How to Choose the Best Expense Management Software for Small Business

Expense Management Software

Did you know that 66% of small businesses face financial challenges with the most prominent challenge being paying operating expenses?

Even with a budget in mind, paying operating expenses gets dicey when you have to pay employees and reimburse them for business expenditures.

If you find it hard to keep track of all of your finances, expense management software for small business can help. Keep reading to learn how to choose the best program.

Consider Your Business Goals

To find the best expense management software for small business, you have to consider your goals. What challenges are you trying to solve? What outcome are you looking for when the solution is implemented?

These are common problems small businesses face:

  • Time-consuming accounting processes
  • Incorrect and late expense report submission
  • Cash leakage or expense fraud
  • Difficulty with current software

Some of the common goals that can help eradicate the above issues are:

  • Gaining control over when spending occurs
  • Real-time visibility of spending
  • Receipt digital copies
  • Approving expenses before reimbursement
  • Accurate employee expense reporting

These goals might be the same goals you want your business to reach. Whatever list you come up with, make sure the expense report software you choose has the features to cover it.

Compare Prices

Expense report management software comes in various forms which leads to a difference in the price. However, for the right software solution, the price will be worth it in the long run.

Vendors might include indirect fees such as:

  • Upgrade fee
  • Customer support fee
  • Software license renewal fee

Look for a program that is free from hidden charges like this. A company with straightforward pricing won’t surprise you when that monthly bill comes.

Bento offers a 60 day free trial period for up to 50 cards without any fees. After the trial, you are charged a monthly subscription plan.

Evaluate Provider Features

Although a lot of expense report management software providers offer similar features, they will have slight differences. Go back to the goals you made to uncover which features are going to be most beneficial to business.

Some features to always look for no matter your goals include:

  • Customization options
  • Customer support
  • Data security

If you expect company growth in the future, you’ll want a customizable software program that can change with you.

Each provider will have a different customer support model so find one that is easy to use and connects you with a professional fast. If you run into any problems, good customer service is the best solution.

Lastly, data security is one of the top considerations. This software program will need to handle sensitive pay information and should treat it with care.

Choosing the Best Expense Management Software for Small Business Needs

The best expense management software for small business needs is not a one size fits all solution. The uniqueness of your company should relate to the customizable features of business spending software.

To find the right pick for your business, consider priority business goals, compare prices, and evaluate different provider features.

With this guide, you have everything you need to make the right choice. For more blogs like this, check out the other posts on our website.