Essential expense management software must-know list

Angelica A.

If we put together everything we knew about expense management software, we'd probably never end. So, we decided to bottle our knowledge down to an essential expense management software must-know list for right now. 

We hope this easy to digest kind of format will help quickly understand every primary aspect of handling costs with the latest of all available technology. Times are definitely moving us more and more to online transactions, and running fees are no different. 

Let's see how to make the best of what expense management software has to offer your startup. 

What is expense management software?

Expense management software refers to online platforms that can help with business expenses. Examples of those can be varied. They include paying, processing, and even auditing what our staff members have entered into a platform. 

Vital to these is how they dialog with other applications that can help us run other critical aspects of our startups. From travel to payroll to simple time trackers, these tools can work optimally through integrations. 

Why use expense management software?

We've experienced firsthand just how hard it is to manage a full stack of software-as-a-service (SaaS) tools. It gets incredibly challenging as a startup grows, too.

Expense management software is vital because it eases what could otherwise be tracking duties that simply take up a lot of our time. The beauty is that these platforms can work as a one-stop-shop to run it all. Just as centralized software management (CSM), these interfaces can streamline many processes. 

They thus give users the option of creating, sharing, and overall managing a company's entire business aspects. Just like some apps can deal with every email-related marketing effort, expense management software can deal with a company's expenses most optimally. 

Also, cut back on considerable waste by removing all paper trails as you move onto online transactions. This immediately means speediness in our needs. By sharing these tools with a team, you can optimize the visualization of many financial aspects.

Moreover, find out how to improve what you're doing with these smart app recommendations. Recurring, for instance, will use anonymized company data to find companies similar to yours. Based on that, the app will also recommend new or similar tools. These refer to other means with which businesses like yours are working for even better results. As we like to say, using these tools is like having Product Hunt meets Netflix, but for platform recommendations.

Furthermore, cut back on unnecessary payments, late fees, and many other avoidable expenses with these tools. The benefit of resorting to them lies in controlling spending and optimizing it through cost-saving options. 

Finally, as you can integrate other software, you can stick to your accounting or payroll platforms as you move on to this kind of centralized care, as well. SSO and GSuite are our allies in this sense to quickly track usage of a users' SaaS platforms. Doing so allows leaders to know which team members are taking advantage of paid features and which tools can be removed. This, of course, is done to optimize expenses.

Who uses expense management software?

Recurring is designed with founders and managers in mind. That's so because the tool helps track expenses, usage, and efficiency of all startup platforms. And that can save precious time for more pressing company matters. 

For a team such as our accounting guys, using this kind of software can translate to never again having to wait on accounting reports, for example. The same goes for more extensive and broader ventures at a company scale.

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How do you manage expense reports?

We can certainly work at mitigating costs and avoiding unnecessary expenses when we manage expense reports. That's especially the case as some of our fees could be linked to return fraud. It helps to think about possible internal expense policies, for example. Ideally, this would happen when we're not too deep on red numbers and can actually consider high fluxes of money. 

Also, use technology, again, such as Recurring, to log expenses in a way that can quickly furnish reports for you. Those can include digital imaging of bills and invoices to speed up our processes and use cloud storage to our advantage. 

Just in case, consider going for corporate credit cards to match bank statements with reported expenses. Doing so can help tremendously. 

Lastly, frequently audit all of the above. Set up a routine to sit down and check everything being recorded. Per quarter, twice a year, or annually tend to make sense at a corporate level.

What is the best expense report software?

Now that we've talked so highly of computerized solutions to this kind of cost tracking, we'll, of course, deliver solutions on a top-notch application that can help out with these vital tasks. 

The best expense management application nowadays can come from a long list of programs. Seek the one that answers your precise business needs. 

Recurring is our number one choice, of course. If you're focusing mainly on software that offers a free trial, bear in mind that there are limitations to these platforms. And those commonly refer to features or time of use.

This also makes Recurring the best platform for a medium to large company. 

And we deal with pricing in ways that can genuinely benefit your starting or growing business. We'll clarify that in our upcoming section. 

To all this, please note we also keep company names disassociated with expenses. And, you know what's also great? 

We use logs already available to your company on a GSuite account, so employees don't need to install anything on their end.

Pricing that scales with you with Recurring

What are your monthly software expenses? Do you know? We'll need to use that (or figure it out where you stand there) to see how much you'll be investing in Recurring. Our pricing model is just that unique - and fair. 

The best part about our pricing, too, is that we'll scale with you. See, with us, pricing isn't fixed for all. On the contrary, we'll work with our users on an average of their last 3 months of expenses to determine just pricing. On top of that, the first $1,000 in a month is tracked for free.

Care to learn more? Try Recurring out now!

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