The best expense tracker app enhances financial performance6 August, 2019 12:01 pm
Effective cost control is as vital to any business as its products, manufacturing processes, and employees.
Get it wrong, and profits are reduced; get it right, and they’re enhanced. It seems a simple-enough thought – but it can nevertheless be overlooked.
Costs fall into two principal areas – those which can be controlled, and those which can’t. And that puts a potentially-unfair burden on the ones that can, because it’s these areas that require the closest focus.
Take expenses management. Small, even tiny, errors in expense accounting multiply significantly when a company has hundreds or even thousands of people claiming expenses every month or even every week. Multiply that over a whole year, and the discrepancy can have a serious impact on the bottom line.
Why cost-effectiveness has two components
The best expense tracker app will eliminate wasteful, erroneous, and even fraudulent claims – but that’s the second component. The first is being sure your business expense tracker of choice is the best fit for your company from a cost control point of view.
It’s near impossible to second guess what features a company might need in its expense management software. Too few features, and it won’t have the required capability. Too many, and it might turn out to be over-specified, and therefore too expensive.
One size, therefore, doesn’t fit everyone. So how can the developer of a business expenses app untie that Gordian Knot? ExpenseOnDemand has come up with a way, by developing and incorporating a host of features, but passing control to the customer when it comes to selecting which ones to use.
“It’s really simple,” says ExpenseOnDemand co-founder Sunita Nigam. “Because we have recognised that Company A will probably require considerably more from expense management software than Company B, we have put control of feature selection into a customer dashboard. Both companies are able to select the features they want at the click of a mouse, thus creating a bespoke piece of software that perfectly fits their need. In effect, our product has morphed into two completely different ones, each perfectly suited to the company using it.
“But here’s the clever part; the part that means our product will help with cost control. We charge only for the features a customer decides they want to use,” she added, “and we charge for those only when they’re in use, on a month by month basis. Start using a feature, and we’ll start charging for it. Stop using it; we’ll stop charging.
“Not only that, but once a client registers, we’ll offer some features completely free, until the user is no longer registered. And for chargeable features, we’ll bill on a per employee per month basis. That means our software is entirely scalable, and already geared up to grow with a growing business. In fact, I’d say that we’ve refined our product so effectively that using it could actually be an income stream, rather than a cost, by paying for itself in controlling every company’s expenses.”
Picture: Rena Schild | Dreamstime