In the days when many people managed their expenses in Excel, we couldn’t believe we used to utilize paper and calculators in the past. The occasions they are changin ‘, and nowadays, spreadsheets are outdated as much as paper and calculators were back then. Although spreadsheets continue to be relevant for lots of things, there are many effective solutions in the marketplace for expense management.
Professionals like representatives, contractors, sub-contractors or technicians are likely to submit expenses to get reimbursed. Expenses may include, amongst others, traveling fees (e.g. lodging, food, flights or gas), material, cell phone or Internet expenses or PR fees (e.g. trade show booths, advertising or conference tickets). Such expenses are often reimbursed, but should be recorded somewhere and get justified. That is where the expense management system comes in.
With regards to the tool you choose, expenses may be tracked in other ways, with different parameters. The absolute most basic tools allow you to give the expense a name and an amount, period. This might be sufficient if your boss isn’t the analytical type and only wants to know “What was it?” and “Just how much did it cost?” However, if you want to provide more details relating to your expenses, there are many elaborate tools that allow you to submit them with many details expense management system. Some products also allow you to associate a report to justify every expense (e.g. invoices in PDF format). Furthermore, reporting capabilities vary from one tool to a different, and the exact same goes for integration with third-party software.
When you make your choice, it’s advisable to consider what else you should do from an accounting standpoint. You are able to choose a simple expense manager that does exactly that, but you are able to choose tools that a great deal more. For instance, tools like Quicken or Mint connect with your banking accounts. Tools like FreshBooks allow you to do some invoicing and integrate with other solutions. Some tools are more time tracking, payroll, sales or collaboration oriented.