Investing in a digital expense management system is the most effective way to keep your business finances organised. It allows you to track, approve, and analyse expenses in one central platform, reducing errors, improving transparency, and making it easier for employees to submit their claims quickly. Moreover, it also provides real-time visibility into spending patterns, helping you make smarter financial decisions.
Expense management software is of various types, each has its own set of features to cater to the unique needs of businesses. Therefore, the selection of the right system is crucial to achieve desired outcomes.
Here’s a step-by-step guide to help you make an informed decision.
Assess your current process and pain points
Start by looking closely at how you handle expenses today. Think about who files claims, how receipts are gathered, how approvals are done, and how long reimbursements take. Ask yourself where mistakes happen most often and what tasks take the most time.
When you understand the real problems, you can easily compare and choose a reliable online expense report software that helps you tackle these issues efficiently.
Define your must-have features
Once you know your pain points, write down the features you must have and those that would be useful later. Essential features include mobile receipt capture, automatic approvals, multi-currency handling, and card reconciliation. Additionally, think about who will use the system and what they need day to day.
It not only helps you narrow down your search but also avoid paying for features you do not need right now. So, you can compare vendors directly and make the final selection.
Check integrations with your existing systems
Always look for expense systems that integrate seamlessly with the existing tools, like accounting, payroll, and banking software. It ensures smooth data from expenses into your ledgers and payslips, lowering manual entry and errors. You can also check whether the system works with travel or procurement tools your team already uses. It will make adoption faster and save time.
Evaluate security and compliance measures
Ask vendors what encryption they use, how they store data, and whether they follow international security standards. You must also check how the system helps you meet local tax and audit rules. Additionally, confirm the system can handle local VAT or GST rules if you have to operate in multiple countries. Choosing a platform with strong security and compliance features protects your company and reduces the risk of fines or data breaches.
Test usability and mobile experience
A complicated interface will slow people down and lead to poor adoption. So, make sure it is simple and friendly. Test the system on both desktop and mobile devices. Try taking a photo of a receipt, submitting an expense, and approving a claim. Also consider how the system guides users, minimizing downtime and cutting training costs.
Review vendor support and implementation plan
A good vendor will guide you through setup and stand with you after go-live. Ask what onboarding looks like, how long implementation will take, and what training the vendor provides. Check the level of customer support available: is it 24/7, only business hours, or by ticket only? It will help reduce disruption and speed up adoption.
Run a pilot and gather real feedback
Before a full rollout, run a pilot with one department or a small user group. It enables you to test workflows, catch unexpected issues, and measure how the system performs in daily use. Ask participants for honest feedback on any friction points, the mobile experience, and approval times. Moreover, track the time it takes to submit and approve claims and compare that to your old process.
This real-world testing helps you refine settings and training, reduce risk, reveal hidden problems, and build confidence among stakeholders.
Key Takeaway
Choosing the right expense management system can be a bit tricky and complicated. However, by following the aforementioned steps, you can easily pick a system that fits your people and your finances, such as SutiExpense, and streamline your finance report management tasks. It will not only reduce errors but also help you stay compliant and save time, saving money in the long run.
