10 Features to consider when searching for an expense tracker app

Expense management isn’t about simply reimbursing the price of an employee’s fuel; it’s about bringing rigour to a management process, and reaping the financial rewards as well – which is why every business that pays expenses needs an expense tracker app.

And it’s most certainly about avoiding the headache-inducing chore faced by the man in our picture.

So, when you’re in the marketplace and deciding which app to use, what should you look for? Our handy guide will talk you through the key features that will make you a better expense manager.

  1. Scans receipts: This is a double winner. Firstly, ExpenseOnDemand will use your smartphone camera to photograph a receipt, instantly eliminating the need for a cumbersome paper trail. Secondly, our app is smart enough to read the receipt, recording the date, sum involved, and who was paid.
  2. Links company credit cards: By linking credit cards the expense tracker app integrates with the whole financial mechanism underpinning your business, saving time for getting on with productive tasks.
  3. Tracks mileage using GPS: No more finger-in-the-air assessments of distance driven inflating mileage claims. ExpenseOnDemand uses GPS to calculate actual, rather than estimated, distances.
  4. Converts currencies: No matter where you work in the world, ExpenseOnDemand will work with you. Our app is so sophisticated it will record a spend in one currency, and convert that to the one from your home country to integrate into a company financials.
  5. Files efficiently: All spending recorded by ExpenseOnDemand can be filed within the app. We supply it with a series of categories, but extra bespoke ones can be added or deleted whenever you need them – or don’t. This means you can allocate expenses to cost centre numbers, departments, projects, or employees, offering greater flexibility and efficiency to financial management.
  6. Collates and Reports: The ability to download reports helps to tell the story of your business through a financial prism. The knowledge of how money is spent, and on what, will allow you to highlight inefficiencies and show you where to focus management activity.
  7. Universally available: Any time, any place – so long as you have a smartphone and a WiFi signal – expenses can be claimed, approved, filed, and reimbursed. This means that otherwise ‘dead’ time can be used effectively. Great whilst waiting for trains, sitting in reception areas, or taking a coffee stop on a long car journey.
  8. Features offered: The more features an expense tracker app can offer, the more efficient it can be – but beware; you could find yourself paying for features you neither want nor need, which makes the app unnecessarily expensive.
  9. Creates policy: Whilst a good expense tracker app should be intuitive and user-friendly, there’s more to managing expenses than moving money. What’s needed are clear and easily-understood rules formed into an expense management policy so all employees understand the company stance on expenses, and play by those rules. A good expense tracker app will help you do that
  10. Costs peanuts: Having lots of features makes it sound expensive – but it makes sound business sense never to buy anything you don’t need. That’s why the ExpenseOnDemand pricing model is so innovative. Some of our features are free for life; yours to use for as long as you’re registered. As for the rest, we’ve brought them together in a customer dashboard, where you can turn them on or off whenever you need to. And no matter how many employees you have, we’ll charge on a per employee per month basis for the ones who use our app. And that means we won’t won’t tie you in to a long contract.

Will the expense tracker app you’re looking at do all this? ExpenseOnDemand will.

Picture: Katarzyna Bialasiewicz | Dreamstime