Back in the times when many people managed their expenses in Excel, we couldn’t believe we used to work with paper and calculators in the past. The occasions they are changin ‘, and nowadays, spreadsheets are outdated as much as paper and calculators were back then. Although spreadsheets continue to be relevant for lots of things, there are more effective solutions on the market for expense management.
Professionals like representatives, contractors, sub-contractors or technicians will probably submit expenses to obtain reimbursed. Expenses may include, amongst others, traveling fees (e.g. lodging, food, flights or gas), material, cellular phone or Internet expenses or PR fees (e.g. trade show booths, advertising or conference tickets). Such expenses in many cases are reimbursed, but should be recorded somewhere and get justified. This really is where the expense management system comes in.
With regards to the tool you choose, expenses can be tracked in other ways, with various parameters. Probably the most basic tools will let you give the expense a title and an amount, period future of payroll. This may be sufficient if your boss isn’t the analytical type and only wants to understand “The thing that was it?” and “Just how much achieved it cost?” However, if you need to supply more information relating to 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 (e.g. invoices in PDF format). Furthermore, reporting capabilities vary in one tool to a different, and exactly the same goes for integration with third-party software.
When you make your decision, it’s advisable to consider what else you should do from an accounting standpoint. You are able to choose a simple expense manager that does exactly that, but you can choose tools that do a great deal more. As an example, 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.