Choosing the right expense software can be tricky but it is one of the most important decisions a business will ever make.
An expense management software is an all-around system that companies use to process and keep track of invoices, payroll, receipts, audits, and reimbursements. It ensures your employee expense management is streamlined and your business stays compliant with current tax policies.
If you are in the market looking for the perfect UK expense software, there are a few pointers to keep in mind. We’ve discussed them below:
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Consider your pain points and business goals
Like any other solution, your expense software should be tailored to solve your pain points and position your business on the path to success.
To ensure you get the best bang for your buck, make a note of the pain points you are currently facing. For instance, do you lack the necessary resources to fulfill your accounting needs (budget, talent)? Are you spending a little too much on accounting operations? Do you feel you could benefit from replacing manual accounting operations with an automated solution? Are you facing delays in employee reimbursements? Are human errors costing your business money and time? Do you find yourself ill-prepared for the tax season?
And so on.
Doing your research is critical for ensuring you meet your expense management requirements and are able to save your business time and money.
Therefore, consider your current as well as future objectives before finalizing a UK expense software for your business. This will help you plan for the long-term and equip you to achieve any scalability goals you might have.
Consider around-the-clock connectivity
One of your primary considerations should be to purchase an expense software that is cloud-based.
Why is that important?
The majority of businesses today are subscribing to cloud-based solutions considering the myriad of advantages it offers for a range of industries. From retail, and hospitality, to other commercial sectors, cloud-based expense software ensures around-the-clock connectivity to ensure zero downtime in business.
With software and security updates being dispatched over the cloud and automatic backups being created regularly, it ensures businesses have the much-needed competitive edge to thrive and scale their operations in a crowded market.
Cloud-based software also ensures top-notch accuracy since data is up-to-date and can be accessed by users and admins for audits at any time using any internet-enabled device.
In addition to this, it is cost and time-efficient and generates insightful reports for businesses to benefit in decision-making.
Consider your accountant’s opinion
Since your accountant is the end-user of your accounting solution, it is a good idea to factor in their opinion to find compatible software. Not to mention, as an expert, your accountant’s opinion matters; they are likely to understand your finances better and know what features and functionalities are indispensable to the continuity of your operations.
Consider your budget
Depending on your budget, you will find different accounting software to suit your needs. Even though there is plenty of general management software available online for free, you are unlikely to fulfil your specialized needs using them.
If you are looking for a specific solution based on your unique pain points, we suggest you prefer premium software over an off-the-shelf solution.
Consider add-on features
Additional features are much-needed to add extra functionality and value to your business’s expense operations. These may include software that has a built-in receipt scanner for instant document uploads, one that allows integrations with third-party applications, and so on.
Before you buy expensive software, make sure it has a built-in receipt scanner. You’ll find a receipt scanner saves a significant amount of time and money that would otherwise be spent on manual labour.
Other add-ons include cloud technology that allows 24×7 remote accessibility, tax compatibility features, and so on.
Consider Quick Invoicing Functionality
Having an instant and on-the-go means of creating invoices ensures payments are dispatched on time. Neglecting can result in overdue payments, which might make you endlessly chase clients thereafter. Fortunately for businesses, Dext makes creating and forwarding invoices exceedingly simpler. All it takes is a few clicks to invoice your clients and even send reminders if payments are overdue.
Conclusion
Your best bet for finalizing the most suitable expense software for your business is to take a close look at how your company operates. Based on that, you must assess the different expense management solutions in the UK market. For instance, if you are a large-scale business with a multi-million annual revenue, your accounting needs will differ from a small or medium-sized business that rakes in a revenue of $100,000 a year.
Furthermore, the industry you belong to may also require you to consider specialized software to produce the best results. For instance, your niche could be manufacturing, hospitality, retail, and so on.
Check out the UK expense software Dext for an all-in-one solution for your business accounting needs.