Expense management software comes in a variety of shapes and sizes, but they all serve the same purpose: to provide a centralized system that manages every aspect of the claim-to-payment process.
It is almost like many enterprises are in respite and never start-up the next phases of their automation programs after having concentrated primarily on installing the core machines managing their transactions.
5 Best expense management software
| Brand | Starting price | Best for |
|---|---|---|
| 1. SAP Concur | Free | Easy to understand |
| 2. Zoho Expense | Free | User-friendly and easy-to-use interface |
| 3. Expensify | $18 – $36/month | Cost tracking and generation reports |
| 4. Rydoo | $7 – $9/month | Real-time expense tracking |
| 5. Fyle | $5/user |
1. SAP Concur
Pricing: Free
This is the first on our list. It is a free cost management software available on the market that is easy to understand. It proved to be a great tool that integrates cost management and travel management for enterprises without any problems. While it is not as user-friendly as Zoho Expense (which will be explained later) the latter does not offer additional features.
| Pros | Cons |
| It is Free | Not user friendly |
| Essential in the input for data, costs reports, cost tracking, time tracking and management of your invoice | |
| Great asset to company credit cards |
The application can also process the reimbursement of expenses. Users have found the cost of input from company credit cards or other business cards to be a great asset.
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2. Zoho Expense
Pricing: Free
This is arguably one of the best free user software for cost management. Besides being free, Zoho Expense is best served by a user-friendly and easy-to-use interface. Zoho Expense has integrated solutions for every business’ travel and expense needs.
| Pros | Cons |
| It is Free | May not readily lead to approval of costs |
| Easy to use interface | May affect company approvals |
| User friendly | |
| Allows companies in the sphere of cost filling and cost tracking to automate the approval and input process |
3. Expensify
Pricing: Not free
Expensify is another great payment-based cost management software. It has helped businesses of all sizes thrive with increased cost tracking and generation reports. The approval process for expenses is fully automated and saves time and money for businesses.
| Pros | Cons |
| Offer very fast processing | Not free |
| User friendly | It straightens the cost reporting process a lot. |
| It also generate several useful cost reports that can reveal new ways to view the company’s expenditure | All receipts are uploaded manually |
| Expensify’s system can generate a variety of expense reports, which is one of its most appealing features. | Several log in attempts are required |
| It can generate expense reports based on your specific expenses needs in addition to the standard monthly expense report. | |
| It can create an expense report dedicated solely to your business travel expenses. | |
| The pre-determined approval standards also ensure that expense reporting is managed efficiently and quickly. |
Expensify may be the expense management solution you need right now if you’re struggling with all of your office’s expense paperwork!
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4. Rydoo
Pricing: Not free
It is one of the best management of expense software; and this is according to many users because it allows for real-time expense tracking and generates some of the most useful expense reports.
Furthermore, it is real-time uploading of business expense data, it makes expense tracking a lot easier. Rydoo is extremely easy to use and adopt for businesses of all sizes, according to multiple users.
| Pros | Cons |
| It also has an in-built feature that extracts the amount from employee receipts automatically and only asks for confirmation later. | It is not Free |
| User friendly | May a bit longer to process depending on the extent of work needed |
| It also has a mobile app that makes it more accessible. | |
| Gives room for multiple users | |
| Can integrate well with multiple softwares |
ERP software like QuickBooks Online, offline or cloud-based, is also easy to integrate so that business spending can be automatically refunded.
With its accelerated data entry process, cost approval, and reimbursement, it further flushes the cost management process. An efficient process of cost management can help companies control their costs and increase overall profit over the long term.
5. Fyle
Pricing: starts at $5 per user.
Fyle has slowly grown in popularity in the expense management software market with an entry-level price of $5 per user. Its user-friendly approach has aided a number of businesses in reducing costs and increasing viability.
| Pros | Cons |
| It has a good tracking system | It is not Free |
| Has the best expense reporting | |
| Has the best feature | |
| Fyle’s reports assist in conducting monthly and quarterly reviews of the company’s expenses in order to keep an eye on employees. | |
| One of its most appealing features is that it can be fully integrated with popular email clients such as Gmail, Outlook, and others. | |
| The expense tracking system is simple to use and is updated on a regular basis to ensure adaptability. | |
| A mobile and a desktop version are available to ensure universal accessibility. | |
| With its built-in reporting functions, accounting and cost tracking are much easier. They can also import data directly from other apps, such as credit card accounts from companies and users automatically. | |
| The auto-detection feature ensures that no receipt is loaded twice and that the authenticity of the receipts is also checked. |
All in all, Fyle is a one-stop solution to all your needs.
FAQs
- Is compliance for Management of Expense Policy guaranteed?
- Does it control travel expenses?
- Does it reduce errors of data which could lead to overpaying?
- Does it track paper receipts and ease management?
- Does it do swift reimbursement by accounts payable integration and payroll systems?
- Does it give easy accessibility by reporting the provision of tax compliance?
- Is there a simplicity of usage to ensure compliance and engagement?
- Does it reduce workflows for efficient business gains?
- Does it boost employee engagement by intuitive tools?
- Does it guarantee spending analysis that enhances centralized data?
Is compliance for Management of Expense Policy guaranteed?
Such regulations should be a result of good policies product for managing expenses. 2/3s out of All-star business solutions interviewees said they did not read the expenses policies of their company. This figure is higher for smaller companies’ employees.
As a result, 1 of 10% of these staff never seek compensation. In the meantime, there is about 56 percent of CFOs said they saw a significant improvement in the nos of “inequitable reimbursement submissions” made by employees over a period of three years in a recent Robert Half Management Resources survey.
Does it control travel expenses?
According to Accenture benchmarks, travel costs represent 10-12 percent of an annual budget of a company and account for about 1 percent of its revenues.
And small companies often spend more on travel than companies because they cannot purchase and negotiate with travel partners and are understandably working hard to get their employees together in front of customers.
Regulations setting expenditure limits can help manage costs. Management can identify and set these limits through the use of management of expense software systems.
Does it improvise errors of data that could lead to too much paying?
According to the GBTA, on average 19% of expenses report an error. Manual management of costs requires a type of interaction some of the company’s employee, its supervisors, and the department of accounting that logs, examine, interrogates, reassesses, denies, and disputes expenses.
Many mistakes can lead to reimbursement throughout the process. The software for cost management can significantly reduce data error through receipt automation, recordings and submission of reports and flagging doubtful claims.
Overpaying an employee is one of the most common mistakes. Offenses like these are very common in certain areas, such as mileage manual tracking, or expenses that qualified but do not require the submission of employee by receipts made of paper. Expense fraud is estimated to cost businesses in US worth two point eight billion dollars per year, according to one study.
That doesn’t even take into account the processing the reports that may be an additional cost, which is greatly reduced by using management of expense software. According to Aberdeen Group, a B2B industry analyst firm, report of expense cut from companies that use of software processing costs by 1/4.
Does it track paper receipts and ease management?
The majority of policies call for logging receipts by employees. However, the loss of paper receipts is one of the biggest challenges for managing small business costs. This part of the process, which is expensive for employees who submit expenses and accountants, can be simplified through a good management system of costs.
Expenditure management software can include optical character recognition technology, which automatically maps a photograph on a mobile phone to the correct cost reporting fields.
Does it do swift reimbursement by accounts payable integration and systems of payroll?
According to a study conducted by All-star Business Solutions, the period since where employees of the organization purchase items that are related to the business indicates if he or she is paid. The process is expedited by incorporating software filled cost with a system of payroll. According to Aberdeen, companies that are best in class will repay employee expenses in three-and-a-half days.
Integration into the leader organization is also vital if data is to be placed on the company diagram. Integration into accounts and systems of payroll simplifies the spending by categorizing the employee and compares costs over the course of time to recognize outlier, trends, and savings opportunities.
Does it give easy accessibility by reporting the provision of tax compliance?
Ensure that your expense policies comply internally. You can also ensure that when you file and pay taxes, you comply with IRS rules. Cost management software gives customizable controls and tools for self-auditing SOX to public companies that have to comply with the Sarbanes-Oxley (SOX) regulations.
For seven years, IRS rules require firms to store data. Expenditure management software logs all information about expenses initiated by employees and facilitates audit reporting – whether internal or necessary by investors, lenders, or regulatory agencies.
Is there a simplicity of usage to ensure compliance and engagement?
The main complaint regarding manual cost management on both the employee’s and the financial side is its not user-friendly or clunky part. A product that is easy to use with the capture of mobile receipts inevitably warn operators to probable mistakes and ensures that they are quickly reimbursed and importantly upsurges the chances that employees shall fulfill.
Does it reduce workflows for efficient business gains?
On average, companies see one and a half expense reporting per employee per month, according to data from Aberdeen. The GBTA states that each report takes on average 18 minutes to finance it. This means that financial teams spend almost 23 hours each month in a business with 50 employees correcting reports.
It can significantly reduce the time required by automating the report submission process, flagging unsuitable expenses or errors, notifying approvers, or integration into the payroll.
Does it increase workers commitment by intuitive tools?
Finding and keeping good employees is part of the principal contests facing minor businesses. Poor processes for employees will quickly improve experience of employees, besides there’s no important thing more than ensuring that the saving procedure of commercial transportation is properly paid for promptly.
One of the many ways to build a high standard of staff experience is to provide spontaneous apparatuses for employees that facilitate the portions of the work they have that do not add value, such as the submission and processing cost.
Does it guarantee spending analysis that enhances centralized data?
Expense/expenditure management systems also facilitate reconciliation by the integration of corporate credit cards. You streamline data and log it all in a common database in different formats. With an overview of employee costs, finance can identify outliers more easily and examine why—to see whether they suffer from economic problems or fraud.
They can also understand why they are. It is also easy to see departmental expenditure. The data can be used to determine or negotiate rates with travel partners or providers of preferred interest. Businesses can determine true customer purchase costs by contributing such costs.
Bottom Line
This article has been carefully researched for smart, professional, and mid-high business owners/income earners who are looking for great software solutions.
To capture expense data, most businesses still rely on employees filling out spreadsheet templates. But, in the end, expense management is about a lot more than just process efficiency.
There is no gainsaying that automation tightens control over an area of spending that is shockingly lax in many organizations, especially when considering the high volume of transactions required to handle commercial transportation and other non-PO items. This is where expense management comes in.