Free Expense Management Software

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.

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.

You can also create online invoices, quotations, proforma invoices, and other important documents along with expenses.