8 Benefits of Cloud-based Expense Management Software (You Underestimated)

Cloud-based Expense Management Software Why You Must Get It Now

Tracking and approving expenses should be the least bothersome event. Well, that’s possible with cloud expense management software. Oh, don’t doubt its potential, explore for yourself in this article.

Cloud-based expense management software is the new buzzword in town. Modern organisations are relying on it as it offers great flexibility, scalability, and the ability to access it from anywhere. Uber cool, right?

Almost 51% of IT companies are making a great spend in public cloud, soon replacing the need for traditional apps or physical infrastructure by 2025. Every app kind is moving to the cloud, and expense management systems are no exception.

And why wouldn’t they? After all, a cloud expense reporting system is error-proof as it takes away the dependency on traditional Excel sheets or paper-led methods. Such old-school methods are super boring, time-consuming, and prone to clerical errors (and Mr. Kulbir ji from the accounts department hates it).

Let’s explore what is cloud-based expense management software and how it adds to an organisation’s exponential growth.

What is Cloud-Based Expense Management Software?

Cloud-based expense software is a digitally available application that helps automate, streamline, and simplify the management of business expenses. Best part is, it’s easy to access and deploy from anywhere.

Unlike traditional paper receipts and manual spreadsheets, it is backed by the power of the cloud, offering a more automated and efficient approach.

Let’s jump straight to the benefits:

8 Benefits of Cloud-Based Expense Management Software (You Surely Experience)

A Cloud-based expense management system helps businesses streamline hefty tasks and automates redundant processes.

7 Benefits of Cloud-based Expense Management System

1. Easy to Deploy, Access & Navigate

Cloud-based expense management systems allow users to access expense management tools from any location with an internet connection. Plus, the system is compatible with devices such as laptops, tablets, and smartphones – this aids in cross-functionality and flexibility to operate it from anywhere.

2. Real-Time Updates

The cloud-based expense system provides real-time updates regarding progress in expense claims status. This makes it easier for field managers or accounting teams to track and analyze claims.

Plus, all changes or the latest inputs are updated automatically in real time, which reduces the chances of errors due to outdated information.

3. Saves Business Dollars

The cloud-based expense handling systems save on a lot of costs. It saves you from investing heavily in on-premises infrastructure. Meaning you don’t have to incur additional hardware, maintenance, and operational costs. Oh, plus you will be saving on a lot of hiring and overtime costs as well. Woohoo, lots of savings are incoming.

Plus, don’t forget the hidden costs associated with manual labour, chasing the process physically with so much time and turmoil. That cost is saved too.

4. Easy to Integrate with Accounting Software

Who on earth wouldn’t mind if two systems could collaborate without any heavy lifting? Imagine if your accountants have to each time export data (manually) from the expense system to update into their ledger or accounting system. It’s tough and laborious.

Cloud-expense software is easy to integrate and collaborate with hundreds of other accounting,  finance, and ERP systems.

5. 10X More Safety & Data Backup

Expense systems are important as they carry important vendors, clients, or staff information. Having physical system software isn’t a safe way to store such parties’ key information. There you need a cloud-operated environment as physical system-based apps are prone to manual destructions, ransomware attacks, or viruses – that are likely to corrupt or breach the information stored.

Further, cloud-based systems are trusted as they offer advanced security measures in the form of:

  • Strong encryption, access controls, and frequent security updates to protect sensitive data.
  • Data backups. Cloud expense systems come built with automated data backup and recovery mechanisms, which helps avoid losing pivotal data.

6. Easy to Collaborate for Teams & Departments

The expense management process followed by the agile accounting process requires a lot of personnel or teams to act around. Emails, file sharing, and chasing colleagues off their desk to delegate or ask for updates on tasks —- are all parts and parcels of the expense management process. Which is often very pesky and time-consuming.

The cloud-based expense management system helps do away with hassle-filled tasks. By offering compact software, it becomes easy for teams and departments to collaborate seamlessly. They don’t have to use tons of different apps or software to progress on tasks. One system is enough to handle all the teams and departments without latency.

7. Errors are a Thing of the Past

Imagine Mr. Kulbir in the accounts team who writes off every expense manually over a spreadsheet. One day he mistakenly adds an extra 0 while reimbursing the sum to the field staff — can you smell the havoc? We can. This is the challenge with manual expense processing.

Having a cloud expense system is a must. The software makes it easy for you to sync any Excel or doc file and picks the exact data accurately for further processing. You won’t have to learn complex spreadsheet formulas or do file importing manually. This helps gatekeep erratic errors easily.

8. Is Often Foolproof & Transparent

For a second, you can manipulate Mr. Kulbir from the accounts team about expense, but not to the cloud system. The intelligent algorithms system accepts expense records from the field staff only with valid proof.

Also, every expense is categorised in the heads as travel, stationery, food, or miscellaneous. This bifurcation helps managers know how much is spent in each aspect by every employee. Plus, the managers can put a cap on the maximum spend on the software. Meaning, the software will stop accepting the requests — once it reaches the maximum spending amount. It’s a good way of managing and controlling the company’s expenses.

How to Choose the Best Cloud-Based Expense Management System?

Choosing the best cloud based expense management system isn’t a cakewalk. One wrong decision or choice and your business is headed towards doomsday. Here are some features and modules that you must look into in your next cloud-based expense management system:

✔️ Option to upload expense evidence.

✔️ Real-time status check of application for claim.

✔️ Option to put a cap on expenditure.

✔️ Option to categorise expenses under heads like travel, stationary, food, and miscellaneous.

✔️ Option to manage travel expenses via route distance travelled calculator.

✔️ Desired customisation in UI & UX – to meet the brand’s voice.

✔️ Seamless integration with pre-existing CRM, payroll software, and other ERP tools.

✔️ Easy functionality on mobile and desktop.

Here’s Your Final Takeaway!

The cloud-based expense management system is the next thing to adopt for organizations. With businesses growing in size and user base, the need to have fast, scalable, and safe expense reporting software cannot be neglected. The system is easy to own, deploy, and integrate with internal ERP and CRM systems (when need be).

Still, if you are questioning this software’s capability and potential to transform your expense handling and controlling requirements? Well, looks like you haven’t encountered a proven software that could help you simplify and automate the expense claiming process without much intervention. This is where it’s high time you trust TrackoField expense management software consciously crafted according to wide business needs. Don’t believe it? Try a free demo now!

TrackoField’s unique expense management software

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FAQs on Cloud-Based Expense Management Software

  • What is cloud-based expense software?

    Cloud based expense software is an expense claiming and reporting tool that is easily accessible over cloud. It offers features and capabilities to register expense claims with evidence, categorise expenses, put a cap on spendings, and more.
    Want to enjoy a seamless cloud based expense process for small businesses? Try TrackoField for free!

  • Who can own cloud expense management software?

    Any small, mid-size, or large enterprise looking to simplify their expense handling and management process can simplify onboard and integrate this expense software with internal ERP or accounting software.

  • Why choose cloud-based expense management software for small businesses?

    Cloud-based expense management software is a helpful tool for businesses looking to simplify and automate the entire process of expense claiming, reporting, and approval within a few taps.
    With dynamic features like seamless expense evidence upload, the option to cap expense limit, and categorise expenses, it stands efficient for the claimant and the manager.

  • What are the advantages of Cloud-Based expense management?

    Cloud based expense management system offers great authority to manage expense claims, reporting and honour reimbursement processes from anywhere. It helps managers and expense claimant enjoy fast, accurate and efficient expense settlement processes.

8 Benefits of Cloud-based Expense Management Software (You Underestimated)

Nandita Gupta

Nandita is a Content Lead at TrackoBit. She is passionate about writing factual and thought-provoking pieces that help readers remove complexities from fleet management. When she’s not on her desk scribbling words, she’s either sipping tea, dancing, or heading toward gym.

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