So you have finally decided to migrate to business expense management software for your business after observing your peers enjoying better productivity, improved processes, increased professionalism, and potentially higher profitability? You have made the right decision, but you also need to make the right decision on exactly which software you need to buy.
Here are some pointers on how to go about getting the right expense management software that will actually make a difference to your business.
Consider upfront investment and payment mode
The upfront investment for business expense management software is usually minimal or non-existent. You may want to look for a pay-as-you-go model – most businesses prefer to keep monthly outgo on tools and top up at the minimum and also prefer to “not get tied down” so as to keep the service provider on their toes.
You can choose an annual plan with a pay-as-you-go deal or you can choose a monthly plan. You usually get a discount on an annual pay-as-you-go plan, and some providers might throw in two months free.
Check UK tax support availability
Your software should:
- Recognize a tax-deductible when uploaded
- Be able to sort your suppliers according to tax
- Have the intelligence to compute and UK relevant add taxes to invoices you create
An amazing value addition that you might want to seek out in your business expense management software, is the ability to give you advanced insight on how upcoming taxes are likely to impact the business’ profitability. After all, additional taxes bite a chunk of your invoice amount.
View, and if possible, toggle user interface
It should not be very challenging to get hold of screenshots that tell you what the user interface of a certain software looks like. You should be able to view these on the solution provider’s website. For instance, if you want to choose Dext, you can check more here, including the user interface.
Also try to go with a provider that offers a free trial of your business expense management software, so that you can toggle various business expense management tools and get a feel of the software.
Do you get a client dashboard?
A client dashboard can help you look more professional and ease up all the follow-up that you need to conduct, for pending invoices or even for missing paperwork (which might be relevant in some client relationships).
For instance, your client dashboard will update your client when an invoice comes through, allow them to access prior invoices and prior work submitted via the dashboard, collaborate and comment on past work, and will also alert them when a payment deadline is nearing, and when invoices become overdue.
Customization options for invoicing and dashboard
That client dashboard should ideally feature your brand name, logo, and even brand colors, if possible. Customizable dashboards are an invaluable little detail. Logo inclusion is a must-have in business expense management software.
Similarly, you should be able to templatize and standardize invoices for quick and easy invoicing. Automatic extraction from email and purchase orders can help eliminate errors from invoices too
Insist on receipt scanning and data sorting features
Receipt scanning allows the user to simply take a picture of a document on their smartphone and upload it, to get a digital data entry. This cuts hours of data entry (not to mention the strain and annoyance of it) off an employee’s workday, adding to their productivity and also
keeping them comparatively happier.
The digital data entries may be extracted or exported to emails, spreadsheets, balance sheets, Microsoft Word or Google docs, and other text documents, and so on. The entries are also sorted automatically and the user can set up customized filing rules if the automatic system is not sufficient. Wish to know more about the right business expense management software? Check more here.