Last Updated August, 2020
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01
Editor's Choice
Star Ratings
A cloud-based reporting and expense management solution for small as well as large businesses to record, monitor, and approve expenses
  • Free trial versions available
  • Plans with flexible pricing
  • Cross-platform compatibility
9.8
overall rating
Read Review
02
Star Ratings
A cloud-based, cross-platform compatible expense management software for tracking expenses, booking travel, and reimbursing employees
  • Trial versions available for free
  • Offers real-time reporting insights
  • Free direct deposit reimbursements
9.8
overall rating
Read Review
03
Star Ratings
An easy-to-use, affordable, cloud-based expense management software with robust features and great customer support for every business
  • Multiple integrations supported
  • 24*7 customer support
  • Automated duplicate detection
9.6
overall rating
Read Review
04
Star Ratings
A smart and highly affordable expense tracking platform with a complete set of features to track expenses and book travel services
  • Works with real-time data
  • Plans with attractive pricing
  • 14-day free trial
9.5
overall rating
Read Review
05
Star Ratings
A smart workflow-based expense management solution with multiple add-ons for large companies to efficiently manage finances smartly
  • 6-week free trial
  • Offers a lot of enhancements
  • Automatic tracking available
9.3
overall rating
Read Review
06
Star Ratings
Affordably priced, easy to set up, and customizable expense management software with solid reporting, built for small enterprises
  • Convenient mobile app
  • OCR scanning of receipt images
  • Useful auto-fill features
9.2
overall rating
Read Review
07
Star Ratings
A unified cloud-based expense tracking platform for businesses to generate, submit, approve, and process reports for multiple expenses
  • Multi-currency reporting
  • Easy user GUI
  • Offline report creation
9.1
overall rating
Read Review
08
Star Ratings
Easy-to-use expense management software made for accountants and entrepreneurs with excellent integration and easy receipt capture
  • Simple and fixed pricing
  • Minimal data entry
  • Excellent customer support
8.9
overall rating
Read Review
09
Star Ratings
A well-developed expense tracking software with comprehensive features that help your business be tax-compliant and minimize reclaim
  • Well-designed mobile app
  • Cross-platform compatibility
  • Cloud-based services
8.7
overall rating
Read Review
10
Star Ratings
An expense tracking software for small to mid-sized enterprises powered by intuitive interface, useful customization, and fair pricing
  • User-friendly interface
  • Admin manual for additional support
  • Plans with flexible pricing
8.6
overall rating
Read Review

Things to know before investing in an expense management software

To manage all the expenses initiated by employees, including processing, paying, and auditing, many businesses take the help of software or tools. Such software is commonly referred to as expense management software, and it gives a myriad of options to effectively manage all employee-initiated expenses and transactions. Simplification and automation of such expenses is the primary goal of expense management software and tools, and they reduce efforts in several ways, like by streamlining the review system, eliminating paperwork, and reducing administration effort.

Now that you have a basic idea of expense management software, let’s look at some things you must know before investing in one.

What is expense management software?

Managing business expenses can be a real hassle, especially those of multiple employees. In addition, the numbers can quickly confuse the business owner in the absence of expense management software, often resulting in a stack of paper receipts and miscalculations. To avoid such a scenario, expense management software and tools are an ideal solution for any business.
An expense management software is an application that enables a business to smoothly process, audit, and pay all their business-related expenditures. These expenses are usually done by the employees and commonly include travel and entertainment expenses. This software can also be used by individual traders to manage their business expenses.

What does expense management software do?

Expense management software come with a number of functionalities, and they include the following:

  • Tracking receipts
    When an employee has to apply for the reimbursement of an expense that they have done for the company, they must present the receipts of the expenses as proof. Using expense management software helps a business in uploading, updating, and submitting the supporting documents, and it reduces the effort of collecting and submitting physical copies of every receipt. The software gives employees an option to click an image of the receipt to upload or submit an e-receipt, which also reduces the effort of the employer since they don’t have to manage physical receipts anymore.
  • Enforcing policies
    Expense management software also helps reinforce the travel and expense policies of the company. They have a built-in feature that highlights any policy violations and provides corrective measures as well. As soon as an employee submits an expense, the software checks it for policy violation and notifies the employee if there is a breach of the policy.
  • Streamlining approvals
    Once the business expense is approved by the software, it is forwarded to the concerned administration. Also, if the policy violation still exists, the software flags the receipt and shows it to the approver, who can then look into the violation and take corrective measures. In the absence of expense management software, the approver would have to send the physical receipt back to the employee, along with the policies of the company. On the contrary, expense management software quickens the process and saves a lot of hassle.

How does expense management software work?

Expense management software is an application that enables smooth managing and reimbursements of employee-initiated expenses.

Since all these expenses are done by the employees, the very first step for reimbursement through an expense management software is to upload the receipt. To reduce paperwork, the software gives the option to either upload an image of the receipt or simply upload an e-receipt.

Then, the software scans the receipts and looks for any kind of policy violation. If it finds the receipt violating any company policy, it immediately notifies the employee. On the other hand, if it finds everything to be as per company norms, it forwards the receipt to the designated authority.

Once approval is given by the designated authority, the employee receives their reimbursement.

Additionally, the software lets the receipts be saved on the cloud for any future reference or use.

What is the best expense management software?

The primary goal of expense management software should be to reduce the effort that goes into managing expenses. It must simplify and automate all the expense entries of a business, streamline the review process, and reduce the effort of the employee and the designated authority in doing so. Also, good expense management software must analyze expenses and highlight all the options to help reduce the cost. Based on these features, and some expense management software reviews, some of the most popular software available in the market are Abacus, Zoho expense, and Fyle.

Abacus

One of the popular expense management software, Abacus helps businesses implement their expense and reimbursement policies and reconcile corporate credit. Let’s look at some of its features:

  • Full audit trail
  • Free direct deposit reimbursements to employee’s bank account
  • Auto-approve rules for certain expenses

Zoho Expense

This is GST-compliant expense reporting software customized for businesses to enable easy approvals and reimbursements and automate expense report creation. Here are some of the key features of this software:

  • Automated sync with accounting software
  • Ensures policy compliance
  • Multi currency expenses

Fyle

This is a modern expense management software that caters to businesses of all sizes and offers one-click reporting for employees. It also helps streamline travel expenses and automates approval workflows to increase transparency and reduce efforts. The following are some of its key features:

  • Corporate card reconciliation
  • Real-time policy checks
  • Apps for iOS and Android

Is expense management software worth it?

Expense management software can add great value to any business with its cost-saving, auditing, and financial features. It reduces human effort and saves a lot of time, which is otherwise invested in checking and managing receipts and looking for company policy violations in each of them. Nowadays, every business is moving toward bringing in automation, as a result of which a lot of business owners have switched to using software rather than manually managing the expenses. Not just that, expense management software also lets the authorities analyze the expenses and take better financial decisions.

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