![]() For expense management, spreadsheets do help record and manage expenses, though it’s a painstakingly difficult and time-consuming process. Spreadsheets have their purposes, and they have been and still are an integral part of the financial world. Spreadsheets are a popular way to reduce paper tracking methods that still aren't as new or modern as dedicated, automated expense management apps. This outdated way to manage expenses typically resembled employees gathering and collecting paper receipts and submitting them to the accounting department for approval every month or quarter. Types of expense managementĬompanies have tracked and managed expenses in many ways: Whether talking about employees or accounting and finance teams, these expense management issues affect both employees and accounting or finance departments. Until the last few decades, traditional expense management involved piles upon piles of paper and physical receipts, hundreds of excel spreadsheets, emails, and time wasted chasing down the correct information to validate expense reports. These features help you understand a business’s or client’s spending habits and obtain accurate financial records, saving you time and money to focus on your business or advising your client. Expense tracker apps sync to your credit cards (whether personal cards, charge cards, corporate/business cards, etc.) and bank accounts and categorize your expenses. While there are other ways to track and manage your expenses without an app-such as with spreadsheets-expense management apps have many benefits. Employees don’t like to wait months to get reimbursed. ![]() Whether it’s a paid client lunch or a business trip, the expenses need to be documented, approved, and reimbursed to the employee. For this reason, expense management is necessary. ![]() Especially given the recent COVID-19 pandemic and even before the pandemic, many companies have employees who work outside of or conduct business beyond the office building. Does your expense management need automation? Introduction to expense managementĮxpense management is a multi-level, multi-step approach to tracking employee spending, determining how a company will reimburse the costs incurred, and controlling spending based on company policies and procedures.Įxpense management is vital for any company, as companies must pay their bills on time to stay in business, and some of these bills are employee expenses. ![]()
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