Expensewatch Expense Management Software Review

In this phase of recession, aggravated by cut-throat competition, expense management has a crucial role to play in every business. Expense management software are the key for running successful business. The expensewatch.com is one such expense software that I came across in my Top 10 Expense Report Software. It is a web based expense management software that assists in expense control for travel & entertainment, purchasing, and other expenses of a company as well as invoice management. Expensewatch.com is a comprehensive operating expense control system for small and midsized businesses.

Features

Let’s take a look into its features in depth to

Ease of use

ExpenseWatch.com has an user-friendly and intuitive interface that is easy to use. There are training options that helps to get acclimatized with the system.

Automation

ExpenseWatch.com provides a updated and real-time view of expense-flow in an organization. It automates the entire expanse management process minimizing manual involvements. This allows greater visibility into the company’s spending.

Modules

ExpenseWatch.com offers three modules - Expense Reports, Purchasing and AP Invoice Management. These modules are integrated into a single web-based system that offers a complete solution.

1. Expense Reports

Keep rack of all the travel and entertainment expenses like booked travel and cash receipt reimbursement from the automated reports.

2. Purchasing

It streamlines the real time budget purchases and maintains budget controls.  It allows the user to connect with networked vendors/use internal catalogs, negotiate vendor pricing and automate approvals and reviews.

3. AP Invoice Management

These generate electronically processed invoices. This provides a more efficient and cut the invoice processing costs.

Integration of Workflow

ExpenseWatch.com integrates the entire workflow. Policies of the are enforced throughout the organization at all levels. The expense documents by employees can be send faster and with lesser errors.

Together the modules provide a fully integrated foundation for complete operating expense control.

Accountability

The user can build a customized financial policy directly into the system. The internal controls can be arranged according to the hierarchy of authority governed.

Visibility

This is a comprehensively designed expense management software that allows unique window into spending into various categories.
The accountability includes all the sections in the organization including C-Level, Executive and Sr. Finance. ExpenseWatch.com segregates each into different Windows allowing effective control over spending. Separate windows exist for Departmental Budget Owner, Approver, Manager, Travel Manager, Purchasing Manager, AP Manager, Expense Report Submitter and Purchase Requester. The key features in each of the levels include complete visibility into the spending that includes requested, approved and paid.

Some of the other noticeable features include macro-to-micro dashboards and reports, real-time budget vs. actual spending analysis.

Flexibility

ExpenseWatch.com scores high in terms of flexibility. It is a completely scaleable and configurable subscription based service. It allows the user to add licenses, change approval chains and update the spending policies. The features also include user-defined per diem functionality, multicurrency, line-item allocation and custom T&E expense reporting. Changes can be added to the system without hindering the workflow.

Time factor

Since this ExpenseWatch.com is an online service so it reduces the time for provisioning servers and working through software customizations. Further, it doesn’t require software consultants or internal others resources for implementation.

Pros

• With comprehensive control over the rouge spending its easy to control the expenses.

• The purchasing module includes negotiation for better pricing with vendor

• Quicker reimbursements and daily time savings

• The comprehensive visibility enables faster approvals reducing it to hours

Cons

There are no functional anomalies except that it is exclusively a web-based system that necessitates uninterrupted Internet connection.

Conclusion

To be straight ExpenseWatch.com is a standard expense report software that could work to reduce costs with real time control over the expenses. Let me know if you have some experience on ExpenseWatch.com to share with me.