Choose from 5 convenient methods to record expenses - Easily convert invoice received or purchase order sent into an expenditure, upload expenditures in bulk, create quick expenditure for petty expenses in a few clicks, or record expenditures in detail from scratch.
2. Streamlined Invoice Conversion
Seamlessly convert vendor invoices into expenses, automating records and improving accuracy.
3. Set Payment Details and Auto Reminders
Keep track of payments, schedule future payments, and set reminders to never miss a due date.
4. Customizable Reports & Insights
Access expense reports with custom filters, gain valuable insights, and make data-driven decisions for your business.
5. Automated Inventory Updates
Automatically update inventory stocks based on recorded expenses, streamlining inventory management.
Is Refrens online expense management software really free?
Yes. Refrens online Expense Report software is completely free forever. No Signup Fee. No conditions.
Are there any hidden charges while using Refrens invoice?
None. There are no hidden charges. We only charge a small payment gateway fee, if you wish to collect payment online through Refrens payment gateway.
Is my data safe?
Absolutely. Only you can decide who you want to share the invoices, quotations with. The documents you create are accessible only through special URLs that you share or PDFs that you download. We do not share your data with anyone for any purpose.
Why Refrens is the best expense management software for small business?
It helps you to create and record expense report at one place. Manage and view detailed reports of vendors. Automatically record your expenses online in software.
Can I manage my vendor details to this expense report software?
Yes. you can manage and save all your vendor details under Vendor Management tab. You can also upload bulk data of your vendors.
What are the different reports provided by Refrens expense management software?
Refrens provide expense report, vendor report, TDS report, GST report and payment report.
Can I use this expense management software to keep track of expenses?
Yes. You can track all your expenses from Refrens expenditure dashboard. You can even check the status of your receipt like paid, unpaid, part paid, overdue.
Managing the expenses of a company is not as easy as one thinks. It has to go through various departments, checks, processes, and approvals to get the expense verified. It takes a lot of time and manual effort to manage the expense and get approval, as it has to be verified only under certain terms and policies.
What is Expense Management?
Expense management is a multi-step process, from creating expense and expense reports to verification, approvals, and payment or reimbursement of the expense are considered expense management.
Expense management is not just restricted to the approvals and payments of the expense, but the company's expense policies, auditing expenses, employee expenses, and salary also come under expense management.
If discussed in today's scenario, most companies, whether small businesses or large enterprises, use expense management software to record and pay expenses. Earlier, this used to be done via spreadsheets and manually written on paper.
And mainly expense of any company is divided into three categories and are as follows:
Variable Expense - Those expenses where the cost changes every time, or you can say that it is not fixed—for example, electricity bills, daily expenses, or other utility bills.
Fixed Expense - Expenses with fixed costs, like rent, salaries, interest, etc., comes under fixed expense.
Periodic Expense - These are the expenses that the company has to pay occasionally, like repair of any machinery, patent fees, etc.
Managing expenses for your company is important as it can make or break your business finances instantly. If expenses are not recorded properly, the organization will never know the improvement they need to work more efficiently and cost-effectively.
It becomes hard for employees and companies to reimburse the expense incurred. It also helps in maintaining the accounts and balanced set of the company.
It helps to summarize all your expenses by creating the reports and focusing on where there is a scope for improvement.
How does Expense Management Work?
First, the company management drafts the policies for the expenses that are relevant to the company. It includes all the purchases, employee reimbursements, bills, and other expenses. They had certain conditions to the policies and terms so that no employee or management could take advantage of expense policies.
For example, if an employee is meeting with a client in a restaurant for a certain deal, the restaurant bill can go up to a maximum of ₹10,000. If the price goes above that, the claims get rejected. It is a type of term or you can policy added by the company. In this case, the employee gets reimbursed if the price is under ₹10,000.
This type of policy helps tighten the company's expenses and miscellaneous expenses.
Now let's see how the expense management process works:
Let's say an employee or purchase department makes an expense; now, they create the expense report, attach the bills or payment receipts with the expense, and submit it to their respective department.
Now that the department head will view the expense report, attach receipts, and pass it on if everything is fine as per the policies, or else the head will reject the claim.
The claim is then sent to the finance team; now they check the expense, and it is a complaint as per the company policies, then they pass the claim. The finance department then will keep this report with themselves for future reference, and this report becomes important at the time of financial auditing and filing taxes.
Different Ways to Manage your Expenses
There are multiple ways to manage the expenses of one company depending on the management and how they want to manage the expense.
A traditional way to manage expense
In the traditional method, all the documents are created manually on paper. This method used to be effective until computers didn't come into play. This method has many downsides as you have to hire a professional accountant to maintain all the records, and there are chances of getting lost records and errors as it is recorded manually.
Moreover, this method is time taking and can cost the organization's efficiency.
Spreadsheets to manage expense
One of the cheapest ways to manage expenses is to start recording all your expenses on a spreadsheet. But it is viable only for freelancers and certain types of businesses without much approval or a small-sized team business is needed. But here, you have to attach the bills as proof that the expense was incurred.
But as the business grows, it becomes difficult for the company to follow the process in the sheet.
Online expense management software (Modern way)
Using the software is one of the best methods to follow in the current scenario as all the documents you can create in stayed forever; no need to check for hundreds of entries as you have to do traditionally.
All the process, from creating expense report to the approval of the claim, is automated, which helps employees and companies focus on the work they are good at fully.
Moreover, they can start creating dashboard reports and work on reducing expenses and running the company more efficiently.
Expense management software is a tool used to automate your entire expense process, from creating expense reports to the approval process, which helps you remove unnecessary manual efforts, thus helping in saving time.
It becomes easy to create expenses and corresponding reports, petty cash expenses, to bulk uploads your expenses all at once.
How to Choose the Right Expense Management Software?
Are you looking for the perfect expense management software for your organization?
You must look for the following when you are looking for expense management software:
Basic Features - It should have the basic features of expense management, like creating expenses, reports, petty cash, customization, templates, payments, and expense download.
Easy Accessible - The expense management software must be easy to access on both desktop and mobile. It helps your team create expense reports anytime and anywhere.
UI-friendly interface - This is the feature very few of the softwares have; the useability of the software must be simple and easy to understand for the layman so that they can explore more of the features, and it becomes easy for them to create expense reports and approval processes.
Reports - Expense management software must have all the important reports so that the organization can reduce unnecessary expenses, and it also helps with filing taxes.
Vendor Management - Vendor management is something that every software should have as it becomes easy for the organization to generate expenses against them as all the details are prefilled in the expense report.
Support - If you face an issue or want more features, then connecting with the support team can greatly help. So the expense management software you root for must have a support feature via live chat, email, or phone.
Safe and Secure - As you know that you record very sensitive financial transactions, opting for the software that provides extreme safety and security of the data must be your highest priority.
The user-friendly interface makes Refrens expense management report simple, reliable, fast, and easy to understand. Create your expenses online within seconds. It helps you to create and record expenses in one place. Manage and view detailed reports of vendors.
Create GST-compiled expense reports in no time. You have enabled different templates to customize your expenses. Add multiple attachments to the expenses. Online expense software also supports multiple currencies and more than 200+ countries. Automatically send the expense reports to the vendors by bulk uploading expenses which eventually saves time and can focus on the core business.
The vendor report helps to view all the expenses created for a particular vendor and also helps to view detailed information about the expenses and GST details. Refrens online expense report software also supports a contract system where the client can give multiple contracts to the vendor effortlessly. Download the GST expense report as CSV, which also helps fill the GST.
Refrens expense management software also helps the client to manage and view all the essential information of the vendor, which includes the business name, Address, GSTIN, PAN Card, and all the details in one place.
You can check the payment and acknowledgment status with just one click. Record all the business expenses online automatically. Refrens online expense management software allows you to request invoices from your vendors.