Supply Chain Partner

Expense management software for small business

As a key decision maker in your organization, you care about what your employees do with their time. Any minute you can save them from performing tedious tasks can turn into time they can spend creating new value for your business – great! But in which areas can you help your workforce out?

Expense management software for small businesses

A recent survey by Tallie showed that although 43% of small businesses still use manual processes to track and record employee expenses, a whole 46% of businesses make no effort to track the time that processing expense reports takes their employees. This is a clear opportunity to increase efficiency. Employee expense management software has become increasingly commonplace in recent years, providing a way to cut down on the time spent processing reports while reducing the possibility of human error. An automated employee expense management system can do the processing automatically and compare expense reports with your organization’s preloaded compliance rules and regulations. The system can then automatically approve expense reports, while directing your team’s attention only to issues needing attention. This clear timesaver is critical to unlocking your business’s growth potential. We’ve put together a list of the Top 3 expense management software solutions that a small business can use. Let’s see who made the list:

SAP Concur

At the top of the list is SAP Concur. Widely regarded as the best-of-breed in expense and travel management, Concur’s comprehensive systems enable you to keep an eye on all of your employees’ spending from the bottom up. With an easy-to-use dashboard and a powerful set of recording and tracking tools, Concur can help you to verify employee purchases as they are happening, by scanning receipts to check for compliance issues. This on-the-go approach has been perfected by Concur, and their long track record of success across industries and organizations underscores the utility of the software.

Webexpenses

Aimed primarily at small businesses, Webexpenses provides everything you need in an expense management software solution. With a clear and transparent system throughout the entire expense report submission process, employees are instantly informed whether their expense claims contain errors; this reduces the amount of time taken for their reports to be approved and paid out. The ability to capture receipts by photographing them makes the entire report‑building process a breeze. However, some issues remain over the travel‑planning aspects of the app, as it can sometimes prevent the app from syncing correctly with the website.

Expensify

The second-most popular expense management software is an adaptable solution that can be tailored to fit your organization, no matter what size it is. An extremely intuitive interface makes Expensify a pleasure to use, and the process of uploading expense reports from the mobile app is among the best in the industry. This can sometimes come at the expense of the desktop experience, though, as the website can occasionally be tough to navigate.

The importance of expense management for small businesses

As a small business, every second that you can squirrel away from tedious tasks can end up having a tangible effect on your bottom line. If your expense management is taking up valuable time and effort, there is a better way – a digital expense management solution. Supply Chain Partner’s team are experts in expense management solutions and implementations, and we can help you find the solution that is perfect for you and your organization. With our extensive knowledge and broad industry experience, we can guide you along the path to unlocking your business’s true growth potential, so that you can shoot for the stars.