Managing expenses can be a challenging task for businesses of all sizes. Tracking and controlling expenses is crucial to maintaining financial health and ensuring a smooth workflow. Fortunately, expense management software has revolutionized the way companies handle their finances. In this blog, we will explore the top expense management software solutions available in the market, their features, pros, and cons. We will also discuss what expense management software is, the benefits of using it, and help you make an informed decision for your business. Though we will list out all the pros and cons of multiple software options for you, it is possible that you won’t find the perfect match for your specific needs. In that scenario, it is a good idea to look into app integrations with the best expense management software for you. Such integrations can help you expand the features and functionality of the chosen software.
Top expense management software are designed to simplify the process of tracking, submitting, and approving business expenses. It streamlines expense reporting, reduces the risk of errors, and provides real-time visibility into spending. By automating the expense management process, businesses can save time, reduce costs, and improve compliance.What is Expense Management Software?
The best expense tracker apps are specialized tools that automate and streamline the entire process of tracking, submitting, and managing business expenses. These expenses may include travel expenses, office supplies, entertainment, and more. The software helps businesses manage their finances more efficiently by offering features like expense reporting, receipt scanning, approval workflows, and integrations with accounting software.Benefits of Using an Expense Management Software
Before we dive into the details of the best expense software solutions, let's explore some of the key benefits of using such a tool for your business:- Efficiency: Expense management software eliminates the need for manual data entry and paperwork. It streamlines the entire process, saving both time and resources.
- Accuracy: Automated data capture and categorization reduce the chances of errors. This accuracy is critical for maintaining financial compliance and making informed decisions.
- Cost Reduction: By reducing the time spent on expense processing, you can cut operational costs. You can also identify unnecessary spending and make cost-saving decisions.
- Real-time Visibility: With expense software, you can monitor expenses in real-time, enabling better control over the budget and reducing the risk of overspending.
- Policy Enforcement: You can set spending policies and rules within the software, ensuring that employees adhere to company guidelines.
- Integration: Many expense management tools integrate with accounting software, making it easier to reconcile expenses with your financial records.
Top 18 Best Software For Expense Management
| Software | Description | Pros | Cons | Pricing |
|---|---|---|---|---|
| Expensify | Expense management for all business sizes. | User-friendly interface, receipt scanning, integration with accounting software, multi-currency support | Relatively high pricing for small businesses, limited customization options for approval workflows | Starting at $4.99 per user per month |
| Brex | Corporate card with integrated software | No personal guarantee or security deposit, streamlined expense tracking, customizable categories | Limited to specific types of businesses, limited integrations | Free (revenue generated through card transaction fees) |
| Pleo | Expense management with smart company cards | Smart company cards for employees, real-time tracking and reporting, integration with popular accounting software | Limited to specific regions (Europe and the UK), higher pricing for small businesses | Starting at €7 per user per month |
| Zoho Expense | Part of the Zoho suite for small businesses | Integration with other Zoho products, user-friendly interface, multi-currency support, customizable approval workflows | Limited to smaller businesses, limited integrations with non-Zoho software | Starting at $3 per user per month |
| Airbase | All-in-one spend management platform | Comprehensive spend management, customizable approval workflows, integration with accounting software | May be overwhelming for small businesses, relatively high pricing for smaller companies | Pricing based on transactions and additional features |
| Paycom | Cloud-based human capital management | Comprehensive HR and expense management tools, integration with other Paycom HR modules, customizable approval workflows | May be more than what small businesses need, relatively high pricing for small companies | Customized pricing based on organization's needs |
| Navan(Formerly TripActions) | Corporate travel and expense management | Seamless travel and expense integration, extensive travel options, global support | Feature-rich for businesses with minimal travel expenses, relatively high pricing for smaller companies | Customized pricing based on business needs |
| Ramp | Corporate card and spend management. | No fees on international transactions, real-time tracking and reporting, integration with accounting software, advanced spend management | Limited to the United States, may lack the same level of integration as standalone expense software | Core expense management features available for free |
| SAP Concur | Expense management for all business sizes | Extensive features for tracking and reporting, integration with accounting software, customizable approval workflows, strong policy enforcement | Relatively high pricing for smaller businesses, may have a steeper learning curve | Customized pricing based on organization's needs |
| BILL Spend & Expense (Formerly Divvy) | Corporate cards and software | Corporate cards for employees, real-time tracking and reporting, integration with popular accounting software, detailed analytics | More feature-rich than what small businesses need, relatively high pricing for smaller companies | Pricing based on organization's needs |
| Fyle | Customer success platform for improving relations. | - Centralized customer data - Features to boost customer engagement - Integration with CRM and communication tools | - Primarily a customer success platform, not a typical CMS - May not be suitable for businesses without a strong customer focus | Custom pricing |
| CoPilot | Streamlined expense reporting | User-friendly interface, advanced receipt scanning, integration with popular accounting software, customizable approval workflows | May not offer the same level of integration as some competitors, relatively high pricing for small businesses | Starting at $4 per user per month |
| TravelPerk | All-in-one travel and expense management | Integration of travel and expense management, extensive travel booking options, real-time tracking and reporting, global support | More feature-rich than what businesses with minimal travel expenses need, relatively high pricing for smaller companies | Customized pricing based on business needs |
| Emburse Chrome River Expense | Automated expense reporting | User-friendly interface, customizable approval workflows, integration with popular accounting software, advanced analytics | Relatively high pricing for smaller businesses, may not have the same extensive travel options | Customized pricing based on organization's needs |
| Egencia | Integrated travel and expense management | Seamless travel and expense integration, extensive travel booking options, real-time tracking and reporting, global support | Too feature-rich for businesses with minimal travel expenses, relatively high pricing for smaller companies | Customized pricing based on business needs |
| Motus Vehicle | Mileage expense tracking | Mileage tracking and reimbursement calculation, integration with accounting software, customizable approval workflows, mobile app | Limited to businesses with substantial mileage expenses, may not offer the same level of integration as some competitors | Customized pricing based on organization's needs |
| Spendesk | Comprehensive spend management | Comprehensive spend management features, corporate cards for employees, integration with popular accounting software, customizable approval workflows | Overwhelming for small businesses that don't need the full suite of features, relatively high pricing for smaller companies | Customized pricing based on specific needs |
| Center | Streamlined expense reporting | User-friendly interface, customizable approval workflows, integration with popular accounting software, advanced analytics | Relatively high pricing for smaller businesses, may not offer the same level of integration as some competitors | Starting at $5 per user per month |
| Mesh Payments | Comprehensive spend management | Comprehensive spend management features, corporate cards for employees, integration with popular accounting software, customizable approval workflows | Overwhelming for small businesses that don't need the full suite of features, relatively high pricing for smaller companies | Customized pricing based on organization's needs |
- Expensify Expensify is a popular expense management software that offers a wide range of features, including receipt scanning, expense tracking, and integration with accounting software. It's suitable for businesses of all sizes.Pros
- User-friendly interface.
- Receipt scanning and automatic data extraction.
- Integration with QuickBooks, Xero, and other accounting software
- Multi-currency support for international businesses.
- Pricing can be relatively high for small businesses.
- Limited customization options for approval workflows.
- Brex Brex is a financial technology company that offers a corporate card with integrated expense management software. It is primarily designed for startups and e-commerce businesses.Pros
- Streamlined expense tracking and reporting.
- User-friendly interface with in-context editing.
- Customizable expense categories.
- High credit limits
- Limited to certain types of businesses (startups and e-commerce).
- Limited integrations compared to standalone expense software
- Pleo Pleo is an expense management platform that combines smart company cards with integrated software. It is suitable for businesses looking for a streamlined solution to manage expenses.Pros
- Smart company cards for employees.
- Real-time expense tracking and reporting.
- Integration with popular accounting software.
- User-friendly mobile app.
- Limited to specific regions (Europe and the UK).
- Pricing can be higher for small businesses.
- Zoho Expense Zoho Expense is part of the Zoho suite of business software and provides a comprehensive solution for expense management, from capturing receipts to approval workflows.Pros
- Integration with other Zoho products.
- User-friendly and intuitive interface.
- Multi-currency support for international businesses
- Customizable approval workflows.
- Limited to smaller businesses; may lack some advanced features.
- Integrations with non-Zoho software may be limited.
- Airbase Airbase is an all-in-one spend management platform that includes expense management, accounts payable, and corporate cards.Pros
- Comprehensive spend management features.
- Approval workflows with customizable rules.
- Integration with popular accounting software.
- Detailed reporting and analytics.
- May be overwhelming for small businesses that don't need the full suite of features
- Pricing can be relatively high for smaller companies.
- Paycom Paycom is a cloud-based human capital management software that includes expense management features. It is suitable for medium to large businesses.Pros
- Comprehensive suite of HR and expense management tools.
- Integration with Paycom's other HR modules.
- Customizable approval workflows.
- Mobile app for on-the-go expense management.
- May be more than what small businesses need.
- Pricing can be relatively high for small companies.
- Navan(Formerly TripActions) Navan, formerly known as TripActions, is an all-in-one corporate travel and expense management platform designed for businesses with significant travel expenses.Pros
- Seamless integration between travel and expense management.
- Extensive travel booking options.
- Detailed expense tracking and reporting.
- Global support for international businesses.
- May be too feature-rich for businesses with minimal travel expenses.
- Pricing can be relatively high for smaller companies.
- Ramp Ramp is a corporate card and spend management platform designed to help businesses control expenses and save money.Pros
- No fees on international transactions.
- Real-time expense tracking and reporting.
- Integration with accounting software.
- Advanced spend management features.
- Limited to the United States.
- May not offer the same level of integration as standalone expense software.
- SAP Concur SAP Concur is an expense management software solution designed for businesses of all sizes. It offers robust features for expense reporting and compliance.Pros
- Extensive features for expense tracking and reporting.
- Integration with various accounting software.
- Customizable approval workflows.
- Strong policy enforcement.
- Pricing can be relatively high for smaller businesses.
- May have a steeper learning curve for some users.
- BILL Spend & Expense (Formerly Divvy) BILL Spend & Expense, formerly known as Divvy, is one of the best expense management apps that combines corporate cards with software features.Pros
- Corporate cards for employees.
- Real-time expense tracking and reporting.
- Integration with popular accounting software.
- Detailed analytics and insights.
- May be more feature-rich than what small businesses require.
- Pricing can be relatively high for smaller companies
- Fyle Fyle is one of the best expense apps designed to simplify the expense reporting process. It offers features like receipt scanning, policy enforcement, and integrations with accounting software.Pros
- User-friendly interface.
- Advanced receipt scanning and data extraction.
- Integration with popular accounting software.
- Customizable approval workflows.
- May not offer the same level of integration as some competitors.
- Pricing can be relatively high for small businesses.
- TravelPerk TravelPerk is an all-in-one travel and expense management platform designed for businesses with frequent travel needs. The software often appears among the best expense management software for business. Pros
- Integration of travel booking and expense management.
- Extensive travel options.
- Real-time expense tracking and reporting. Integration of the fundamentals of mileage reimbursement policies into the platform.
- Global support for international businesses.
- May be more feature-rich than what businesses with minimal travel expenses need.
- Pricing can be relatively high for smaller companies.
- Emburse Chrome River Expense Emburse Chrome River Expense is among the top free expense management software, especially designed to automate expense reporting and approval workflows.Pros
- User-friendly interface.
- Customizable approval workflows.
- Integration with popular accounting software.
- Advanced analytics and insights.
- Pricing can be relatively high for smaller businesses.
- May not have the same extensive travel options as some competitors.
- Egencia Egencia is an integrated travel and expense management platform designed for businesses with a strong focus on travel management.Pros
- Seamless integration of travel and expense management.
- Extensive travel booking options.
- Real-time expense tracking and reporting.
- RGlobal support for international businesses.
- May be too feature-rich for businesses with minimal travel expenses.
- Pricing can be relatively high for smaller companies.
- Motus Vehicle Motus Vehicle is among the top expense management software tools specifically designed to track and manage mileage expenses for businesses with mobile workforces.Pros
- Mileage tracking and reimbursement calculation.
- Integration with accounting software.
- Customizable approval workflows.
- Mobile app for on-the-go expense management.
- Limited to businesses with substantial mileage expenses.
- May not offer the same level of integration as some competitors.
- Spendesk Spendesk is among the best expense management platforms that includes expense management, corporate cards, and vendor payments.Pros
- Comprehensive spend management features.
- Corporate cards for employees.
- Integration with popular accounting software.
- Customizable approval workflows.
- May be overwhelming for small businesses that don't need the full suite of features.
- Pricing can be relatively high for smaller companies..
- Center Center is an all-in-one expense management platform designed to help businesses streamline their expense reporting and approval processes.Pros
- User-friendly interface.
- Customizable approval workflows.
- Integration with popular accounting software.
- Advanced analytics and insights.
- Pricing can be relatively high for smaller businesses
- May not offer the same level of integration as some competitors.
- Mesh Payments Mesh Payments is often listed among the top expense management apps that include expense management, corporate cards, and vendor payments.Pros
- Comprehensive spend management features.
- Corporate cards for employees.
- Integration with popular accounting software.
- Customizable approval workflows.
- May be overwhelming for small businesses that don't need the full suite of features.
- Pricing can be relatively high for smaller companies.
Conclusion
Selecting the best expense management software for your business is a critical decision. Consider the specific needs and scale of your organization when making this choice. The right expense management software can significantly improve efficiency, accuracy, and control over your company's financial operations. Each of the mentioned software solutions offers a unique set of features and pricing options, catering to various business sizes and industries. Remember to evaluate your organization's requirements, budget, and preferences before making a decision. Whether you opt for Expensify's user-friendly interface, Brex's startup-friendly approach, or any other solution, automating your expense management can help your business thrive. Investing in expense management software will not only save you time and money but also provide a better understanding of your company's financial health. It's a strategic move that can lead to better decision-making and more efficient operations. So, take the time to explore these options, compare them, and make an informed choice for your business's success. Choose the best software for expense management and them implement appropriate app integration to make sure that you exploit the expense management apps to their fullest potential. Go ahead, give automation a try now!Related Articles
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