Technology

How To Modernize Your Expense Management with TrackoField? 

Expense management is critical to tracking employee expenses and preventing reimbursement fraud. TrackoField’s expense management software is here to modernize your employee expense management process. Read on to find out how. 

Parents instil the importance of expense management in their kids from an early age. Whether you are a businessman or a homemaker, managing expenses is essential. The only difference is that you can manage household expenses manually with ease, but employee expense management is a tough nut to crack at the enterprise level. This is where TrackoField’s expense management software covers your back. It is an automation tool that streamlines, optimizes, and modernizes expense management processes. 

Crazy, right?

 Keep reading this article to find out the features in detail! 

Why Is Expense Management Important? 

Expense management is an approach to monitoring, managing, and processing employee expenses and timely reimbursements. It gives companies control over employee spending and enables them to maintain financial records. It makes sure employees do not overspend, which helps the business expand. Furthermore, expense management is critical to ensuring a transparent claim process within the organization. 

Regardless of how much effort companies make to manually prevent fraudulent claims, their chances of success are likely to decrease. So, what could be the possible solution? Yes, you got it right! TrackoField’s employee expense management software automates and modernizes your expense management. It offers a range of features to mitigate the risk of fraudulent claims. Let’s discuss these features in the upcoming section! 

How to Modernize Expense Management with TrackoField? 

TrackoField’s expense management tool makes expense management as smooth as a rose leaf. The software empowers businesses by providing a variety of features. Some of the features are below: 

  • Expense Categorization

With TrackoField’s expense management software, companies can categorize expenses with ease. Whether you want to set a particular limit for food, travel, or stationery or want to create any custom expense cap, companies can do so with ease. To illustrate, suppose the employee allowance limit is Rs. 5,000 in total, out of which they can spend Rs. 1000 on food, Rs. 1,000 on stationery, and the remaining Rs. 3,000 on travel. 

  • Set an Expenditure Cap 

Consider a situation where your employee reimburses Rs. 5,000 as a food expense. It sounds worrisome for your business, huh? This is why TrackoField offers a special feature that enables businesses to set an expenditure cap based on their designations and expense categories. What’s more? The system automatically rejects a claim request when it surpasses the cap limit. 

For instance, an ABC company provides a Rs. 3000 allowance to its junior executives. However, one member of the junior level was making an attempt to reimburse Rs. 5,000 from the company. When he/she uploaded the bill after the cap limit, the system failed the request. This feature of TrackoField’s expense tracking software ensures a transparent claim trail within the organization. 

  • Expense Evidence Upload 

Do you still maintain a pile of files to record employee expenses? If so, then you must invest in TrackoField’s employee expense management software. It enables executives to upload their bills and receipts within the software. All you need to do is open the expense management tool, click the photo of the bill, upload it, and send it for approval. This modernizes your expense management and allows you to keep a digital record of employee reimbursements. 

  • Hierarchy-Based Approvals

This feature of TrackoField’s expense management software is ideal for those seeking an extra layer of security in the employee reimbursement process. When companies enable this feature, an employee’s claim request will route to higher-level management. They can review the executives’ requests in real-time and approve them through the portal. Furthermore, the software allows higher-level management to edit the claim as required. 

  • Real-Time Status Checks

TrackoField’s expense tracking software lets executives and management stay current on approvals and requests. Simply put, the system automatically notifies management when employees request a claim. Likewise, whenever the manager approves the claim, a notification is sent to the executive in real time. 

Wrap Up 

Expense management is a critical task for businesses. However, manual expense management can become exorbitant for businesses. But, worry not! TrackoField offers expense management software to automate employee reimbursement processes. It optimizes businesses by providing a range of features, such as expenditure caps, expense evidence uploads, hierarchy-based approvals, and real-time status checks. The software ensures transparency in the overall expense management process. So, what are you waiting for? Book your trial session now! 

Read More: 8 Benefits of Cloud-based Expense Management Software

FAQs 

  1. What is expense management software? 

Expense management software is an innovative solution that streamlines the process of tracking, submitting, and managing business expenses. It automates tasks related to expense reporting and reimbursements and provides real-time insights into employees’ spending patterns. 

  1. Is expense management software safe to use for businesses? 

Yes, employee expense management software like TrackoField is safe to use as it provides robust security features. The software complies with industry standards to protect sensitive financial information and ensure users’ privacy. 

  1. What features should I look for in expense management software? 

When choosing the right expense management software, companies must consider features like automated expense reporting, receipt capture, mobile accessibility, analytics and reporting tools, and audit trails for comprehensive expense management. 

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