A business expense tracker tool is the right step towards gaining visibility into your spending. You can keep track of where your money is going and establish accountability. An automated expense tracking process also brings transparency and helps you stay within budget.
Businesses have a wide range of options when choosing an expense tracker solution. However, you must ensure your tool has the fundamental features to achieve your goals. Let’s explore the top features you must have in any digital solution to manage your business expenses.
1. Real-Time Visibility
You need a tool that updates your expenses in real-time. Any transaction made by any department or employee should reflect instantly on your records. The process will help you gain complete visibility into your expenses and put you in control of your finances.
Additionally, you will be able to spot suspicious transactions instantly and take action. For example, Mesh On-Demand Payments tracker lets you cancel payments with a single click when you smell something fishy.
It is possible only because Mesh gives you real-time expense visibility.
2. Invoice Automation
A large part of tracking expenses involves collecting and matching receipts with transactions. Your accountants waste countless hours every week just trying to validate every expense. Naturally, this is a drain of resources and costs productive working hours.
Your business expense tracker must help you automate invoice collection and reconciliation. For this reason, Mesh uses a dedicated email address to import all your invoices and e-receipts. In addition, our tool even reconciles each invoice with the right transaction to save your work.
Businesses can even use a dedicated receipt automation tool and integrate it with their accounting solution.
Invoice automation helps you save time and spend it productively. You can also simplify your accounting by getting a verified list of transactions while creating reports.
3. Support for Varied Payments
Any organization makes countless payments every month. Some may be automated SaaS payments, while others can be through your virtual business card.
Your expense tracking tool should be able to keep a tab on all expenses without exceptions. Each transaction should be automatically recorded in your accounts, whether it’s automated or using cards.
Additionally, you will save more effort if your tool categorizes your expenses.
Not all expense management tools may support every type of transaction. In such cases, a business may look for standalone tools that easily integrate with their accounting solution.
For example, you can use Mesh Subscription Payments to track your SaaS spending. You can also integrate the tool easily with your main accounting software without any hiccups.
4. Payment Request and Approval
Your payment tracking tool is better off if it helps you manage and approve expense requests. You can use a single interface to keep track of all of your spending and streamline your workflow.
Mesh goes a step further and lets you set custom rules. You can edit your expiration dates, spending limits, and more to stay on top of your budget.
Additionally, payment approvals create accountability and let you reign in unnecessary expenses.
5. Payment Intelligence
Your business expense tracker should be able to drive payment intelligence. It should provide insights and trends out of your spending patterns to optimize your expenses. Payment intelligence also lets you spot suspicious transactions and errors like duplicate payments.
Mesh provides deep intelligence to guide your corporate spending. You can identify opportunities to cut expenses and derive more value from every service or supplier. Businesses can also reduce risks and keep a tab on every single cent that leaves the company.
Additionally, your tool should help you create on-demand reports. If that isn’t the case, then you should at least be able to import data to your accounting solution for achieving the task.
Determine what you need before you set out to choose your business expense tracker tool. It will make you aware of the features you need to manage and control your expenses. We also suggest checking out the tool’s compatibility with your main accounting software to avoid any issues.
Businesses can try out Mesh Payments for a superior experience and advanced expense management features. We also offer dedicated expense management tools for varied needs and applications.
Get in touch with us today to discuss your needs.