With the right expense management software, you can save your team countless hours by streamlining and improving the tracking and reimbursement process.
Here is a list of the top five expense management software solutions and some guides to help you find the right solution.
1. Best for growing businesses: Emburse certification
Certify offers a scalable tool that is versatile and easy to implement. It is designed for global trade in over 140 currencies, 64 languages and built-in policy controls to make compliance, sharing and translation effortless.
It also offers one of the most user-friendly interfaces so you can teach a larger team to work with the platform.
This option is best suited for companies that are in the process of scaling up. It offers a number of pricing plans based on the size of your business to keep costs down while you are small and to get savings on larger packages as you grow.
Pricing: Starts at $ 8 per user per month
2. Best for Small Businesses: Expensify
Expensify offers the full range of administrative functions, including the ability to submit, track and reimburse expenses in one tool. It also comes with mileage tracking and many optional premium services.
Our favorite among the premium services is the Expensify card, which completely automates the process. As soon as your employee steals an Expensify card, the transaction is submitted, categorized and can be approved and refunded.
Expensify offers a wide range of subscription options tailored for small and medium-sized businesses. Even the self-employed can benefit from an inexpensive single-user plan. It’s easy to scale up incrementally without paying for premium services that you don’t use.
Pricing: Starts at $ 4.99 per month
3. Best for mobile functions: Paylocity
The expense management software from Paylocity offers convenient automation such as the recording of receipts for on the go, automatic categorization according to expense types and automated reimbursements.
Automatic categorization makes it easy to analyze trends in spending for employees and companies. It also simplifies the approval process by letting you return a single issue so you don’t have to reject an entire report just because 1 adjustment is required.
The mobile app distinguishes Paylocity. While most tools offer a limited functionality app that works with your desktop software, Paylocity goes a step further. The app enables employees to submit receipts and expenses, and track and approve expenses from their phone.
Pricing: Variable prices
4. Best for larger companies: SAP Concur
SAP Concur has many great features to optimize expenses and reporting for your business, including e-receipts, card integration, and expense tracking. As it is an established, large SaaS provider, SAP Concur offers more than just cost management tools and can be seamlessly integrated with other apps.
Use the customization options to create a plan with the features you need and can afford. Keep in mind that this is more robust expense management too, so it may be too expensive for smaller businesses.
Pricing: N / A
5. Best Budget Pick: Divvy
Divvy has all of the basic features you need like automatic categorization, simplified refunds, easy transaction review, and dispute resolution. It also offers expense reports that make tracking even easier by automatically syncing transactions made with the card with a live transaction dashboard.
Unlike most of its competitors, Divvy offers a free basic version of its platform. Start with the free version if you’re more interested in tracking and managing expenses than the need to simplify reimbursements or reports.
If you want more than the base platform, you can add individual premium features to create a tool that is perfectly tailored to your business.
Pricing: Variable pricing (free plan available)
Important functions of the expense management software
As you compare your options, consider which tasks and processes you want to improve. Here are some of the features you might want to consider when making your decision:
Tracking and analysis
The expense management software provides tracking and analysis. Many tools offer odometers, uploads of receipts, and other features that make it easy to track an employee’s expenses.
Some tools also offer features such as categorization or reporting that can help you analyze where your company is spending money. This can make it easier to look for inefficiencies and potential savings in your expenses.
Submitting and approving expenses can become less of a chore with automation, and some companies offer AI that can help identify errors.
If you’re an individual or a small team, automation probably won’t be your top priority. This is a handy feature, but the time saved probably doesn’t guarantee the added cost.
If your company is global or has international customers or employees, you may need software that supports currency exchange, compliance guidelines, taxes, and other functions. You don’t want to juggle different compliance guidelines without the right platform – this is tedious and has a high probability of errors.
If your company uses other SaaS platforms, check out the integration features. Most expense management software offers some integration with other popular software programs and tools.
Make sure the software you are considering can be integrated with the digital ecosystem you have already started with. If you don’t already have other SaaS platforms, make sure your expense management choices integrate with any that you plan on later.
Benefits of the expense management software
There are great advantages to using expense management software for businesses of all sizes. Here are some of the key benefits you can expect when switching:
to save time
With the right tracking and automation, you can reduce your expense management time to just minutes per week by eliminating most of the manual processes. You can spend this time on tasks to grow your business.
Increase the accuracy
Automation and optimized processes reduce the possibility of human error. Once your team has uploaded a receipt or expense, the information it contains is unlikely to be changed or removed if it is refundable. When mistakes do occur, it is easier to spot them and correct them quickly.
Analyze and identify spending trends
By keeping track of all expenses in one place and integrating them with other financial instruments, you can see how your company is spending its money. It becomes easier to spot and interpret trends and use your software to make data-driven decisions.
Better cost management
With a faster, more accurate, and streamlined cost management process, your company can be in control of cost management. Rather than responding to budget gaps with drastic and potentially damaging cuts, you can spot trends and look for lower-cost options before the money is spent.
Expense management software
As with most business tools, the cost depends on how much you need. Most options offer different packages depending on the size and needs of your business. That way, you can manage your budget while still scaling it as your business grows.
- For small businesses (up to 25 employees): $ 0 to $ 9 per user per month
- For medium-sized companies: Variable prices
- For large companies: Variable prices
Get the expense management software for your business
Choosing the best expense management software for your business depends on the size and needs of your business. If you’re primarily looking for a basic tracking tool for you or your small team, a free or low-cost option might make more sense. Larger companies may need to automate and improve efficiency by tracking and reimbursing costs.
Get started today with our recommended expense management software options.
Best expense management software methodology
Benzinga analyzed the top expense management software by industry and added those with the best attributes to the list. We prioritized pricing, features, and scalability. We also considered mobile app availability and customer reviews.