Invoice automation hastens your management, receipt, and tracking of payments. Select the best invoicing software with this step-by-step guide.
How to Pick the Best Receipt Tracking Software for Your Business
Minimise miscategorisation and manual tracking of receipts by integrating a receipt tracking software for your business today! Read more here.
Receipts play a vital role in expense tracking for businesses. They serve as proof of purchase, and having a proper record-keeping system for your receipts can even save you tax dollars.
Receipt tracking plays an essential part in maintaining an organised system for daily business transactions. Business owners should look for receipt tracking software with features that improve their finance team's workflow and processes.
What Makes the Best Receipt Tracking Software?
Receipts help businesses track and calculate a wide range of expenses, digitise documentation, and simplify reimbursement and taxation. Here are some of the best features of the receipt tracking software you want for your business.
1. A User Interface (UI) that anyone can use
Ensure that your tracking software is user-friendly to your employees and addresses your business needs. You won't always have the time to manage every business transaction.
2. Easily accessible across different devices
On-premise software typically runs on a computer owned by the company; therefore, it is inaccessible to other devices or locations outside of where the software is installed. Meanwhile, cloud-based software allows access across multiple devices and locations. This solution benefits the team leader and its employees whenever they need immediate access to their data.
3. Receipt scanning and automated expense reporting features
Submitting monthly expense reports can be tedious for employees when done manually. The time and effort it takes to process and amend possible errors can be costly. Not to mention longer processing times that can affect your team morale.
With an expense management system, team members can simply take photos of their paper receipts with their phones, upload them to a mobile app and submit an expense claim request instantly! The app must have a receipt scanning feature that removes manual input of receipt data.
4. Effortless reconciliation into accounting software
Proper expense management is crucial to having accurate financial reporting. A good receipt tracking software must seamlessly integrate with accounting tools like Xero or Quickbooks to ensure that all receipts and expense data are automatically reconciled to your bookkeeping software.
5. Easily facilitates expense claims
A receipt tracking software must effectively streamline the expense claim approval and reimbursement process. It's crucial to conduct the entire process on one platform to avoid oversights.
6. Gives managers control over spending data
When running a small business, you expect your employees to purchase on your behalf. You'll need software equipped with approval workflows and spend controls for a smoother experience. These would give employees the autonomy to spend for the company and determine allowable and non-allowable expenses.
Moreover, you'll need software that can safely keep data that contains sensitive information. Managers should be able to control employee access to such data and revoke access to a team member that has left the company.
7. Automatically categorises expenses
Manual filing of receipts is as confusing as it is taxing. There may be times when a receipt is not lost but rather miscategorised. A receipt tracking software can resolve this issue. You only need to capture a picture of the receipt for every transaction and assign it to the correct expense category. The system will ensure that you do not miss it.
You can also consider expense management software equipped with a credit card feature to automate expense categorisation as soon as a purchase has been made.
8. Corporate card integration
Expense claims are essential, but the process may be gruelling. A receipt tracking software equipped with a corporate card feature can help. By issuing corporate cards to their team, business owners can track employee purchases in real-time.
Use Spenmo For Business Receipt Tracking
Digitisation is the future. Adding receipt tracking software to your expense claim workflow will make spend management a breeze and help account for all business transactions.
Start optimising your receipt tracking process with Spenmo. The tool allows you to manage, automate, track, and reconcile your business expenses in one dashboard! Book a demo today!