How can you implement expense report software in a small business?

If you run a small business, you know how tedious and time-consuming it can be to manage your expense reports manually. You have to collect receipts, enter data, verify policies, approve reimbursements, and keep track of budgets. Not to mention the risk of errors, fraud, and tax compliance issues. That's why you might want to consider implementing expense report software in your small business. Expense report software is a tool that automates and simplifies the process of creating, submitting, and approving expense reports. It can help you save time, money, and hassle, as well as improve your visibility and control over your spending. In this article, we'll show you how you can implement expense report software in your small business in six easy steps.

1 Choose the right software

When selecting an expense report software for your small business, it is essential to compare features, prices, and reviews. You should look for a software that meets your specific needs and preferences, such as integration with your accounting system, bank accounts, and credit cards; compatibility with your devices and platforms; customization of expense categories, policies, and approval workflows; support for multiple currencies, languages, and tax rates; ease of use and user-friendliness; as well as security and data protection. Doing the necessary research will help you find the right software for your business.

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Moustafa Aly CMA, CFE, MBA, FMVA

Financial Reporting I Financial Modeling I Financial Analysis I Advisory
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Doing that strategic decision and long term, need the company to look deeply on details for instance; features of the system, how will add value to the company, if there are some limitations on, how could be covered by changing on customized level up version.

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Souhel Sabbagh - CFM™ - CPFA™

Financial Manager | CFM, CPFA
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Monitor and Review Performance Address Issues and Enhancements Continuously Improve Promote Adoption and Compliance Provide Training and Support Assess Needs and Goals

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2 Set up your account and preferences

The next step is to set up your account and preferences in the expense report software. You'll need to provide some basic information such as your name, address, logo, and contact details. Additionally, you'll have to configure your expense settings which include categories and subcategories, policies and rules, limits and thresholds, approval hierarchy and roles, reimbursement methods and schedules, as well as reporting and analytics preferences.

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Moustafa Aly CMA, CFE, MBA, FMVA

Financial Reporting I Financial Modeling I Financial Analysis I Advisory
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One of the major steps while processing of the new system is how to configure and fit your business specifically for instance; the chart of accounts and how will help the organization smoothly to reach for the headlines and subsidiary accounts, moreover preparing classifying and cost centers that kinds of how the organization looking to see their allocation expense.

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3 Train your staff and stakeholders

The third step is to train your staff and stakeholders on how to use the expense report software. You'll need to explain the advantages and expectations of using the software, as well as demonstrating how to perform common tasks like creating and submitting expense reports, scanning and attaching receipts, reviewing and approving expense reports, requesting and receiving reimbursements, generating and exporting reports, and accessing and updating profiles. Additionally, you should provide resources and support for your staff and stakeholders such as user manuals and guides, FAQs and tips, online tutorials and videos, helpdesk and customer service.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Make sure you provide adequate training to staff and every other stakeholders. You can use consultants to carry out the training build in-house capacity.

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4 Test and monitor the software

The fourth step is to test and monitor the software before rolling it out to your entire small business. You'll need to confirm that the software is working correctly and efficiently, as well as identify any issues or glitches that might affect your operations. Additionally, it's important to collect feedback and suggestions from your staff and stakeholders, and make any necessary adjustments or improvements. To ensure the software is running smoothly, you should examine the accuracy and completeness of data entry and validation, the speed and reliability of performance and connectivity, the functionality and usability of features and interface, the compliance and security of standards and regulations, as well as the satisfaction and engagement of users and approvers.

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Moustafa Aly CMA, CFE, MBA, FMVA

Financial Reporting I Financial Modeling I Financial Analysis I Advisory
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Very vital and necessary before go live is how to monitor and test your new system, keeping a period of time for synchronization and are there any gaps or differences between the old (if any.) and new system, significant changes, errors etc.

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5 Launch and promote the software

The fifth step is to launch and promote the software to your entire small business. You'll need to announce the benefits and expectations of using the software, as well as encourage and motivate your staff and stakeholders to adopt and use it. Moreover, you should provide incentives and rewards for your staff and stakeholders, such as recognition and appreciation, bonuses and prizes, discounts and coupons, points and badges, and gamification and competition. This will help ensure that everyone is on board with the new software.

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6 Evaluate and improve the software

The sixth and final step is to evaluate and improve the software on a regular basis. You should measure and analyze the results and outcomes of using the software, as well as identify any opportunities or challenges that might affect your goals. Additionally, you should solicit feedback and suggestions from your staff and stakeholders, and make any necessary changes or enhancements. Some of the aspects to consider include the time and cost savings of using the software, the quality and consistency of expense reports and reimbursements, the visibility and control over spending and budgeting, compliance with security policies and procedures, as well as satisfaction and retention of staff and stakeholders.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you implement expense report software in a small business?

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1 Choose the right software

2 Set up your account and preferences

3 Train your staff and stakeholders

4 Test and monitor the software

5 Launch and promote the software

6 Evaluate and improve the software

7 Here’s what else to consider

Corporate Accounting

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