Expense Tracking Solutions Explored – Spreadsheets vs Software

Expense tracking has evolved

What’s the best way to manage your business expenses?

All finance teams will have experience with spreadsheets.

Over the years they have become a large part of many processes, and their functionality is vast.

Some companies will have a spreadsheet that does everything, whilst others will rely on many.

Comparing expense tracking methods

However, spreadsheets also come with their problems. Maybe you have experienced some of these?

  • When different people are working on a single spreadsheet, it can be difficult to keep track of the most up to date version
  • Spreadsheets take up a lot of time – many business directors and managers will spend hours, days, weeks and even months, updating spreadsheets. Inputting data, changing formula to meet the demands of a growing business, and matching up data can be very laborious
  • There is far too much room for error – one wrong cell value, or formula can lead to a stream of incorrect figures, and again, more time needed to check over everything

The functionality can be overwhelming.

Although spreadsheets have their place, in terms of expense management, there is a more user-friendly solution available that can solve the problems they can create.

MyExpenses has, for many years now, been providing an alternative solution to assist businesses with the expenses. Have a look at some of the benefits of using software for your expenses, instead of spreadsheets:

Processing time is vastly reduced when using a dedicated software solution

The entire process is handled, from the employee claiming, to the checks and authorisation required, to the payment being made. A claim can be started by an employee from anywhere in the world and can be completed in a matter of minutes. Authorisation is a simple task and once the claim is ready; batch payment files can be created to export into your accounting software.

Expense tracking software is able to reduce the risk of fraud

Your software will contain inbuilt policy rules (set by you). If the claimant has broken one of these rules, they are required to change the claim before they can submit it. Mileage is tracked accurately using postcodes.

Expense tracking software will help you stay compliant

VAT is calculated automatically, making sure you are compliant.

Automating your expenses is crucial to eliminate the problems caused by a manual process. Contact our team to find out how MyExpenses expense tracking software can help you.