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TRG in the Board Room Blog

4 Questions to Ask When Selecting The Right Expense Management Solution

Posted by Thanh Le on

As your company continues to grow it’ll soon be time to select a solution to tackle and solve your expense management issues. Once you get to this point in time the challenge is what exactly do you look for when selecting an expense management solution?

Before you even get to the “what” they’re a bunch of other questions such as: why, who and which that also need answering before you get to the what.

Why?

“Why does our current system need changing?” Typically the process of employees manually creating expense claims and others manually processing such claims becomes too time-consuming for all involved. Employees begin to hate making claims as its too much effort, others don’t like processing and approving them, as they are usually full of mistakes. Claims are submitted later and later leading to more problems. It’s easy enough to cheat and claim for things more than once. The more claimants you have the bigger the problem and at some point in time its time to get “a system” to replace the paper but as you grow and the volumes increase and claims become more complex you need “a better system.” Additionally as things scale up, the need to report and analyse expenses on a timely basis also becomes an issue.

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Understanding your current organisational challenges will help build a foundation for making educated decisions.

Who?

‘Who will use the system?’ Much as system functions are usually standardised, each organisation is as unique as the individuals that operate them. Before choosing, you’ll need to ask yourself the following:

• What is the size of your organisation?

• How many people in your organisation need to file expense claims?

• How often do they submit expenses?

• How are users currently submitting their expenses?

• Who needs to approve the claims?

• How fast do the claims need to be approved?

• How fast do approved claims need to be paid?

• What reporting is required over claims?

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Which?

“Which system suits our requirement?” The ideal system should help enforce corporate spending policies by flagging expense overages, missing documentation and auto-nagging delayed approvals. The ability to accommodate anywhere from a few users to thousands of users on one system, with an unlimited amount of free expense report submissions makes up a highly-recommended convenient solution. Daily exchange rates, integrated VAT tracking and multi-currency functions are a must too.

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One fundamental ingredient that is often overlooked when purchasing an expense management solution is support. Having unlimited access to training and on-call assistance will be fundamental to truly improving the quality of your expense claim management process.

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What?

“What do we need in the new system? What aspects do you want the system to handle? What challenges in expense management do you expect your new system to excel out of your old ones?” While it is essential to recognise your company’s current challenges, it’s equally important to have a deep knowledge of potential software solutions. For example, what feature of the new system you wish to have? Intergration, capability, mobility?

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The ideal system will both streamline and automate your expense accounting processes as much as possible so that you spend less time fussing with it! Here are some suggestions.

Think about the mobility With the ability to submit expenses on their smartphones or tablets, your employee will not only give them the freedom to handle their expense reports while on the go; it will eliminate the time administrators have to spend manually to transfer these info to the data.

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Connect the dots. Expense management solutions that can seamlessly integrate with current accounting/ERP system(s) will create an operational nexus for project management, accounting and expense reporting.

expense_chooseFinally, the best way to determine if the solution is right for you is to see a live demonstration and experience it yourself. Now that we have guided you through the why, who, which and what, come check out our solution!

 

Topics: Expense management

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