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.
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.
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.
The essential purpose of the software is to maintain a record of all expenses covered within a particular period.
Help manage the incurrence of costs and take adequate measures to facilitate the reduction of the same.
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.
Effective digitization of the expense receipts for better facilitation of the record maintenance.
Detailed analysis and generation of the corresponding reports based on the current finances and forecast of the business solutions.
Better drafting and communication of expense guidelines for enhanced financial security in the current market scenario.
Enhancing income planning and cost incurrence to ensure better financial standards.
Higher time complexity solutions with the automation features readily made available for the generation of expense reports.
Compliance with the tax regulations by digitizing the expenses and effective use of cloud computing technologies for the same.
Better facilitation of employee reimbursement-claim funds.
Detailed tracking of expenses to manage the same efficiently.
Highly interactive user interface with creative design solutions for best standards.
Greater configuration features to ensure flexibility in terms of management of expenses and the receipts.
Cleaner integration into the ERP software for the period-wise data analysis and report generation.
Ensures transparency in procedures and helps facilitate fraud identification.
Support for a variety of format generations on a customization level.
Hassle proof of workforce maintenance.
Greater modularity and abstraction levels of the software to deal with various categories of expenses on a larger scale.
Highly suitable for individuals and all standards of business organizations.
Reduces a lot of manual strategies and paperwork.
Digitization receipts and preservation of the data for a more extended period facilitate better tax management.
Effective cost management solutions.
Timely attention to submission of reports.
Better reimbursement claim facilities for the employees.
Greater ease of use due to high-end interactive user interface.
Duplication and false reports are detected quickly.
Ability to draft expense policies for better and strategic financial security.
Real-time analysis of data.
Portable technology and exclusive integration feature into the mainstream database without any errors.
Comprehensive report generation depending on the concept modules for better analysis
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.
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.
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.
Your HR - simplified!
CakeHR is fast-becoming 1 software in staff leave and employee database management. By reducing the overhead time and money spent on paper chasing employees' leave requests, CakeHR helps you to solve your HR challenges and let’s you to focus on building your business! View Profile
AI-Driven Solution for Recruitment Professionals
CEIPAL TalentHire is an AI-driven, fully integrated ATS which assists staffing and recruiting firms in automating their workflows and enables them to quickly identify vacancies, promptly source and screen applicants, then effortlessly place and digitally onboard them. View Profile
Best expense management software
Keka is an employee experience platform. The only HR & Payroll software that is employee centric. Unlike traditional HR systems, they are a modern new generation platform focused on user experience and simplifying complex workflows. For any employee-centric company, managing the HR, Payroll, and Talent Management is the key activities.
Expense reports made delightful
HRMantra is the World's most feature rich expense software helping automate the most complicated of hire to retire HR processes easily using its CRORES of ready to use features. It saves 30 min per emp per day giving over 10 times ROI. 100% project success assured.
Bill presentment and online payment collections
Swipez billing software is an online cloud based solution. Using Swipez billing software you can collect payments faster, organize company expenses, automate vendor pay outs & perform GST filing. Automate your company billing using Swipez free billing software.
GST Billing software with Inventory & Accounts
Simple Billing software with complete inventory and accounts modules. It's fast, reliable and easy to maintain. Ideal for businesses that have a large number of invoices and deals in 100's of SKU's. Typically used by distributors, retailers and small manufacturers.
World Leading Expense Manager Software
Expensify is world's leading expense management software. It was founded with a simple but clear purpose to make expense reports not suck. It simply made expense management easier. Download free expense management app.
Easy and Simple to use HR Software
greytHR is the preferred expense management software for businesses. It automates key areas of HR, payroll management, leave and attendance tracking. With more than 3,800+ highly satisfied customers and managing 3 lakh employee records daily, we understand what it takes to deliver a high-quality software service on a 24 x 7 basis.
Expense system software for small business
Expenseout is a best software to keep track of expenses to serve enterprises, smes. Expenseout provides time expense tracking .this corporate expense software also offers multi-currency, travel reimbursement, receipt management at one place.
A 360-degree solution that serves all your HR need
The software has been designed to lubricate the HR processes. It keeps a tab of entire information of an employee from the date of joining to his/her full and final disbursal at the time of leaving.
Expense management report done in easy way
Paperless expense reporting with the help of zoho expense. Now, say goodbye to expense reports done on paper. Zoho expense is a cloud based expense reporting software, designed to automate your expenses reporting process. It is built to cater small and medium, growing businesses.
Cloud based expense report software
Happay is the corporate expense software to manage all the expense. Suits for SMEs to the enterprise. Tracks the payment, fund, expenses approval, finance verifies in real-time.
A businessman's Best Friend
Vyapar is the simplest GST ready Accounting, Invoicing and Inventory management software. It's made completely for a businessman, you don't have to waste time learning it. Just start managing your business digitally like before even with no Accounting knowledge.
One click expense reimbursement
Payent is a cloud-based travel reimbursement software for companies of all sizes, and is the only solution in the expense management industry to offer employee expense tracking and reporting.
Time & Attendance Gamified
1st to Crack the Gamification code on Attendance Platform. Employee Engagement & 100% state wise statutory Compliant Cuckoo Tech is the only one which can live up to your expectations, challenges, and aspirations. Clients tells us, it surpasses their expectations.
One Click Expense Reimbursement
Free tier for companies with less than 50 employees, capture an image of paper receipts thru our mobile App and claim expense with one click, enforce your spend limit, reminders to file expense, notification for approval request, audit trail, management dashboard and reports.
Simplify travel & expense management
Nexonia Expense Reports is one of the best expense management system focused on delivering a unique and personalised service - both online and through personal expense tracking software. Nexonia Expense Reports provides end-to-end solutions designed for windows.
Employee expense management system software
SutiExpense is best expense reporting software can be easily configured to meet the unique expense reporting needs of any business, from receipt to reimbursement, our flexible expense report software drives fast deployment and immediate savings.
Complete HR Automation
Payroll Insights is an advanced expense management solution in India available as an online application (software as a service) along with an on-premise application. Payroll Insights is developed using latest Microsoft.Net Technologies.
Automate expense processes with a happiness guaran
Certify is the amazingly powerful expense management solution. It provides the solution for the travel company to manage travel, expense and certify invoice. The operation is quite easy and accurate, Also integrated with a mobile app to operate anywhere and anything at any time.
Expense management, travel, and invoice processing
Abacus reinvents business travel, cost tracking expense management for corporate and enterprises. Easily integrated with other most popular solution, so can run automatic the whole the business. Easily integrated with other most popular solution, so can run automatic the whole the business.
Travel & expense management software
Concur expense is a fully featured expense management software designed to serve agencies, enterprises. Concur expense provides end-to-end solutions designed for web app. This online expense management system offers spend control, receipt management, multi-currency at one place.
A free and open source expense software
ExpenseIn is a open source expense tracker for businesses to automate, streamline & control business spend. The enterprise expense management software comprises of a scalable e-procurement system. ExpenseIn helps you make the most of your available monetary resources.
Software by ExpenseWire
ExpenseWire is a fully featured Expense Management Software designed to serve Enterprises, Startups. ExpenseWire provides end-to-end solutions designed for Web App. This online Expense Management system offers Reimbursement Management, Approval Process Control, Receipt Management, Spend Control, Receipt Upload at one place.
Software by Xpenditure
xPenditure is the expense management solution to enhance their productivity and streamline the business. Its mobile and web application deliver the expense reporting process from anywhere at real-time data. Integrated with major accounting and ERP packages.
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
- Business Vehicle
- Office expenses
- Rent and Utilities
- Professional Services
- Concur Travel and Expense
- Rent and Utilities
- Professional Services