Employee Expense Management Software lets you track, audit and report on expenses claimed by employees, departments or projects.
- · Automate Expense Claim Processes
- · Allow Employees to Submit Expenses
- · Reduce Manual Errors
- · Track and Monitor Expenses
- · Standardise Expense Policies
- · Generate Reports
Softworks Employee Expense Management Software is a powerful tool that eliminates the laborious and costly task of manually collecting and processing paper expenses.
Allow your organisations to track, audit and report on expenses claimed by employees, departments or projects. Reduce the time spent in submitting expense sheets and speed up the reimbursement and approval process.
Benefits of Employee Expense Management Software
Expenses Types
Travel Expenses
Predefined multi-currencies – For the business traveller, predefined multi-currencies ensure there is no loss in exchange rates.
Defined limits – Ensure staff do not exceed set limits for specific expenses by establishing and defining limits or allowances.
Mileage Expenses
Captures mileage bands – Capture various mileage bands and rates and calculate the expense accordingly. Limits can be entered for particular employees and reports generated to highlight any exceptions to mileage limitations.
Meal Expenses
Automatic data capture – Reduce processing time by applying fixed expenses e.g. for employees who receive a daily fixed meal allowance or subsistence.
Project Expenses
Tracks billable expenses – Ensure projects do not exceed budget by using Softworks to keep track of billable expenses on a per project basis. Expenses can be easily viewed, approved, and amended.
Frequently Asked Questions
What is employee expense management software?
Employee expense management software is a tool designed to streamline and automate the process of managing employee expenses. It helps organizations efficiently track, review, approve, and reimburse employee expenses, providing a centralized platform for expense submission, review, and reporting.
How much does the employee expense management software cost?
Softworks pricing is determined by the size of your organization, with a one-time implementation fee. To get a quote, please click here.
How long does it take to implement employee expense management software?
The duration of implementing employee expense management software can vary depending on factors such as the complexity of the organization’s requirements and the size of the workforce. It includes activities such as software setup, data migration, customization, testing, and training.
To get an estimate – Contact Us!
Can employee expense management software provide Reports?
Yes, Softworks employee expense management software provides robust reporting capabilities.
It can generate various reports related to expense tracking, reimbursement status, expense categories, spending patterns, and more. These reports provide valuable insights into employee spending, help identify cost-saving opportunities, and support financial analysis and decision-making processes.
What types of expenses can be tracked?
Softworks employee expense management software can track a wide range of expenses, including but not limited to:
– Travel expenses (e.g., airfare, hotel, meals)
– Transportation expenses (e.g., mileage, car rentals)
– Meal and entertainment expenses
– Office supply expenses
– Conference and training expenses
What is the process of expense submission and claim?
With Softworks Expense Management Solution, employees can enter their own expense details into the system, attach digital copies of receipts, and submit expense reports for review.
The system includes workflow functionality, enabling managers to approve or reject submitted requests directly within the system.
This automated process reduces manual errors, increases accuracy, and speeds up the reimbursement and approval process.
Can employees submit paper receipts?
Softworks Expense Management Solution eliminates the need for paper-based systems.
Instead, employees can capture expenses digitally by attaching digital copies of receipts or invoices to their expense reports. This eliminates the need for employees to submit paper receipts and streamlines the entire expense management process.
How do managers approve expenses?
Managers can approve expenses within the Softworks Expense Management Solution using the workflow functionality.
They can review expense reports, verify compliance with policies, and either approve or reject the expenses directly within the system. The automated workflow ensures efficient approval processes and reduces the need for manual handling of paper-based expense approvals.
What We Do – The Softworks Story…
From Time and Attendance Tracking to a complete Workforce Management Solution…
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What is Expense Management Software?
Softworks’ Expense Management Software and Spend management software automate the whole of the expense lifecycle, acting as a full-scale Travel and Expense management and Expense reporting software solution and replacing paper-based procedures with an efficient Cloud-Based one so that employee claims can be easily tracked, audited, reported on and managed.
The platform optimizes travel and expense management across five key areas:
- Employees can save time by using receipt scanning and receipt OCR through web portals or via a mobile app, with approval workflows and workflow automation allowing managers to quickly approve the requests.
- For cost control, custom spending limits, daily allowances (per diems), and mileage tracking should be set in order to enforce budgeting and forecasting and at the same time provide multi-currency support.
- Errors are reduced by automatically working out the amounts that are reimbursable according to predefined rules, using Artificial Intelligence (AI) and Machine Learning (ML) for Duplicate Detection in order to avoid manual data entry errors.
- The system includes built-in payroll integration to ensure accurate employee reimbursements and at the same time maintain compliance with the expense policy, tax filing (in accordance with HMRC requirements), VAT updates, and policy enforcement.
- Reporting and Analytics: Provides spend analytics, expense analytics, and reporting dashboards which can be used to track project costs, monitor billable expenses, detect anomalies, and improve spend visibility for future budgeting.
In the end, Softworks Expense Management Software reduces administrative burden, enhances data security, and offers complete financial visibility through its role as a single source of truth in order to optimize corporate spending.
Streamline HR & Empower Staff with Employee Self-Service Software
Softworks’ Expense Management Software forms a vital component of our full-range Workforce Management (WFM) platform and has a central and strategic role to play in attaining Cost Control, Budgeting, and compliance with Expense policy. We assist your organisation in meeting its budgeting targets by efficiently managing your most important assets—your people and your financial resources. With our natively integrated WFM solutions you will achieve Real-time Tracking and Spend Visibility, enabling management decisions that conserve time and money and at the same time ensuring that each project remains within its budget.
Softworks’ Solutions for Every Organisation
Because of its more than 35 years of dedicated experience, Softworks has developed powerful spend management software which does much more than just keep track of spending. The software was designed with rigorous cost control in mind, allowing for high employee satisfaction while at the same time ensuring strict adherence to budgets. The expense reporting software gives you the valuable insights necessary to make data-driven decisions and to successfully achieve your demanding organizational objectives. Our cloud-based solution has been carefully designed in order to produce a real and measurable positive impact on the lives of your employees, their managers, and the organization as a whole.
Garnering Organisational Trust
For over three decades, Softworks has been a trusted partner, enabling organizations worldwide to:
- Streamline their operational processes
- Significantly increase productivity and User Experience (UX)
- Reduce costs through superior scheduling/rostering management
- Achieve optimal utilization of workforce resources
We achieve this by offering flexible, highly intuitive solutions that cover key areas, such as:
- Time & Attendance Software
- Scheduling/eRostering
- Flexible & Remote Working
- HR
- Absence Management
- Project Tracking Software
- Expense Management and Reimbursement management
The comprehensive approach we offer enables organizations to achieve significant efficiency gains while at the same time maintaining strong Compliance Management and Audit Trails. By means of better Reporting Dashboards, our Workforce Management Software helps to create a safe and positive working environment for all employees.
Building your Business for the Future
Our firm is determined to make sure that you achieve a clear competitive edge, not only at the present time but also over the longer term. Effective management of travel and expense matters is a vital aspect of both the financial condition and operational efficiency of modern business operations. The Expense Management Software offered by Softworks is a strong digital solution specially created to get rid of the notoriously time-consuming and expensive job of manually gathering and processing paper expenses. In place of this, we offer an advanced, centralised system which allows expenses claimed by individual employees, particular departments, or specific projects to be carefully tracked, audited, and reported on.
Manual Expense Systems are Inefficient
In the past, organisations have found it difficult to overcome the serious inefficiencies associated with manual expense procedures. The traditional and outmoded process requires employees to collect fragile paper receipts, carefully complete complicated spreadsheets, and then submit them via a usually difficult, multi-stage approval process. The continued dependence on such outdated methods is not only very time-consuming but also involves a number of possible problems and financial risks:
- The level of administrative work is high since manually handling expenses takes up a lot of staff time which could instead be used for more strategic and valuable tasks. Personnel in the human resources department, the payroll section, and the line management can devote up to 80% of their time to these expensive administrative duties. This is not only a very inefficient situation but also takes attention away from the main business goals.
- Predisposed to mistakes: entering data by hand is naturally prone to serious human error, usually resulting in wrong calculations, financial inaccuracies, and eventually causing a bad lack of confidence in the system. Since the amount of data kept in paper files or in separate spreadsheets is so great, it is nearly impossible to detect patterns or make corrections, which in turn causes a major loss of both productivity and money.
- Receipts can be easily lost, which leads to annoyance for staff who experience delays when applying for employee reimbursements or in some cases are not reimbursed at all. This situation results in a variety of problems for accounting departments who have to match up different expenses in the absence of a reliable paper record. Lost receipts can also harm employee morale and lead to unnecessary internal conflict.
- No clear visibility and lack of control: With no central automated system in place, it is almost impossible to obtain a clear and up-to-date view of the company’s spending. This seriously impairs the ability to make informed decisions and to carry out proactive cost control, leaving organisations open to unexpected budget overruns. Our Expense Management software provides a clear view of current budget balances, something that is especially useful when projects involve a number of different departments or are highly complex.
- The reimbursement process is delayed because it involves slow, manual approvals and manual calculations, which has a negative effect on employee satisfaction and may result in serious financial difficulties for the staff. This in turn affects their morale and engagement, factors that are important for keeping a productive workforce.
Transform Expense Management into a Single, Efficient Process
The Expense Management Software offered by Softworks has been carefully engineered to deal with the ongoing problems mentioned above. Our integrated system converts a number of separate expense management processes into one efficient, transparent, and fully compliant procedure, which provides substantial advantages to both employers and employees. Through the use of Workflow automation and Accounts payable automation, Softworks allows managers to carry out real work rather than having to continually cope with unnecessary administrative tasks.
Automation for Expense Accuracy
The vital automations we provide represent a major step in improving the accuracy of information, boosting Employee Satisfaction, and allowing the HR and management teams to concentrate entirely on strategic initiatives. By using our solutions, your organization can move from being just a business cost center to becoming a true source of profit, since they optimize operations and reduce hidden costs—possibly cutting the organization’s costs by as much as 5% to 20%.
The immediate and measurable benefits of adopting Softworks Expense Management Software are clear:
- Significantly increased accuracy in financial reporting and Month-End Close
- Enhanced productivity across the workforce
- Improved adherence to Compliance Management and Tax Filing (HMRC Compliance)
- Greater control over overall company expenditure
Fostering Job Satisfaction and Loyalty in your Workforce
The deep benefits provided by Softworks’ expense reporting software have a direct effect on improving the working environment by making sure that employees are reimbursed accurately and promptly, which in turn leads to higher levels of job satisfaction and loyalty. Since it helps to establish a culture characterised by unquestionable fairness and complete transparency, our solutions aid in attracting, holding on to, and motivating employees, enabling businesses to meet changing customer demand in a flexible and effective manner.
Streamline Your Process with Expense Management Software
To keep your competitive advantage and to promote high levels of employee satisfaction, you should streamline your operational processes. Softworks Expense Management Software completely transforms your expense processes by taking them from tedious manual tasks and turning them into a smooth, automated workflow. This thorough transformation involves more than just converting forms into digital ones; it means incorporating efficiency, strong Data Security, and strict Cost Control into each and every step. This in turn guarantees a quicker, smoother, and considerably more satisfying experience for all concerned.
The Benefits of Softworks’ Expense Management Software
Our software focuses heavily on comprehensive Workflow automation, benefiting everyone involved in the expense management cycle in the following ways:
Effortless Employee Submission & Receipt Capture
Employees can now say farewell to boring paperwork and the continual concern about losing their receipts. By using our intuitive digital tools—available through our easy-to-use Mobile App or via our web interfaces—staff members are able to easily take and upload their expenses. All they have to do is use the camera on their smartphone to take a photo of a receipt, enter the relevant details, and then submit their claim online. The system is designed specifically to store the scanned images as Digital Records, thus getting rid of the need for physical paper documents and making use of GPS Tracking to verify the location. This will considerably cut down the amount of time employees spend on submitting expense sheets, allowing them to concentrate on their main duties and thereby boosting overall productivity. The automated Receipt Capture feature makes sure that important documentation is never lost again.
Automated Reimbursement and Approval (Approval Workflows)
After the expenses have been submitted, the software takes control and carries out the management of reimbursements as well as the approval of employee reimbursements. Using predefined rules, the software automatically determines the amounts that are rebatable, and with native Policy Enforcement it meets the specific requirements of your organisation.
How our Expense Management software works
Eliminate all error-prone manual calculations and release managers from this task by means of automated Notifications for pending expense requests; they will then be able to review and give their Manager Approval digitally from any location, thus ensuring a quick and smooth procedure that greatly cuts down on delays. The efficient Approval Workflow significantly cuts down the amount of time managers spend on administrative work and so gives them more time for ‘real work’ and for strategic planning instead of having to continually pursue approvals or check the data. The whole of this process is essential to attaining Automated Expense Reporting.
How Automated Expense Reporting Impacts your Bottom Line
The direct impact on time and cost savings from this automation is substantial:
Significant Time Savings
Because manual aspects of expense management are eliminated, both employees and managers are able to save a great deal of time which they can then use in a strategic way for more valuable activities. Specifically, they spend less time gathering receipts, completing forms, pursuing approvals, and entering data manually. Our Workforce Management solutions have clearly proved that they reduce the amount of administrative work involved in a variety of employee management tasks and thus make operations much more efficient.
Reduced Administrative Overhead
The automation of expense claim procedures results in a significant reduction in administrative workload, which in turn leads to real cost savings for the organisation. The increased accuracy of data collection brings about substantial company savings by speeding up the execution of the processes and the completion of expense workflows. This in turn helps to avoid ‘cost creep’, a situation frequently caused by frequent tracking errors or missing entries.
Minimised Errors
Making a firm shift from paper-based systems to a completely automated solution greatly cuts down on manual errors. You should considerably boost the accuracy of your Finance department, simplify the Month-End Close process, and enhance general efficiency and productivity. This is absolutely essential if accurate financial reporting, strict tax compliance, and the avoidance of costly discrepancies which can result in financial penalties or employee dissatisfaction are to be achieved.
Greater Cost Control and Spend Visibility
The Expense Management software offers improved Spend Visibility and exerts proper control over all money spent by the company. It involves closely watching areas such as Travel Management and entertainment, since these are usually among the biggest expense categories for businesses. Through supplying real-time data and detailed reports, the system enables organisations to make informed decisions in order to optimise cost management and take proactive steps to avoid budget overruns. Managers are able to stay within the predetermined Spending Limits and can detect spending trends, thus ensuring that spending is both responsible and strategic.
Seamless Integration with Payroll (Accounting Integration)
One of the main benefits of Softworks Expense Management Software is the seamless integration with accounting software, with payroll integration as well. Once expenses have been approved they can be automatically sent over to payroll, which makes sure that employees are reimbursed accurately and promptly. This important integration removes the need for manual data entry and thus reduces errors as well as greatly enhancing the efficiency of your whole financial system, from the first submission of an expense to the final payment.
Expense software to enhance the employee experience
In addition to its financial advantages, our Expense Management Software also greatly improves User Experience (UX) as well as the overall employee experience. It is a basic expectation of employees that reimbursements be processed promptly and accurately, and this is a major contributor to employee satisfaction. When organisations simplify their procedures and make sure that payments are made in a timely manner, they show a clear dedication to supporting their staff. This in turn creates a positive working environment, which boosts employee satisfaction and engagement. Having happy, well-paid employees who are more productive, loyal, and fully engaged in their work will thus help to strengthen the overall organisational culture.
Key Features of Our Expense Management Software
Softworks Expense Management Software is designed to be both strong and highly intuitive, offering a full range of features which enable complete control, total transparency, and exceptional efficiency in relation to your organisation’s spending. The various features work together smoothly so as to turn your expense management process into a real strategic advantage. The software makes it much easier for everyone, from individual employees to senior management, to log expenses and have them reimbursed.
Here’s a closer look at the key features that make our solution stand out:
Customizable Expense Policies (Policy Enforcement)
The software we provide enables organisations to set up, develop Customisable Workflows and strictly enforce their own custom expense policies. This in turn allows any organisation to make sure that its expense policies are exactly in line with its internal guidelines. Moreover, our software also helps to ensure that your organisation meets the regional external regulatory requirements, for example those relating to federal employment standards and Tax Filing (HMRC Compliance).
These detailed policies can:
- Specify eligible Expense Categorisation
- Fix the spending limits for various kinds of expenses (for example, meals, travel, daily allowances (per diems))
- Establish unique Approval Workflows for different departments, roles, or project types to prevent Policy Violations
The ability to provide such highly tailored customizations ensures consistency, fairness, and essential compliance in all expense claims and greatly reduces the risk of improper spending.
Easy Expense Submission & Receipt Capture (Mobile App)
We always put employee convenience first when it comes to our design, which is why the software features intuitive interfaces and Mobile Apps making it very easy for employees to submit their work-related expenses. They are able to quickly take photos of their receipts using their smartphone camera, greatly cutting down the chances of losing paper documents. Employees can also correctly categorise their expenses, include detailed notes and supporting documentation to make sure that their submissions are complete. Moreover, OCR Technology and receipt scanning are incorporated into your workflow, simplifying the process of capturing receipts by automatically reading the key data fields from the receipt image and thus improving automated expense reporting.
Automated Policy Validation
In order to actively reduce risks and maintain continuous compliance, our software automatically validates policies as part of the expense submission process. It immediately compares every expense claim against the company’s predefined policies and in real time identifies any Policy Violations or exceptions. This enables the employee to make immediate corrections or for a manager to carry out a prompt review, using Artificial Intelligence (AI) and Machine Learning (ML) for the purposes of Expense Fraud Prevention, Duplicate Detection, and the reduction of financial liabilities.
Efficient Approval Workflows
Our system provides very efficient Approval Workflows for Employee Reimbursement, successfully getting rid of any bottlenecks and avoiding expensive delays. Approvers are sent automated Notifications by email or through the Action Manager in the system. The approver then has the ability to look at expense claims online from anywhere and make their decisions in a timely manner. Using the hierarchical workflow authorization, supervisors can apply Digital Signatures and easily edit, authorise, and analyse expenses together with holidays and paid time off (PTO) and overtime, all on the same screen with Manager Approval.
Real-time Expense Tracking and Reporting (Spend Visibility & Audit Trails)
It is important to obtain deep and practical insights into spending patterns if strategic financial management is to be effective.
Softworks provides:
- You can track and monitor expenses in real time, detect patterns, and keep costs under control all while achieving full Spend Visibility.
- Prepare a wide variety of reports swiftly to provide management with the necessary information, to keep up with VAT updates, ensure tax compliance, and establish essential Audit Trails.
- Breakdown of the details: produce reports for each employee, for each department, for each group, for each project, or for Vendor Management, offering detailed visibility of spending.
- Report on billable expenses: See how many billable expenses have been generated by your employees in order to avoid revenue leakage.
- For the project cost tracking you should monitor both billable and non-billable expenses on a per-project basis together with mileage tracking to make sure that the projects remain within their budget.
- For accessing historical data: you can make use of unlimited online storage as a Single Source of Truth, enabling management to access past records, enhance the accuracy of forecasting, and establish detailed Audit Trails.
Seamless Integration with Core WFM (Accounting Integration)
Softworks Expense Management Software is a fully integrated module as part of our comprehensive Workforce Management suite.
This means it works in harmony with:
- Time and Attendance: Make sure that the time spent on projects or tasks is properly linked with the related expenses.
- In human resources management, employee profiles should be used to make sure that the expense policies are in line with the overall HR strategies.
- For the tracking of projects: ensure full control is maintained over the project costs and expenses from the time the project begins until it is completed.
- Corporate Cards: Make sure that the expenses incurred using Corporate Cards are reconciled through the use of Corporate card reconciliation and Automated Reconciliation.
It is compatible with both ERP Integration and ERP integration in order to get rid of data silos.
Compliance & Security
The Softworks Expense Management software, being part of our Cloud-Based Solution which is certified to ISO 27001 and ISO 9001, ensures that our information security practices adhere to international standards and are in full compliance with GDPR; this gives users peace of mind knowing that their sensitive data is protected by means of data security, data encryption, secure storage, and strong access controls.
Scalability
Our software is designed to serve organisations of all sizes and features high scalability so that it can easily handle growing data volumes and increasing complexity as your business expands.
Client-Centric Project Management and Support
We are committed to providing client support so that the move to Automated Expense Reporting goes smoothly, and with each client we appoint an experienced Project Manager to work closely with the organisation in setting up the institutional work rules.
We Put the Customer First
A dedicated Customer Care Team is available to provide continuous support and to help ensure your long-term success with Automated Expense Reporting. Softworks Expense Management Software is a strategic asset which promotes efficiency, guarantees compliance, improves financial control, and offers valuable Spend Visibility throughout your whole organisation.
Invest in Softworks’ Expense Management Software
The choice to invest in Softworks Expense Management Software is a strategic one and brings with it a clear and measurable return on investment; it enables your business to operate more efficiently, ensures strong compliance, and leads to a significant reduction in costs.
If you want to get a first-hand experience of the transformative potential of our solutions, we urge you to arrange a demo with our expert team today!
