If you’re in the market for an expense management solution for your company, then you probably have an idea just how many solutions, technologies, vendors, features, and price points to choose from. All these can be overwhelming, not to add the available deployment options and the total business value each solution can potentially bring.
So, how do you choose the right expense management tool for you?
The Perfect Expense Management Tool
Contrary to popular belief, there truly is a perfect travel and expense management tool. However, what is perfect for you may not be perfect to another organization. Getting the perfect expense management software requires achieving that elusive balance of several factors such as functionality, price, and usability.
To help you get a handle on how you can achieve that balance, so you can find that tool that’s perfect for you, ask yourself the following questions:
What do you want to happen?
The first thing that you should ask yourself when you’re looking for an expense management solution should center on the problem that you want to solve. Whether you’re a small, medium, or huge business entity, the premise is the same. Figuring what you want to happen and what issue this major change you’re introducing to your organization is essential in giving you direction in your search.
You must look at your organization and see the issues and where the root of the problems lies. This is where you should start. Do you lose a lot of money due to fraud or discrepancies? Are delays in expense reports and reimbursements frustrating your employees? Is your current accounting software time-consuming and inefficient? Is your organization poised for expansion anytime soon?
Asking these questions give you a better grasp on what your company really needs and what you want to happen with the expense management tool you’re looking for.
What’s your system requirements?
Aside from hearing it from your company, it’s also important to look at the technical requirements. Look at the technology and systems you have in place and consider these when choosing your travel and expense management software.
Consider if the tool you’re going to get can seamlessly integrate with the system that you already have in place. Will you also be able to integrate other business applications for a better, smoother workflow? How will adoption be? Also take into account the training and support your staff need to start with your new expense management software.
What’s your budget?
This, of course, should also come into play. Getting a new travel and expense management solution is a huge and serious investment. Can your company sustain your selected solution in the long run? Is the price point flexible enough as you expand in the future?
These days, you can choose between paying upfront for an on-premise solution and subscribing to a SaaS solution that can be updated regularly. Both types have pros and cons that you should also weigh against your other considerations.
What do your people say?
While you can answer the questions yourself, it makes better sense to go around your company and talk directly to your stakeholders. From employees to managers, to staff in every department, knowing their issues and concerns can go a long way.
If you have considered some software that you may use, you can even take it for a test drive and have your employees participate. Doing so can give you valuable insight as you choose the right software for your company and if there’s anything else that needs to be modified or improved.
These are the top 3 things that you should consider when choosing the best expense management solution for your company. Choosing well can go a long way and can even mean the difference between business success and failure. Therefore, choose wisely.
Gorilla Expense offer an innovate spend management solution for companies of all sizes. The three main components of this solution are T&E Expense Reporting, Timesheets, and P-card Reconciliation. While the solution is typically deployed as SaaS, Gorilla Expense also supports On-Premise deployments. If you would like to see a live demo or have any questions, please contact us at [email protected].