Six Tips to Choose Best Expense Management App

Looking for the best small business expense management software? How do you choose? Our simple six-point checklist will set you down the right road…

Don’t commit to anything until you’ve worked through our list, which will help you to be well-informed about selection of a business expense tracker app — a very important business decision

1. Cost. A prime consideration, obviously. Why else would you be looking for cloud based expense management software? When controlling costs don’t necessarily go for the cheapest option. The phrase ‘buy cheap, buy twice’ should always be borne in mind. The important way to think about cost is not about the price, but which solution delivers the best value in use

2. Value for money.The best business expense manager app ought to have the power, when used diligently, to pay for itself. It’ll do that in two ways; firstly, in the savings it makes on your expenses bill, and secondly in the better-informed business decisions you’ll be able to make thanks to the data it provides about your spending patterns. Solo Expenses, for example, offers some elements which are free for life for registered users, and all the others (and there are many) can be turned on or turned off whenever it suits you — any you’ll pay only when they’re turned on

3. Ease of use. The most effective business expense tracker app won’t make the best contribution to your business if it’s not easy and intuitive to use. Remember, your chosen option will be replacing some outdated way of working, so needs to be simpler than its predecessor. Employee buy-in to your new system will help you get more benefits out more quickly.

4. Contract. Don’t sign up to a long-term commitment. Any business expense tracker app worth its salt should have some arrangement that allows you to pick up its services as you need them, paying per employee per month. The ability to scale the product you choose means it will always be perfect for your business as it grows.

5. Flexibility. Business spans the globe, and your chosen method of small business expense tracking should work with that in mind. We’ve already mentioned the ability to scale the product, but also think about working in different currencies, and converting one to another. Think about how you need to categorise expenses by cost centre, or by employee, or department. Good expense manager apps will let you do that. And because your selected software is cloud based, claims can be made, approved and paid at anytime, anywhere in the world — subject to having a WiFi connection, of course.

6. Integration. You’ll want to be able to link the software to company credit cards, of course, and in the latest development between Yes Bank and Solo Expenses, you can even link to a bank using BHIM UPI technology. The bank will store the claim, and release the funds once it’s approved.