Key Benefits of Invoice and Expense Tracking Software
Published: 09/05/2023
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Most of the digital business tools available on the market serve more than one purpose. When we think of invoice and expense tracking software, it’s often considered to be just that. However, in this article, we want to highlight to you that its use is much greater than what its name implies.
If you were looking for better ways to manage the expenses incurred by your employees, you’ve most likely stumbled across the advice of digitising the process. However, it may seem a little abundant to invest in software that would only be revolving around a handful of processes, including smaller tasks like invoicing. If you think along these lines, this article is for you. We too are big supporters of the idea that the digital route is the one to take if you seek to better your internal operations. But you must have the right mindset for that.
To put it simply, every piece of software has a plethora of features that are overlooked as there are certain criteria and angles to look from to discover them. In this blog article, we want to expand your horizons when it comes to invoice and expense software. It offers much greater functionality than simple financial operations, stretching from team management to winning back time lost on admin tasks. But let’s dive right into it.
The following are some of the best-known benefits of invoice and expense tracking software:
Easier auditing;
Full visibility of your financial situation centralised in one location;
Foundation for educated decision-making;
In-depth reporting;
Automation options aimed at bettering your processes and saving time;
Better team management.
As you see, there are quite a few rather convincing factors suggesting a designated system would be a great investment. But before you commit, why not look into each of them separately?
One of the most prominent features of SaaS software is its ability to help you automate business processes. There is little wonder in that, as the software literally takes work off your hands. Not only that - it is free of human error, all the while quicker than a living person could ever be. Let’s see how it’s useful in the context of invoicing and expense tracking.
The process of invoicing isn’t necessarily difficult. However, it can sometimes include certain intricacies. What makes it truly tasking is often the volume and the frequency. Naturally, no one wants to waste time on repetitive tasks, no matter how essential or easy they might be. It makes work boring and tedious, not to mention taking time away from things that truly matter. That’s why you should automate the process of raising invoices.
The best suitable for this job is timesheet software, which would include both invoicing and expense modules. Instead of manually keying the information in, the tool would pull the information out of the approved timesheets and, if relevant, expense claims. Depending on the software, you can normally customise the layout of the invoice too, making sure it is aligned with your branding. Finally, instead of having to send each of the invoices separately, you can program to do that on your behalf too. Not only is this time-saving but also relatively error-free and leaves every party involved satisfied.
Speaking of accuracy, it becomes particularly important when the topic of data collection and analysis is in question. Mainly because the insights you collect should be the cornerstone of all decisions you make. Just like most SaaS solutions, invoice and expense tracking software comes with reporting tools. How flexible and in-depth they are, however, will depend on the solution itself, alas in our experience we are yet to find a tool that doesn’t deliver quality. Often it’s more about details like customisation and filtering of data which may not be a big deal to some companies yet a total deal breaker for others.
A great way to deepen the reports an invoice and expense tracking software provides natively is by integrating it with other solutions. This allows analysing the data in different contexts, evaluating its impact on processes elsewhere in your business as well as its overall influence. Very often we see a mistake in attaching one sort of data to a specific area, when in, reality, it affects a variety of elements. An integrated tech stack helps you paint a more thorough and full picture of all that’s happening in your company. And, believe it or not, expenses make a rather hefty chunk of it.
Expense management easily falls under the umbrella of team-related queries. So does invoicing, as both areas are tied to how you communicate with your workers. Different businesses utilise different types of workforce, approaches and models. But the right software can easily unite even the most diverse teams in any industry.
Hybrid working is one of the best things that came out of the pandemic as businesses have learned to recognise the benefits of relying on remote workers. Naturally, the biggest one is a much wider talent pool, no longer limited by an employee’s proximity to your business. This also encouraged more companies to start working with contractors, which has opened many doors to exciting opportunities.
The key challenge arises from the communication side of things. By that, we don’t necessarily mean direct communication either. Things like payments, holiday management and other procedures fall under this umbrella. Given most contractors will usually have different start dates and rates, it can be difficult to fit them in with your permanent teams. Instead of doing weekly/monthly pay runs for the entire company, you would be tasked with doing them several times during the period. Not if you utilise the software that can automate all processes related to it, of course… Thankfully, not only it exists but you also have options.
Regardless of what type of workers you employ, it’s your duty as an employer to stay on top of compliance. Be it ensuring their documentation is up to date, they have relevant certification, both parties are adhering to the contract, or literally anything else. This may sound like a no-brainer if you manage a small team, but things can get complicated as it grows. And, really, it’s better to be prepared.
A centralised system that holds all your employee information makes your life a whole lot easier. First of all, most of it will be collected through the initial onboarding procedure, making it a very hands-off process for you. Secondly, as we have already mentioned, it will help you stay on top of compliance. Some systems will even notify you when documents are nearing their expiration. And finally, just think of how effortless and smooth the audits will be. If this isn’t tempting, we don’t know what is.
If you are still tethering on the idea that specialist software is a good investment, our final argument is that it is, most definitely, a long-term one. SaaS technology is built to be timeless as it can grow with the user, adjusting itself to the changing needs of the business. Often without an additional cost.
As the title of this section suggests, there is no end to progress when you entrust your business to invoice and expense tracking software. While the features it offers may seem pretty niche and only aimed at a handful of operations, it couldn’t be further from the truth. You need to think of your organisation as one united entity instead of siloes and departments. Because, ultimately, everything you do feeds into the entirety of your success.
When you automate invoicing and expenses, you don’t just streamline these specific processes. You are actually collecting data that can later be fed into another area, bettering their performance. For example, when all invoices are raised at the same time, you get better insights into which clients are worse at clearing them in a timely manner. From there, you can start investigating other interactions you have with them, potentially spotting gaps and finding opportunities to better your line of communication. This is just one sample - the opportunities are endless. It all depends on your point of view, goals and creativity.
While expense management and invoicing may not seem big enough processes to invest in a separate tool for, we highly recommend you do. First of all, you shouldn’t be undermining the importance of these operations. Secondly, despite its name, invoice and expense tracking software will stretch across more areas than just the one covered by its name.
The main perk and selling point of automation is claiming back time wasted on manual tasks. It’s often overlooked how it also offers accuracy, deeper insights and endless opportunities to better your procedures. All this expands your reach, creating multiple paths to take on a journey to success. What’s more, you can always stack your solutions on top of each other, unlocking new features and data collection channels. All in all, the key is to understand there is virtually no limit other than your own mindset when it comes to modern business software. Once you’re free of these shackles, there is only one way - forward.
Are you ready to set on this journey? Just give us a shout.