Questions to Ask When Evaluating Expense Report Software

Using expense report software can not only lead to clear cost and time saving benefits, but also help reduce human error and fraudulent activity. In fact, companies can reduce the cost of managing expenses by nearly 60% when implementing an expense report solution.

Selecting the solution best suited for your needs will solidify those benefits and increase adoption throughout your small business. 

But how do you pick the best one? 

You can start with an evaluation questionnaire. It will include the questions to ask each solution you consider, so be sure to ask the same questions to each solution you are considering. That way, you can gather information consistently and compare your findings easily. 

We’ve drafted a suggested evaluation questionnaire for expense report software below. If you’d like a full solution evaluation tool kit, download our free guide.

Evaluation Questionnaire for Expense Report Software

Solution Structure and Basic Features

  • Can I create custom expense level fields and team level fields to filter and report on expenses?
  • Are reports created automatically from expenses? 
  • Can I create dynamic, custom reports?
  • Can I tie individual expenses to events, clients, projects, etc.? 
  • Can I customize my approval process?
  • Do you offer direct deposit to employee bank accounts for reimbursements? 
  • How long do funds usually take to be received by the employee?
  • Do you offer travel booking and travel expense management within your system?
  • What security features do you have to protect bank account and credit card information?

Expense Policy

  • Can I automate my expense policy by building granular rules?
  • Can I build rules off of any standard or custom field? 
  • Can I build rules off of a combination of fields?
  • Can I set rules and budgets down to the employee, category, time period, etc.?
  • Can I choose whether I want to warn a user or block an expense from being submitted if it’s in violation of a rule?
  • What tools do you offer inside the platform to communicate with employees? 
  • Is employee communication attached to the individual expense that it refers to?

Managing Corporate Cards

  • What tools do you offer to help me manage my corporate card program?
  • Do you offer card issuing through your system?
  • What will my monthly reconciliation process look like?
  • Is there a way to manage outstanding expenses on corporate cards?

Extracting Data

  • What accounting software do you sync with?
  • How often is data synced over? What triggers data to be synced?
  • Do you match the synced expenses to the associated debits in my accounting software?
  • Can I export my data? Can I select what fields are exported? What file types are supported?
  • How long is data stored?
  • How is data accessed in the event of an audit?

Mobile

  • Do you have a mobile app for both Android and iOS?
  • What features are available in mobile?

Additional Questions

  • Do you offer a free trial? For how long?
  • Is any feature or capability unavailable during the trial?
  • How is your pricing structured? What price point would I fall into based on my needs?

Get the full evaluation toolkit in our guide to finding expense report software