Expense management software exists to make bookkeeping, employee expenses, and transactions an easygoing process. Whether it’s an accommodation expense borne by an employee during a business trip or buying basic office supplies, this software keeps track of all such activities. and It can be hard to keep track of every transaction of all the employees in an organization. A company incurs numerous transactions and spending activities daily, and hence regular record maintenance and bookkeeping can be a strenuous process. That’s why expense management software exists!
Expense Management Software: A brief introduction!
Expense management is a process of keeping track of and managing employee expenses. Whether it’s business trip-related expenses, accommodations, travel, or office supplies expenses, all of them are covered and tracked through this software. By establishing expense management software, businesses ensure authenticity and accurate accounting records. It also becomes easier to reimburse employees for the expenses they have incurred on behalf of the organization. With this system, you don’t have to worry about missing or incorrect information and there are reminders shared after each transaction to keep everyone updated about the expenses incurred.
Many online platforms provide these services. One of them is Revolut. Keep reading to find out more about planning expense management with Revolut!
What is Revolut?
Revolut is a platform specializing in financial services. It is dedicated to helping people with money-related matters, whether it’s sending money abroad or budgeting and analytics. There are a multitude of things one can do using this platform, it provides services catering to business and personal needs. You can plan your savings, invest, and use advanced tools to enhance your business.
Revolut’s expense management software includes tailored debit cards, real-time notifications and reminders, and easy information syncing.
What expense Management services does Revolut provide?
Here are the services and benefits you can expect from Revolut’s expense management software:
Company Debit Cards
Whether it’s physical or virtual cards, Revolut has made it easier to get each member of your organization their personalized debit cards. You can order through Revolut’s online app and make your purchase. Revolut’s card catalog for employees includes- Virtual, plastic, and metal.
Through the debit cards, you can track, freeze/unfreeze, and determine where the cards will function. This will help you keep control of the employee expenses and also ensure that employees follow the rules and regulations and spend wisely on the necessary items.
If you prefer added protection and want to avoid fraud then the virtual card option is great for you and your employees! Ideal for those organizations whose employees are not well-versed in using debit cards. Through the debit cards, you can also spend in other countries. There are reasonable exchange rate costs for this. So, show off your employee-specific debit cards and tell everyone how it’s done! Plus, the 3D secure system will keep contactless cards free from risk and fraud.
You can easily check where and how much your employees are spending. Through the notifications option, you can know in real-time the transaction incurred by the employees. You can also use the permissions option to set up controls and permissions. This involves determining how much they can spend and what apps they can use. You can add the approval rule if your approval is required for a particular transaction.
Set up the spending limits for each employee based on their role and function. Besides that, team members get reminders and notifications after every transaction, which are then automatically saved. This reduces the burden of noting and recording each transaction.
Effective Bookkeeping and Recording
Save time and increase efficiency with automatic record syncing. You don’t have to note down every transaction that occurred! All you need to do is use accounting tools (like Sage or Quickbooks) and just sync the expenses with your bookkeeping records. This way, you can save time and relax without worrying about errors or noting down wrong transactions.
Using accounting tools will make the integration process simple and quick. Besides that, you can also integrate data with other apps for smoother functioning.
Why use expense management software?
There are abundant reasons why expense management software is ideal for organizations!
- Real-Time Tracking: You can track and keep a check on the organization’s daily expenses as well as ensure that they stay within the budget mark.
- Easy Integration: If you want to save time and effectively include daily transactions with your bookkeeping records quickly, then this is a great option for you! You can use reliable accounting tools and easily integrate the data using them. You don’t need to depend on physical receipts and manual bookkeeping methods, which are more prone to error and take longer time.
- Better Management and Control: With the option of freezing, limiting, and approval rules, you can manage how your employees spend and where they spend it.
- Accuracy: Online transactional functioning ensures that the spending records are saved then and there. This helps to maintain accuracy and avoids any errors that are caused by manual data recording.
- Policies and Regulations: If your organization has any policies or rules related to spending or recording data then through expense management software you can easily make sure that the employees are following the rules properly. Also, you can ensure that your organization complies with them all at once.
In conclusion, expense management software is the key to healthy budgeting and employee spending. Through this software, companies can stay up to date with their teams’ expenses, sync the records with the bookkeeping easily, and efficiently determine how employees can spend their money. This system also prevents errors and inclusion of wrong transaction in the records. Revolut is an excellent platform to execute expense management and budgeting for organizations. Through management of expenses and permission-setting options, companies can easily ensure that their employees comply with the budgeting rules and do not overspend or give wrong information. If you are looking for a reliable platform to begin your organization’s budgeting journey, then start with Revolut!
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