Expense Management is important no doubt. But do you even track your expenses properly?
First off, we need to understand why expense management is important. Businesses need to thoroughly check expenses to ensure the business complies with regulations and make sure employees aren’t spending too much or buying non-work-related items. Expense management technology can help with business audits by providing visibility into what funds are coming in and out of the business.
Following are the major features of an expense management system-
- Expense Tracking
When it comes to tracking your expenses there aren’t many effective methods to track expenses. You can perform it manually using an Excel spreadsheet or register or could use the software. The use of the software is always the better option because there are no negatives and it’s far more effective and cost-effective. Of course, if you’re just a small business using the manual method, it is well. As you expand it will become ever more challenging for you. An HRMS allows you to track your company’s expenses from the time they’re actually paid for. Employees are able to submit receipts or bills as proof of expenses. In an HR Management System that is as effective like Qandle expense tracking becomes more simple as ever before.
An HRMS lets you track your organisation’s expenses at the very moment they are incurred. Employees can submit bills/receipts as a proof of expense. With an HR Management System as efficient as Spine HR Suite expense tracking becomes easier than ever before.
- Categorisation of Expenses
The feature for managing expenses in HRMS allows you to classify and group expenses. If you thought that this was the end of the story, HRMS also allows you to add foreign currencies.
- Sending emails to notify you of notifications
Notifications for initiating and other events like bills uploaded, expenses paid and so on. This allows you to stay informed on the expense incurred or requested. HRMS will ensure that you do not be late in receiving notifications or expenses!
- Integration with ERP
Okay, HRMS can help you keep track of expenses, but where does this information go? HR Software. can be integrated with a variety of ERP Softwares , allowing seamless integration.
- Web and Mobile App
It is possible that you don’t own a laptop computer or laptop wherever you travel. But , you’ll keep your smartphone with you! A majority of Human Resource Service providers have mobile apps for your convenience. However, enhances convenience to an entirely different level by utilizing a web-based application.
In conclusion, the expense management is among the most under-appreciated features of an HRMS. Learn the six features that are often overlooked by HRMS. What are the reasons to think about these features? But it is equally important as other features, because expenses directly impact your financial statements.
Are you searching to find an HRMS, or an Expense Manager? Qandle is your one-stop solution! It is seamless in its integration, and a range of other modules that are useful, it’s the perfect HR solution!
The HR department, one of the key departments in organisations today, has also witnessed significant transformation in the way it functions. Today, most enterprises have bid goodbye to the manual HR processes and invested in new age HR software.
HRMS Systems offer many benefits that result in improved performance of various departments. It also streamlines multiple HR activities like recruitment, hiring, interviewing, onboarding, documentation, payroll, attendance, training, etc. Besides this, HR software also streamlines every department of an organization.
HRMS is abbreviated as Human Resource Management Software or a Human Resource Management System that helps HR professionals to automate their repetitive tasks in the HR workflows such as collecting and storing resumes, parsing resumes, saving candidates to the talent pool, automating job postings, providing employee