Do You Need a New Expense Management Solution?

When it comes to selecting an expense management solution, there are a few important factors to consider. The Financial Executives International blog recently highlighted four features every small business should look for: automation, visibility into cash flow, scalability, and a mobile platform.

Here at TravelBank we think managing expense should be easy and free so we built a modern expense app with the growing small business in mind.

Automation

Automating expense management can reduce the cost of processing expenses. It saves valuable time for the employees who are capturing expenses and the finance managers who are processing them.

For employees using TravelBank it is as easy as snapping a photo of their receipt or swiping their card and letting credit card sync do the rest. Machine learning makes categorization of these expenses faster than ever.

Visibility into Cash Flow

As a finance manager you need to see where your company’s money is going. You should also have enough insight to forecast spend and take action before the money is spent.

TravelBank trips always start with a budget so you set the bar using real-market rates and then benchmark spend against it. Budget bars provide visuals and give you the ability to see a real time snapshot of employee spend. Managers can set a budget for projects as well, so collaborative spend is tracked in one place and kept on budget.

Expenses integrate seamlessly with the most popular general ledgers and can also be exported to excel.

Scalable for Growing Companies

If you are going to implement a new expense management solution, it’s important for it to grow with your company.

TravelBank is designed to work for individuals, or an entire company. It’s easy to set up, invite coworkers to join, assign user roles and create departments. The best part is that it’s free to use, no matter how many users you onboard.

Mobile and Easy to Use

The article on FEI quoted Adam Rusch, who currently oversees T&E for Novum Structures, saying, “If you can give your finance employees access to financial data in real time, from anywhere in the world, you give them the ability to deliver actionable insights and make good business decisions.”

Going a step further, when you make it easy for all employees to capture expenses on-the-go, and stay well-informed with a visual budget, you can shape user behavior and create an opportunity for better spending decisions.

So is your company ready to implement an expense management solution that can grow with you? Or maybe you’re just ready for a new, better solution? Sign up for a demo with our customer success team today.