Choosing the expense tracking software that works for you

I am often asked what the best expense tracking software solution is. This unfortunately is a question that many people have, and it’s not an uncommon one. After all, when you are investing in software and want to use it for the foreseeable future, it is not uncommon that you want the best one. However, this is a problem in this case. There are no best or right solutions in the market. There are only solutions that work the best for your organization, or, in other words, one that suits all your requirements and fulfills all your needs.

So, how do you go about finding the solution?

Before you make the buying decision, you need to answer a few questions. Here they are:

Will the data be hosted internally or externally?
Will you access the software through the internet or install it on your system?
Do you want to buy the software or license it?

The answers to all these questions will tell you whether you should go for an on-demand (or SaaS) solution or an on-premise (enterprise) solution.

Once you’ve made this very important decision, you next need to make an internal assessment of all your needs. Do you follow a single or multiple approval work flow? Do you have an in-house travel agent or do you have to seek the help of an outsider? Do you have role-based privileges?

Answering these questions will give you a fair understanding of the features your expense software must come with. Once you have these, form a team and make them trawl the market for solutions that match these needs and take demos of each product.
Once this has been done, shortlist the final three and take the decision-making to a higher level. Ask deeper questions of your vendors and ensure that you have no doubts in your mind. Another good practice will be to enquire about the integration capabilities of the solutions.

Once you have these, then review the results and make the final decision on finding the right expense tracking software that works for you.

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