Expense management software can be considered as a financial product that can be used for tracking, submitting, processing, and reimbursing any expenses done by employees. It is also a good tool for invoicing billable hours and any project expenses that are reimbursable.
Many accounting products often have expense management functionalities embedded in them, but there are various software that are specialized for expense management only. In this article, we will be looking at top expense management software.
Table of Contents
1. SAP Concur
SAP Concur occupies a good position in the list of the world’s best providers of integrated invoice management, expense, and travel software. Their vision entails simplification and automation of the everyday processes mentioned above.
All charges are organized into detailed expense reports, and the process of invoice approval is fully automated in SAP Concur. App guides with excellent ratings are responsible for guiding employees on every trip.
When the real-time data is integrated and artificial intelligence is used for auditing all the transactions, companies can check out where they are spending the most and not worry about any blind spots present in the budget.
SAP Concur provides you with tools that allow you to get rid of the older and traditional tedious work and make the entire workflow easier and faster. They allow businesses to become their very best version.
2. Expensify
Expensify aims to make expense reports more interesting and comprehensible. The expense reporting procedure might become lengthy and boring sometimes. Expensify makes this process faster and easier to perform and execute. Now, there is no need to maintain a bunch of envelopes filled with receipts.
All you need to do now is click a photo of the receipt using the Expensify app and consider your work done. The software has a SmartScan technology that can read your receipt and input the required information so that you do not have to do it manually.
You also get the option to get your expenses directly imported from your bank or credit and receive a generated IRS guaranteed online receipt. Some of the essential features of Expensify are listed down below –
- Management of invoices
- Receipt management for multiple currencies.
- Time tracking
- Management of the entire workflow
- Provision to upload receipts
- Approval process control
3. Sage Intacct
Sage Intacct was designed keeping in mind the requirements of financial professionals. They have placed more focus on ensuring the success of their customers and have shown a strong commitment to the cloud.
Their client base is very large, with thousands of companies placing their trust in Sage Intacct’s top-notch cloud ERP tools. The ERP software is a component of the Sage Business Cloud. It works efficiently and provides insights for steady and fast growth of the business on all fronts.
Some of the essential features of Sage Intacct include –
- Holistic management of all invoices
- Support for multiple currencies
- Control on spending and expenses
- Approval process control
- Uploading of receipts
- Time tracking
- Management of the workflow
- Management of all the receipts
4. TripActions
TripActions is considered as the emerging default software for business expense management and corporate travel expenses. It is cloud-based and is a T&E platform that beautifully mixes the best technology used in the industry with top-notch travel agency services.
Travel managers trust it completely, and finance teams also rely on it. TripActions is being employed in more than 4,000 organizations all over the world. The expense management software utilizes real-time data to ensure the safety of the traveling employees. It keeps a check on rising costs and saves a lot of time for all the stakeholders.
5. Zoho Expense
Zoho Expense has a very intuitive dashboard that provides users with insights related to several factors like the summary of unsubmitted and submitted reports, the amount that is yet to be reimbursed, and the total amount of expenses that are yet to be reported.
There is an analytics section too that gives you detailed information about the expenditure done by the business over some time and the prevalent ratings. There are reports available related to several spheres, such as policy violations and expense details.
Zoho has provided integrations with multiple services and applications, such as the Zoho ecosystem apps. These are Zoho Books, Zoho CRM, Zoho Invoice, and Zoho People. You can also integrate with QuickBooks to make the accounting process easier.
Some of the key features of Zoho Expense include –
- Support for multiple currencies
- Management of receipts and invoices
- Expenditure control
- Management of the entire workflow
- Approval process control
- Management of the reimbursement process
6. Rydoo
Rydoo was earlier known as Xpenditure. It calls itself an expense reporting app without the use of paper. It is an ideal choice for small but growing companies and businesses. It makes the process of tracking expenses more organized.
You won’t have to shell out money for an accountant when you have Rydoo. This is what makes it one of the top eCommerce software companies. You also end up wasting less time since the software completely eliminates manual input, and you also get expense reporting that is not paper-based.
You have the option to upload the receipts using email or the app too. After doing this, the software extracts the essential data and organizes it based on categories and projects.
The app allows you to log mileages and any cash advances. You can create multiple branches, offices, and groups. This organization process will decide how you choose to use the product and enhance your company’s financial policy. To streamline all your reports, you can generate them in various formats such as XLS, CSV, XML, and PDF.
7. Keka
Keka can be considered as an employee experience platform. It is the only employee-centric Payroll and HR software. It differs from other traditional HR systems. It is modern and belongs to the new generation since it is focused more on user experience and tries to make complicated workflows simpler.
In an employee-centric company, the main activities include managing the payroll and the HR and talent management. You need an expert to effectively do these activities. Keka does all of these efficiently and smoothly.
The software is one of the smartest payroll systems available globally. It offers you a unified workflow along with completely integrated processes which makes the entire payroll processing experience happen without any troubles.
Keka is extremely accomplished in the art of nurturing and managing talent. You can automate each of your core HR functions in a collaborative fashion that enables you to prioritize higher HR tasks.
Keka uses a good combination of traditional and modern methods to provide the perfect experience to the user. The best part about the expense management software is that both the HR teams and the employees can use it very easily without any hassles.
Conclusion
The software discussed above have been researched thoroughly, and we came up with a list based on various parameters and expert advice. Go through each of them once and pick the one that allows you to achieve efficiency in your expense management journey.
Your company might be having accounting troubles in terms of efficiency or speed. You can make the accounting workflow in your company better with the help of the best accounting software.
Also read:
• Top eCommerce Software to Use in 2021
• 7 Top Free and Open-Source Accounting Software to Use in 2021
