probably the worst part of business travel. Tracking down receipts and filling out an expense forms are the last things you want to do once you’re finally home. Luckily, we’re traveling in the digital age.
There are tons of options for online expense reporting tools, and sifting through each of them can be more time consuming than actually filing an expense report. That’s why we’re highlighting three in particular to help you get started.
Here are our three favorite expense management tools:
If you need a one-stop-shop to make your expensing life easier, Expensify is your answer. Expensify specializes in helping you painlessly create expense reports by automatically logging the expense amount, attaching the receipt, and sending it off for approval. Their online platform can also be accessed in their mobile app, and Expensify easily integrates with several common business services (including Lola.com!). It is also able to integrate with HR, travel, tax and practice management software — like QuickBooks online, Oracle, Sage, and Xero — to improve your overall workflow.
Some of the specific features Expensify offers help to streamline the entire pre-accounting process. Pre-accounting is the process of collecting, coding, and submitting a business’s key financial data to enable accounting to occur. These features include unlimited receipt scanning, corporate card reconciliation, and next-day reimbursement. Expensify also includes automatic auditing and compliance management. With capabilities like detecting duplicate receipts, double checking exchange rates, and confirming the validity of each transaction, Expensify takes the pressure off of your finance and accounting teams to keep track of each of these. Using a tool like Expensify hands over the expensing responsibility to the employees, and enables them to complete their expense reporting in a productive way.
Expensify is offered at few different levels and price points, but with plans starting at $5/month for SMB’s it’s easily accessible.
(See how Flywheel uses Lola + Expensify to streamline T&E reporting.)
2. Amex Spend Manager
If you’re an American Express Card holder, you automatically have free access to Amex Spend Manager. Spend Manager is American Express’s way of helping customers track and manage expenses in “a real-time snapshot of Employee Card spending”. This mobile app is helpful for both users and managers. Users can take photos of receipts on their phones, match the receipts to card transactions, and then create a PDF expense report that can be submitted to the company.
Finance managers can see all activity in Employee Card spending through the app. Management functionalities include setting limits and alerts on spending, flagging odd transactions, freezing or unfreezing employee cards, and adding new cards. Plus, you can connect to QuickBooks to streamline your entire expensing process.
To be eligible to use Spend Manager, your company must be American Express card holders.
If you have employees that are frequently driving their own car for business and need to report mileage, this is a helpful tool. For industries like healthcare, construction, food & beverage, insurance, and more, Everlance simplifies the process of creating and implementing a mileage reimbursement program. These programs are comprised of both expense and mileage tracking to help your company cover all of its bases.
Expense tracking is simplified with Everlance by using a central dashboard to manage synched bank and credit cards and uploaded receipts. These tools remove the need for physical receipts and centralize all of the necessary information, rather than having it scattered across numerous spreadsheets.
When it comes to accurately tracking mileage, Everlance takes the cake. With their app, employees’ mileage is tracked via GPS data, enabling your team to appropriately reimburse your employees without the travelers having to take any extra steps.
Everlance offers a base level free plan for up to 30 trips/month.
If you haven’t jumped on the digital expense management train, now is the time. From integration capabilities with travel management tools, HR software, and even GPS data, expense management software can act as a central hub for all business spend — without having to hunt down receipts.