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Best Expense Management Software in 2020

Finding the best Expense Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What Is Expense Management System?

Expense management software, as the name suggests, is that efficient software developed to keep a consistent track on the records of all the expenses incurred for the individual or a business organization on the whole. It is highly beneficial to install one to getter a better insight into the standards of business days and thus help one to exercise the necessary measures to check the same. There is a whole lot of expense management system, developed by private corporations, integrated with different features to deliver better efficiency for the users.

What are the Different Types of Expense Management Software?

There are several expense software, and depending on your usage and requirement, you can choose from the lot. The software is tailor-made for employees who monitor and submit their work hours and expenses and also for administrators who review the employee’s performance, work hours, and provide costs.

1. Travel Expense Management

A travel and leisure company or any company which has employee traveling on work would do good with a travel expense management tool. This software will help you manage the travel approvals and reimbursement requests.

2. Employee Expense management

Employees can submit their expenses, get approvals, and easy reimbursements for the cost incurred without the hassle of sending numerous emails and follow-ups using employee expense management software.

3. Telecom Expense Management

It is virtually impossible to think of running a business with no telephone communication. Most business deals are made or closed over a phone. But, it is essential to keep track of the calls made and the expenses incurred. The telecom expense management tool will help you sort such expenses.

4. Expense Report Management

Expense report management software is straightforward and efficient to use and helps save a lot of time. It is a one-stop-solution to submit all the incurred expenses and automate the entire expense reporting and submitting process. It enables an expenditure limit and also expiration period for the same. It also allows customization of fields and notifications.

5. Project Expense Management

This category’s primary focus is to reimburse internal employees by capturing their time and resource spent on generating invoices for client projects.

Purpose of Business Expense Tracking Software

  1. The essential purpose of the software is to maintain a record of all expenses covered within a particular period.

  2. Help manage the incurrence of costs and take adequate measures to facilitate the reduction of the same.

  3. Generate comprehensive yet detailed reports on the current financial status and also predict the upcoming business levels based on the given record of expenses and the corresponding receipts.

Features of the Expense Management System

  1. Effective digitization of the expense receipts for better facilitation of the record maintenance.

  2. Detailed analysis and generation of the corresponding reports based on the current finances and forecast of the business solutions.

  3. Better drafting and communication of expense guidelines for enhanced financial security in the current market scenario.

  4. Enhancing income planning and cost incurrence to ensure better financial standards.

  5. Higher time complexity solutions with the automation features readily made available for the generation of expense reports.

  6. Compliance with the tax regulations by digitizing the expenses and effective use of cloud computing technologies for the same.

  7. Better facilitation of employee reimbursement-claim funds.

  8. Detailed tracking of expenses to manage the same efficiently.

  9. Highly interactive user interface with creative design solutions for best standards.

  10. Greater configuration features to ensure flexibility in terms of management of expenses and the receipts.

  11. Cleaner integration into the ERP software for the period-wise data analysis and report generation.

  12. Ensures transparency in procedures and helps facilitate fraud identification.

  13. Support for a variety of format generations on a customization level.

  14. Hassle proof of workforce maintenance.

  15. Greater modularity and abstraction levels of the software to deal with various categories of expenses on a larger scale.

Advantages of Business Expense Management Software

  1. Highly suitable for individuals and all standards of business organizations.

  2. Reduces a lot of manual strategies and paperwork.

  3. Digitization receipts and preservation of the data for a more extended period facilitate better tax management.

  4. Effective cost management solutions.

  5. Timely attention to submission of reports.

  6. Better reimbursement claim facilities for the employees.

  7. Greater ease of use due to high-end interactive user interface.

  8. Duplication and false reports are detected quickly.

  9. Ability to draft expense policies for better and strategic financial security.

  10. Real-time analysis of data.

  11. Portable technology and exclusive integration feature into the mainstream database without any errors.

  12. Comprehensive report generation depending on the concept modules for better analysis

Future Trends of Expense Management Software

1. Mobility

With increasing globalization, people are continuously on the move for business, and leisure among various other things. Therefore, mobile applications and accessibility are critical features of expense management software, which will enable people to note and submit their expenses on the move from their smartphones.

2. Travel Booking

As per a study by TripActions in 2018, it is believed that travel contributes to over 90 percent of business growth. Fifty percent of those traveling opt for consumer channels to aid their travel rather than the travel solutions offered by the company. An expense management tool integrated with multiple vendors would make this tedious job a piece of cake.

3. Integrated System

There are several payment systems like credit cards, debit cards, bank accounts, CRM, accounting, payroll, UPI, etc. It is sensible to integrate all of them and consolidate them into a single expense management tool for safety and data integrity. Linking cards and travel applications will help generate expense reports from credit card statements too.

4. Optical Character Recognition

Open source expense management can be enhanced by incorporating optical character recognition. The monotonous task of manually inputting data from receipts to form is avoided. This ensures less scope for errors and inconsistencies. Just a picture of bills or receipts from your camera phones would do the job for you.

5. Artificial Intelligence

Artificial Intelligence will increase the sophistication of the expense management tool by leaps and bounds. Smarter recognition of expense types will increase the ability to assign expense general ledger codes for submission. It will detect fake expense reports and automate the monitoring, tracking, and presentation of reports and reduce compliance issues.

Potential Issues With Expense Management Software

1. High Turn Around Time

One of the main functions of expense management software is to facilitate easy submission of expenses and avail reimbursement with no unnecessary delay, which might creep into in case of manual reporting. But, sometimes, poor and complicated product design may cause unsatisfactory user experience hindering them from using the product or may result in incorrect usage. This results in an unusual increase in the turn-around time for reimbursement defeating the whole purpose of using expense management software.

2. Employees Unable to Submit Expense Reports on Time

After imbibing expense management software into the system, if the delay in submission of expense reports has not come down significantly, then the problem might be with the software. One of the reasons can be that the software might be available only on the web and not on mobile devices. This causes delays in expense submission for employees on the move, and result in the inability to submit reports in bulk, which hampers the motivation for employees to submit on time.

3. Unable to Control Policy Violations

Software that can’t control and manage policy violations can lead to tampered expense submissions. Policy violations will cause cash leakage in the organization, thus incur an inevitable loss. If this is happening, then it is time to reconsider and update your expense management tool.

4. Lack of Insights

One of the main advantages that the expense management tool can bring to the table is the centralized management of expenses. Also, gaining an insight into the expenditure of your employees can be empowering, and it can minimize loss. An expense management tool with built-in analytics is best for the job. Not having this feature in your existing system puts you in the dark.

How to Pick the Best Expense Management Software

1. Keep in Mind Future Objective and Pain-Points

Like in choosing any new technology for your business, it is essential to jot down all the pain-points and obstructions caused by the current set-up that is pushing you to find an alternative. It is also imperative to have the foresight and determine what the future objective of the organization is and how you would want the new expense management tool to come to your aid. When you know the problem that you are facing, you will be able to choose the right software that will help to minimize or overcome the problem.

2. Set-Up and Implementation

While choosing to introduce new open-source expense management into the system, there are several factors to take into considerations. It should be kept in mind how it is going to affect the employees, impact on business during the implementation, budget, and if the money spent is worth and promises to do away with the existing shortcomings. How user-friendly it is and your employees’ reception towards it is of massive importance too.

3. Mobile Capabilities

It is imperative that when choosing an expense management tool, one does not overlook the compatibility and integration of the application with mobile phones. With the whole world living through their smartphones, it is wise to choose software with both web and mobile access capabilities. The mobile access will prove to be beneficial to those companies, especially with a lot of employees who travel, to enable timely submissions of expense reports and reimbursements on the go and without delays.

4. International Considerations

With travel and businesses being located all around the globe, it is best to keep in mind the receptiveness of the application and its compatibility in an international scenario and set-up. It should be taken into consideration the number of different currencies it can handle, tax policies, regulations, and compliance. Check if all these are going to be automated or if it is going to become menial and make things unnecessarily more complicated.

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Frequently Asked Questions (FAQs)

  • Integrating expenses with email is a great way to manage bills. Any booking made from applications would send an automatic invoice to the user's mail.
  • To make business process seamless and to bring all expense-related functions on a single platform, you need an expense management software.
    • Advertising Expenses
    • Education
    • Business Vehicle
    • Payroll
    • Office expenses
    • Rent and Utilities
    • Professional Services
    • Travel
    • Concur Travel and Expense
    • Xero
    • Expensify
    • Abacus
    • Rent and Utilities
    • Professional Services
    • Harvest

Expense Management software in following industries

Nidhi RaghuvanshiBy Nidhi Raghuvanshi | Last Updated: October 30, 2020


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