Key Criteria for Choosing Expense Management System

Business travel is undergoing a series of transformation these days and today’s travelers expect great user experience and would like to work with more interoperable solutions. Solutions that feature simple image capture and process automation are not one-size-fit for organizations’ today. The expense report software solution you choose should make travelers’ life easy while streamlining finance team operations. Here are a few things that organizations should be looking for in their next expense report software solution:

Cloud-based Apps

Many enterprises are moving their applications to the cloud. SaaS solutions are delivering tremendous benefits to businesses over on-premise applications. So, the software you choose should be of SaaS-based and the vendor should offer data hosting capabilities.

Advanced OCR Capabilities

Nowadays, OCR has become a common feature, so choosing a solution that encompasses advanced OCR capabilities such as machine learning can be of great advantage.

Automating Policy Enforcement

Freeing up administrators’ time from manually verifying policy compliance is a key benefit of an expense management system. Ask the vendor how the solution can streamline expense reporting and submission process while minimizing the intervention of the administrative department.

Data Analytics

Gaining insight from the data is the key to business success. Expense software with advanced data capabilities can help organizations make smart and informed spending decisions. Also, the data helps you find why spending is going beyond control.

Global Capabilities

Besides supporting multiple languages and currencies, your expense software should be able to comply with various reporting and regulatory requirements, irrespective of where your company works. Check if your solution can support per diems and tax regulations with respect to various countries where your company operates.

In addition to these, there are many other factors you should consider such as post-implementation services to the total cost of ownership before choosing your expense report software solution.