Back the times when a lot of people managed their expenses in Excel, we couldn’t believe we used to utilize paper and calculators in the past. The times they are changin ‘, and nowadays, spreadsheets are outdated as much as paper and calculators were back then. Although spreadsheets remain relevant for lots of things, there are many effective solutions on the market for expense management.
Professionals like representatives, contractors, sub-contractors or technicians are likely to submit expenses to have reimbursed. Expenses may include, among others, traveling fees (e.g. lodging, food, flights or gas), material, cellular phone or Internet expenses or PR fees (e.g. trade show booths, advertising or conference tickets). Such expenses tend to be reimbursed, but must certanly be recorded somewhere and get justified. That is where the trouble management system comes in.
With regards to the tool you select, expenses may be tracked in different ways, with different parameters on demand pay. The most basic tools will let you give the trouble a title and an amount, period. This may be sufficient if your boss isn’t the analytical type and only wants to understand “The thing that was it?” and “Simply how much did it cost?” However, if you want to offer more details relating to your expenses, there are many elaborate tools that enable you to submit them with many details. Some products also permit you to associate a file to justify every expense (e.g. invoices in PDF format). Furthermore, reporting capabilities vary from tool to some other, and exactly the same goes for integration with third-party software.
Before you make your final decision, it’s advisable to think about what else you should do from an accounting standpoint. You can choose a simple expense manager that does that, but you are able to choose tools that do a great deal more. As an example, tools like Quicken or Mint connect with your banking accounts. Tools like FreshBooks enable you to do some invoicing and integrate with other solutions. Some tools are more time tracking, payroll, sales or collaboration oriented.