04 Feb The 5 essentials of expense automation
When it comes to automation of your back-end admin, expenses, paper receipts and invoices can be one of the lowest hanging fruit. Here are the 5 essential questions that you need addressed when choosing the right add-on:
The # of expense transactions you process a month
It is always a good idea to start early. You avoid the headache and high cost of cleaning a mess once your business starts accelerating and becoming more complex in nature. Once you have 20 expenses per month, it is time to automate.
Integration with your accounting system
Using expense processing solutions, makes best sense when you use cloud accounting software like Xero and Quickbooks. The majority of expense solutions on the market today integrate with one or the other or in most cases both.
Existing expense approval policy and preferences
The expense approver, which in many cases, is the CEO of the company has his/her own preferences which affects the workflow and which software you choose. With some solutions, the expense approval happens in the solution itself or it can be done once the information is migrated to Xero or Quickbooks.
% of recurring versus non-recurring expenses
The higher the recurring costs you have, the easier it is to code and automate what happens with those expenses.
# of users and # of transactions per each
The pricing models of the different expense solutions is a function of the number of users and the number of transactions. Do the math on your expected frequency for both and compare price offerings from there.
The technology revolution has brought on a number of solutions on the market. These solutions keep improving and changing in a way to make your job of running a business easier. Here are the ones that are most commonly used by our customers: Expenditure, Expensify, Bill.com, ReceiptBank and Datamolino.
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