Back in the days when most people managed their expenses in Excel, we couldn't believe we used to work with paper and calculators in the past. The times they are changing, and nowadays, spreadsheets are outdated as much as paper and calculators were back then. Although spreadsheets are still relevant for a lot of things, there are more effective solutions on the market for expense management.
Professionals like representatives, contractors, sub-contractors or technicians are likely to submit expenses to get reimbursed. Expenses may include, among others, traveling fees . Such expenses are often reimbursed, but must be recorded somewhere and get justified. This is where the expense management system comes in.
Depending on the tool you choose, expenses can be tracked in different ways, with different parameters. The most basic tools will let you give the expense a name and an amount, period. This may be sufficient if your boss isn't the analytical type and only wants to know "What was it?" and "How much did it cost?" However, if you need to provide more details regarding your expenses, there are more elaborate tools that let you submit them with many details. Some products also allow you to associate a document to justify every expense. Furthermore, reporting capabilities vary from one tool to another, and the same goes for integration with third-party software.
Before you make your decision, it's advisable to ask yourself what else you need to do from an accounting standpoint. You can choose a simple expense manager that does just that, but you can choose tools that do a lot more. For instance, tools like Quicken or Mint connect to your banking accounts. Tools like FreshBooks let you do some invoicing and integrate with other solutions. Some tools are more time tracking, payroll, sales or collaboration oriented.
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