Which expense management system is best for you?
Increase efficiency and minimize administration in your company by using an expense management system. Surprisingly many still handle expenses via Excel or other inefficient and time-consuming methods, despite the availability of excellent online systems for receipt management. Often, they are user-friendly and mobile-friendly. Even those who are frequently on the go should be able to manage expenses quickly and easily: With just a few clicks, receipts can be photographed and saved in the cloud, and approvers can approve expenses on the spot.
Whether it’s about expenses for wellness, snacks during client meetings, home office equipment, mileage reimbursement, or other travel costs, it’s important that they are recorded correctly. By using an expense service, you save time at multiple levels: for both employees and approving managers, as well as for the finance staff handling the bookkeeping.
Make sure to choose a system that is easy to manage for
your staff. Even your least tech-savvy employee should be able to submit
expenses correctly. Customer service, whether via phone or chat, is a
prioritized feature for some companies.
It should be possible to add users as your company or organization grows.
If you have multiple companies, the system should accommodate that.
To help you find the right expense management system for your company, we at BusinessWith have created a comparison service. Consider what you envision and search for the receipt management system that suits you best. Please feel free to contact us if you encounter challenges. Good luck!
Quick Guide
Quick Guide
What counts as an expense?
All expenses incurred by a company must be recorded. There are different types of expenses related to employees: "personal expenses" and "expenses for employees". We explain the difference.
Personal Expenses
When employees or partners spend their own money on work-related costs, it is considered "personal expenses". This can include costs for travel, accommodation, or snacks. When an employee privately pays for something that the company should cover, the company incurs a debt to the employee. This debt is settled when the salary is paid, either as a per diem or as reimbursement for the actual cost.
Anyone making a personal expense must be able to prove that they have incurred the expense, for example, with a receipt, in order to receive reimbursement.
Expenses for Employees
Expenses for employees are when the employer covers something that the employee can use privately. This could be, for example, a computer or a mobile phone. This category of expenses constitutes a taxable benefit, unless the employee pays it back (including VAT).
Get better control over the company's costs and employees' expenses with an expense management system. Here at BusinessWith, you can compare different systems and find the one that suits you best. Feel free to reach out if you have any questions!
