Important Features You Need in an Expense Tracking Software


important-features-expense-tracking-software

Expense tracking software can help organizations make accurate estimates, gain control over their finances, automate their business spending and reduce costs. Without this tool, the finance department of a company may struggle to adhere to the strict timelines. This software features important tools that are required to run a business smoothly. Any expense report requires receipts, billing, and invoice generation. With an expense tracking software, you can record your numbers in real-time to get clear insights and skip the tedious and time-consuming process of going through the files. Although expense tracking software are made to suit almost every business out there, but you should look out for a these must-have features before choosing one.

• Regular Audits
• Advanced Analytics
• Claim Checks
• Smooth Integration
• Legal Compliance

Regular Audits
A periodically occurring event is auditing. Businesses hire specialists to get keep every detail intact. An expense tracking software can make this process relatively easy. This tool has all your documents and transaction history stored in its database. So, it becomes easy to keep track of the data. This way, you can always be ready for an audit. An expense tracking software can do this by auditing proactively. As soon as an employee uploads an expense report, your expense tracker can automatically perform an audit. It verifies the documents uploaded, cross checks information to ensure that you are on track with each and every receipt. The best expense tracking software should aim at keeping you on top of your audits with a complete audit trail.

    Also Read: Business Expense Management Software for Transparent Expense Tracking

Advanced Analytics
Businesses tend to ignore so many recurring expenses that are bleeding them dry. Maybe it is just a newsletter subscription or an over-prized coffee. Every business needs to take a long and hard look at what they are spending their money on. This is what you should expect a business expense tracker to do. An expense tracking software can provide daily reportage and accurate analytics with interactive mediums like graphics and pie charts. This is simply to bring to your notice where your numbers are soaring and where are they dwindling. This way, you can get a grip on your funds, and use your budgets carefully.

Claim Checks
Many organizations send their employees outdoors on a work-related trip. When they come back, they claim the business expenses. This process is generally considered cumbersome and lengthy. Some of them tend to submit bills for their personal expenses while some end up paying for the travel from their pockets. Clearly, both these approaches are wrong. What you need is a simpler way to file claims and expenses. With a cloud-based expense tracking software, employees can file their expenses in real-time, and receive automated approvals.

Smooth Integration
As a business owner, you use a lot of software to run things properly. Especially in the financial field, the amount of work that is done in terms of manual labor is quite a lot. An expense tracking software allows businesses to navigate their finances at every step. To achieve this, they allow integrations with all kinds of business tools and software. You can link your invoicing software directly with your expense tracking software for timely billing. You can even link your communication systems to your expense tracker to manage tasks efficiently.

    Also Read: 6 Reasons Expense Tracking Software is Important – Link

Legal Compliance
Another important aspect related to any kind of capital is the policies that go along with them. Every industry has its own laws and policies for money management and exchange of funds. This is of paramount important during the tax season. You may receive some claims that are irregular and in violation of the current policies. An expense tracking software keeps you updated with the legalities and nuances of your finances. This way, any violation of policies gets flagged and subsequently corrected.

5 Things to Consider While Choosing Your Business Expense Tracking Software


choosing-business-expense-tracking-software

In recent years, a large number of businesses have been using expense tracking software to forecast sales, manage expenses, inventory, and much more, because they do not want to waste time on unnecessary tasks. With a business expense tracking software, you no longer have to rummage through pages, and hope that you haven’t missed out on something important. All you need to do is click a few buttons, and vital information will be at your fingertips.

But any business expense tracking software will not work. You need the right one, and that is why, we have come up with some tips that will help you pick the perfect expense tracking software for your business.

    Also Read: Business Expense Management Software for Transparent Expense Tracking

1. What are your needs?

First, you need to have a clear idea of about your business and your needs. For instance, you need to know what is the size of your business? How much money does it make? Do you need software that is specific to your niche? Say, if your business makes millions of dollars a year, it would have different accounting needs from one that makes less than $50,000. Depending on the size and income, there are various expense tracking software, and even ones that work best with small or medium-sized businesses. You will also find customized expense management solutions for various sectors like manufacturing, hospitality, retail, and much more.

2. Should you go online or offline?

The next important question is whether you should choose an online or offline software? Most businesses opt for cloud-based software, as they offer more benefits than offline solutions. Yet, some businesses that do not have access to the internet prefer offline software.
We recommend that you choose an online business expense tracking software. All you need is an internet connection, and you will have easy access to all your data.

3. How friendly is the user interface?

How often have you left an app or a website because of the interface? Has it left you wondering how the UI/UX developer got away with it? So, let’s not repeat that with your expense tracking software, and get the one that is easy for your employees to learn and use. Imagine the software filled with every imaginable feature; sounds messy, doesn’t it? To avoid that, go for one with a simple user interface. A clean interface makes it easier to focus on tasks and decreases the learning curve.

4. How scalable is the software?

As businesses grow, so do their accounting needs, but you already know that. Surprisingly, many businesses fail to realize this initially and have to migrate to a new expense tracking software when their existing ones can’t cope. Better avoid that mistake, and pick a free expense tracking software that can be scaled and enriched with features as your business grows.

5. What is your budget?

From small business expense tracking to large business expense tracking software, there is a software for every budget. You will even find some free expense tracking software that you can download online. However, the more specialized the software gets, the pricier it becomes. Once again, depending on your needs, the budget of your software will vary.

    Also Read: Software for Tracking Income & Expenses for a Personal Business – The top 7

Conclusion

We know that finding the right expense tracking software for your business is no simple feat. You are looking for software that you can trust for years to come. And that is why we at CloudBooks have developed one of the best expense tracking software’s that keeps all your needs in mind.

6 Reasons Why Startups Should Use Online Invoice Software


startups online invoice software

Invoicing is probably the most challenging task for a startup. Moving to online invoicing software can make these work easier. Here are some reasons why should start using it.

Most startups run on a tight budget and struggle to manage their finances. These organizations often chase after clients to make sure all the bills are paid, and at times, miss out on important tax benefits – all due to improper invoicing. Considered as a tedious yet necessary function of a business, invoicing when done properly can save time and ensure regular flow of cash. An online invoicing software can help startups achieve that level of efficiency by making the process faster and error-free.

Here are 6 reasons why startups should start using an online invoicing software –

Easy Payments
Whether it is travel expenses, or business purchases, payments require documentation and endless files. Online invoice software like CloudBooks allows you to track payments easily. You can also manage the invoices of both employees and clients with a simple cross platform application. With an online invoicing system, you can make the process error-free.

   Also Read: Billing And Invoice Software

Fits your Budget
No startup goes without its share of expense sheets and budget cuts. Generating invoices is a lot of work and hiring a bookkeeper can land you in financial trouble. This is where online invoicing software can come to your rescue. A free online invoicing software allows you to make invoices and perform basic financial calculations. This means efficient bookkeeping without a dent in your budget.

Smooth Paydays
When you work with freelancers, accurate time-tracking is very important. However, it requires a lot of effort. First, you keep a filing system, then you have to make sure it is verified and cross checked, before you hand out payments. And since, not everyone employee is on the same pay scale, you have to customize your salary slips. Online invoicing does all that in one go. You can track time and use automatically-generated customized pay slips. With an online invoicing software, you can easily track the time you spend on each client, and generate error-free invoices. And subsequently generate invoices on multiple paydays.

   Also Read: Online Invoicing for Small Businesses: Brief History & 5 Essential Invoices You Need

Currency is not a Barrier
With the onset of globalization, no startup is limited to one province or country. Wherever exchange of money is involved, each country follows its own laws. Most online invoicing software offer seamless integration with numerous payment gateways. This makes it easy for any business to attract a wide range of clients. Not only that, it allows clients to pay easily, and therefore, pay on time.

Automated Accountancy
Nothing hurts a business more than unaccounted work. Unaccounted not just in terms of credit but due payments. An online invoice generator uses automatic payment reminders for both you and your clients. This along with payment gateway integration makes the payment process easy. You clients are more likely to pay on time. Along with this, online invoicing offers automatic cloud backup of your transactions. So, nothing is lost in the way. You can bill your clients automatically, setting up payment channels using an online invoice system as well. Similarly, you can use an invoicing software to follow up with overdue accounts, seamlessly.

Ease of Access
Online invoicing software gives a startup the wings it needs in the initial stages. Online invoicing software like CloudBooks offer cross platform connectivity. This means you can generate invoices on the go, even on your phone. With the cloud-based model, you can virtually access your entire financial history as long as you have an internet connection.

   Also Read: An overall review of Online Invoicing Software