Why do you need automated expense tracking software?
A paper and spreadsheet expense tracking system is error-prone. Lost and forgotten receipts can’t be billed to clients or accounted for in budgets, weakening cash flow and profits. Manually executed spreadsheets are far from immune to miscalculation. Compounding these issues is the time-consuming data entry that wastes hours of potentially billable time for staff, project management and accounting.
If you’re still wondering whether you can do without expense tracking software, know that instituting new policies and guidelines alone will not garner long-term results. Observance will eventually grow lax if you haven’t made business expense tracking a no-brainer for people via automation. Adopting the software in combination with your organization’s financial policies is still the most effective way to address expense-related money loss and make it easy for everyone to follow regulations.
Essentially, you’re looking for software that smooths every aspect of the expense tracking lifecycle, from recording receipts to charging those project costs to clients. Simple, fast and seamless.
What’s the ROI for expense tracking software?
You’ve probably already surmised that expense tracking software delivers a significant return on investment.
What is the best expense tracking software for larger businesses?
If your services business juggles dozens of projects at the same time, you’re likely going to want an ERP-based PSA. For one thing, it’s going to give you the most bang for your buck because for one price point, you’ll be able to run your business operations through a highly scalable all-in-one system. But it’s also about efficiency, the need for which increases alongside company growth.
Though most PSA software integrates everyday operations, including project planning, time and expense tracking and budget planning, many PSA solutions are specialized in one area and simply add on features. As a result, these additional features offer limited functionality and data. For instance, a task management PSA is great at managing tasks, but its extra features—including expense tracking—are typically clunkier (i.e., less user-friendly) and limited in their capacity to provide usable insights.
ERP-based PSAs, on the other hand, are built to streamline all operations in one data-centric system, including resource planning, project management, customer relationship management (CRM), expenses, billing and reporting. Note, however, that if you choose one of these software solutions, it should be user-friendly (not all ERP options are) for maximum adoption.