Expense Management Software

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Expensify Screenshot
Expensify software automates the receipt, reimbursement and expense management process for companies. Mobile apps allow for expense work on-the-go. One-Click Receipt Scanning : Take a picture of receipts to automatically submit an expense report in just…
Starting Price
$4.99/month/user
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
SAP Concur Screenshot
Acquired by SAP in 2014, Concur provides options for both small businesses and enterprise level companies to manage their expenses, travel, and invoicing and provide increased visibility. Expense Management: SAP Concur helps automate the expense…
Price Range
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Starting Price
$8/month/user
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
Certify Screenshot
Certify Expense is a management software with deep data visibility into your corporate spend. Use this solution to automatically generate expense reports for employees, streamline payment approvals, and make reimbursement and reporting effortless for your…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
Coupa Expense Screenshot
Coupa Expense
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Coupa Expense is a travel and expense management software designed for the modern era of business. This software provides visibility, control, and global compliance to companies in need of expense report accuracy, reduce spend leakages, and pay employees…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
Zoho Screenshot
Zoho
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Zoho is a suite of software and applications that can combine to streamline business operations. Some applications include Zoho Books, Zoho CRM, Zoho Desk, and more. Zoho CRM: The core Sales & Marketing arm of Zoho will let you reach out to prospects at…
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Starting Price
$12/year/user
Client OS
Web
Deployment
Cloud Hosted
Vinnet Expense Management Screenshot
Outtask offers Vinnet, an Expense Management application that automates the entire expense process from entry to reimbursement. Vinnet eliminates the costly, labor intensive and often duplicative steps required in conventional Travel & Entertainment (T&E…
Client OS
Windows, Web
Deployment
Cloud Hosted
ExpenseAnywhere Screenshot
ExpenseAnywhere is a powerful, robust, best practices, easy to use and manage web-based solution that helps corporations exercise cost control, administer and enhance policy compliance and drastically reduce the burdening costs associated with…
Client OS
Windows, Web
Deployment
Cloud Hosted
Easy Expense Tracker Screenshot
Easily track financial transactions for business and or personal use. Track tax deductible expenses. Unlimited user defined categories and sub-categories. Choose from several pre-defined reports or create your own. Grid printing. Analyze your data with…
Client OS
Windows
Deployment
Cloud Hosted
Expense Reimbursement Screenshot
Expense Reimbursement allows companies to track and control expenses incurred by employees who work outside the office. The system allows managers to authorize Cash Advances and Expense Reimbursements for all expense reports submitted by their staff. The…
Client OS
Windows, Web
Deployment
Cloud Hosted
Expense Reporter Screenshot
Web interface for entering employee expense reports. Allow employees to enter their expense report and supervisors to approve them on-line. Once entered the report can be automatically uploaded to Accounts Payable. Project Controller not required. This is…
Client OS
Deployment
Cloud Hosted
WebExpense Screenshot
WebExpense
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Replicon WebExpense allows you to track and control business costs with full visibility into expenses and employee reimbursements for your business or for project-related work performed for clients. Historically, managing expenses has been a time…
Client OS
Web
Deployment
Cloud Hosted
SutiExpense Screenshot
SutiExpense
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One of the leading travel and expense management software solutions, SutiExpense gives complete visibility over the business spending so as to let businesses manage their expenses in a much more efficient way. SutiExpense accelerates the expense process…
Client OS
Web
Deployment
Cloud or On-Premises
zed Expense User Screenshot
Expense User for zed Employee Portal is a powerful, web-based expense reporting solution that streamlines the creation of expense reports, approvals and reimbursements from inside SAP Business One. The automated expense management solution saves time and…
Client OS
Deployment
Cloud or On-Premises
ManagerPlus Screenshot
ManagerPlus
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ManagerPlus is an easy-to-use cloud-based maintenance management software for businesses of all sizes. They help link all aspects of your maintenance operations, from scheduled maintenance and work orders to parts inventory and purchasing. The software…
Price Range
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Starting Price
$45/month/user
Client OS
Mac, Windows, iOS
Deployment
Cloud or On-Premises
The Property Manager Screenshot
The Property Manager release 4 provides complete support for the property management enterprise. Tenant tracking, income and expense tracking, vendor tracking, workorders, budgeting, and a comprehensive accounting module are available. In addition, the…
Client OS
Windows
Deployment
Cloud or On-Premises
ObviO Real Time Screenshot
ObviO RealTime provides one, fully integrated browser-based interface to handle time collection, employee expense collection, and web-accessible reporting and queries. The application helps organizations automate the collection, validation, approval, and…
Client OS
Deployment
Cloud or On-Premises
JAMIS Prime ERP Screenshot
JAMIS Prime ERP is simply the most intuitive and agile Cloud ERP solution for government contractors, offering integration across all key components of your business. JAMIS Prime enables you to leverage the cloud not only to connect with your mobile…
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Web
Deployment
Cloud Hosted
Norming Screenshot
The Norming Professional Service Automation System is a powerful and flexible business management software designed with industry leading technology to automate and control the most vital activities and processes of a professional service organization. It…
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Client OS
Web
Deployment
Cloud Hosted
Timeless Project Tracking Screenshot
Timeless Project Tracking makes it easy for organizations—small to large—to track their projects accurately, lessen their failure rate and reduce project administrative costs. By tracking projects at a detailed level and giving users the ability to change…
Client OS
Web, Windows
Deployment
Cloud Hosted
Sage Time Screenshot
Sage Time is a mobile attendance software that offers online time clock and SMS punch capabilities for tracking time on the go. Sage Time can be accessed on any mobile device. The solution is an add-on for Sage 100 or Sage 300 but the solution can be sold…
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Client OS
Mac, Web, Windows, iOS, Android
Deployment
Cloud Hosted

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Expense Management Software Buyer’s Guide

Businesses of all sizes need reliable expense management software to stay profitable, plan for growth, and stay in compliance with tax laws. Aside from the enormous operational benefits of diligently tracking expenses, your company will be much safer in the event of an audit. For detailed information on tax-deductible business expenses, review IRS Publication 535.

This guide will cover a range of topics to help you choose the right expense management software:

What is Expense Management Software?

Expense management software gives you visibility into the costs associated with each service or project by keeping records of when and how expenses were incurred. With an easier expense reporting system, you can better analyze your current spending habits to shape your future expense policies. Additionally, this accounting software streamlines the reimbursement process so employees aren’t frustrated by a long wait time to get their money back.

Expense management software helps companies manage costs related to:

  • Employee pay
  • Travel expenses
  • Personal equipment
  • Retirement contributions
  • Startup costs
  • Property rent
  • Business loan interest
  • Taxes paid
  • Asset purchasing
  • Inventory storage
  • Renovations
  • Raw materials

Expanse management solutions are best suited towards administrators and accounting specialists who review, approve, and report on employees’ expenses.

Key Functionalities of Expense Management

Functionality Description
Expense Recording Input and save important information about the expense like amount, date/time of purchase, and a description of what the expense is for. Track individual employee or department-wide expenses.
Expense Report Management Employees can submit expenses and create entries for the report. The software will process the report and automates the approval process. You’ll also be able to see real-time reports that give you visibility into how money is being spent and expense trends.
Receipt Scanning and Management Scanned images of receipts are uploaded and stored into the expense tracking software for better organization and easy access. Allow employees to submit expenses themselves for reimbursement.
Reimbursement Management Expense tracking software automates the reimbursement process. When an expense report is submitted, the software checks the report against your company’s policies like pre-approved expenditures and spending caps.
Corporate Credit Card Monitoring Company credit cards can be linked with expense management software to automate monitoring of these accounts. The software will alert management of suspicious activity and automatically approve recurring expenses that have been authorized previously.

The Most Important Benefits of Expense Management Software

  • Streamline reimbursement approval process: Employees can submit a reimbursement request from anywhere with expense tracking software. Information about the request is available to management immediately to be approved, questioned, or denied.

  • Flag or deny invalid business expenses: Expense tracking software protects your business from employee fraud by flagging or denying invalid business expenses. You can set dollar amount limits on travel expenses like hotels and food, or flag items that shouldn’t be charged to the company.

  • Currency conversion for international expenses: If you or your employees need to travel for work, expense tracking software can automatically convert currency for internationally-incurred business expenses.

  • Increased productivity: Expense tracking software saves tons of time by automating time-consuming tasks, allowing you to spend more time on profit-generating endeavors like sales and marketing. You’ll be able to spend less time tracking down receipts, managing expense claims, and putting together expense reports.

  • Accurate documentation for taxes: Come tax time, you’ll have all of your receipts and expense documents in one place. Some expense tracking systems can notify you of potential inaccuracies. You won’t have to worry getting audited about a missing receipt or incorrect data for your taxes.

Can I Use QuickBooks to Manage Expenses?

QuickBooks Online expense tracking screenshot

QuickBooks can be used by startups and small businesses for basic time and expense tracking. You’ll be able to save photos of your receipts, keep track of tax deductions, connect bank and credit card accounts, and access built-in expense reports. Choose from QuickBooks Online, QuickBooks Pro, or QuickBooks Premier.

Medium to large businesses will need a more solution with more in-depth features like corporate account card monitoring or expense approval/denial claims.

Free Expense Tracking Software

Free expense tracking software is best for individuals and home use. Some very small businesses can get away with using the basic features in free software but often outgrow the solution quickly. Some popular free expense tracking systems include:

  • Zoho Expense offers a free small business expense tracking software plan for 3 users that lets you auto-scan 100 receipts per month, track projects, import card transactions, convert currency, and store up to 5 GB of receipt documents. Zoho Expense’s Premium and Enterprises are not free but can accommodate more users, allows for an unlimited number of auto-scans, and business trip expense management (including travel allowance, cost approval, itinerary management.
  • Expensify has free expense tracking software functionalities for home or small business use. However, you are limited to only 5 SmartScans per month if you want to track and submit expenses. Expensify’s Track and Submit plans can be upgraded to include unlimited SmartScans and automatic mileage tracking. These plans are ideal for home expense tracking, self-employed, and very small business owners. Larger companies are better off with either the Collect or Control plans that automate expense categorization and exporting to accounting software. The Collect and Control plans have a 6-week free trial.

Expense Tracking Software with Free Trials

  • FreshBooks has a variety of expense tracking solutions for freelancers and small businesses. A 30-day free trial is available for the Lite, Plus, and Premium plans. A Select plan is available for bigger businesses with custom pricing and a demo.
  • Xero has three plans for Early Businesses, Growing Businesses, and Established Businesses. The 30-day trial gives you unlimited access to the software, so you can see which features you need and make an informed decision about which package is the best fit for your business.
  • Rydoo Expense has three packages for expense tracking. The Team and Growth packages have a 14-day trial available. The third package, Enterprises is customized to fit your business and does not come with a free trial. Rydoo has another solution, Rydoo Travel, that helps manage business travel expenses. The Team package is free forever, and the Growth and Enterprises packages have custom pricing plans.

What Does Your Business Need?

  • Startups and small businesses: Seeing where expenses are coming from is critical for small businesses and startups. Look for expense tracking software with good reporting functionalities and receipt management. A popular lower-cost expense tracking software for companies with a tight budget is SAP Concur Small Business that starts at $8 per month per user. Abacus is another popular expense reporting and tracking software for small businesses that starts at $9 per month per user with a minimum of 2 users.

  • Medium-sized businesses: Automating some expense tracking processes give your staff more time to focus on other tasks like sales and customer service. Expense tracking software will record and report expenses, streamline the reimbursement process, and monitor corporate spending. Some popular expense tracking software solutions for medium-sized businesses include Replicon WebExpense and Deltek Maconomoy.

  • Large businesses: Reducing fraud is often a priority for large businesses. Expense tracking software will automate the approval process, keep electronic records of expenses, and monitor corporate credit card activity. If your company is a professional services business, look into a full PSA software solution that handles expense tracking in addition to tracking billable hours and track other real-time data to ensure your services or projects are profitable. Tenrox is a popular PSA software solution for large businesses that will also integrate easily with existing enterprise software.

Common Expense Pain Points Solved

Without expense management software, your company could be at risk of audits or fall behind on employee reimbursement. Use an expense solution to avoid these common issues:

Expense Fraud

A survey by Chrome River found that employee expense fraud costs $2.8 billion per year in the United States. While only approximately 6% of employees commit expense fraud, the average amount of false claims are $2,448 per year. A few individuals even claimed $25,000 per year. Expense management software will automatically deny or flag invalid expense requests and monitor corporate credit card usage, so you can spot fraud and take action to prevent it.

Misplaced Receipts

Keeping track of paper receipts is a major pain point for businesses of any size. Expense tracking software lets you store images of your receipts, so you can keep electronic records and easily access them anytime you need.

Delayed Employee Reimbursement

Expense tracking software can approve or deny reimbursement requests quickly, improving the turnaround for reimbursements.

Expense management processes are always evolving, especially with the rise of real-time business transactions. Here are some of the industry trends:

Global Travel & Expense Management Software Market Growth

According to a report by Technavio, the global travel and expense management software market is expected to grow steadily to $3 billion USD by 2020. The report found that more businesses are adopting the software due to an increasing need to control and monitor travel expenses and other employee expenses.

Shifting Travel Expenses from Online Services

Recode gathered data about employee expenses from software companies - SAP Concur, Certify, and Egencia. The survey found that 93% of business travelers used Uber & Lyft compared to only 7% of travelers using taxis, food delivery grew 91% - employees are ordering meals using online platforms like GrubHub and Uber Eats, and 42% of business travelers book directly with an airline or hotel instead of through their workplace’s travel software. More employees arranging their own travel and accommodation means more receipts to manage and reimburse. Expense management software lets employees submit their own receipts to expedite the process.

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