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How to choose the right pricing metrics for your expense management software
Founder & CEO – Rolling Arrays
If you still use expense management software that charges you by the number of reports you submit, you miss out on many benefits. Not only are you paying more than you need to (i.e. per report per user), but you are also limiting your ability to submit expenses as and when they occur. This can lead to several problems, such as delayed reimbursements, lost receipts, and inaccurate accounting. This blog post will show you how modern expense management software that charges by the number of users (and not by per expense report per user) can solve these issues and make your life easier.
What makes modern expense management software different?
Modern expense management software differs from traditional software in two ways: how it charges and encourages user submissions. Traditional software charges by the number of expense reports, meaning users must limit their submissions to avoid paying extra fees. Modern software charges by the number of users, which means that users can submit as many expenses as they want without any restrictions. Modern expense management software also encourages user submissions as and when they incur expenses. This means users don’t have to wait until the month’s or quarter’s end to submit their reports. They can simply use their mobile devices to capture receipts, enter details, and send them for approval in minutes. Reimburse is one of the modern expense management software that follows this approach.
Saving money with per-user costing
Here is a calculation example to compare expense management software that charges by report versus one that charges by the number of users:
Let’s say you have a team of 1000 employees who must submit monthly expenses. Each employee submits an average of 5 reports per month. The average cost per report is $10.
Using software that charges by the report, you will pay $10 x 5 x 1000 = $50,000 monthly.
If you use software that charges by the user, you will pay $4.99 x 1,000 = $4,990 per month.
As you can see, the software that charges by the user is much cheaper than the software that charges by the expense report. You can save $45,010 per month or $540,120 per year by switching to the software that charges by the user.
But the cost savings are not the only benefit of using the software that charges by the user. You also get other benefits such as:
- Unlimited submissions: You don’t have to worry about exceeding your quota or paying extra fees for submitting more reports. You can submit as many expenses as you need without any restrictions.
- Timely submissions: You don’t have to wait until the end of the month or the quarter to submit your reports. You can submit them as and when they occur and get reimbursed faster.
- Accurate submissions: You don’t have to rely on paper receipts or manual data entry. You can use your mobile devices to capture receipts and enter details automatically.
These benefits can improve your efficiency, satisfaction, and compliance regarding expense management.
Game-changer for businesses of all sizes. It saves you money by eliminating the need to pay per report per user and encourages timely and accurate submissions, thereby improving efficiency and compliance. Expense reporting becomes a seamless process with the ability to capture and store receipts on mobile devices. Reimburse is an excellent example of such modern software that can provide you with all these benefits. By switching to modern expense management software, you can simplify your expense reporting process and save your business a significant amount of money.
About Manu Khetan
Manu, Founder and CEO of Rolling Arrays, a global HR technology leader, brings two decades of expertise to redefine HR practices. Passionate about pioneering HR automation and nurturing talent, Manu advocates for a customer-first and employee-first approach, prioritizing value creation. Beyond the boardroom, he is a dedicated family man, a skilled pianist, and an advocate for empowering the next generation of entrepreneurs. Join Manu on the transformative journey where HR emerges as a dynamic force for positive change in the business world.