Over the past few years, expense management software has significantly improved, moving from straightforward reporting tools to platforms with automation and AI technology.
Businesses of any size or sector can benefit from cutting-edge expense management software programs, as they are becoming integral to sound business operations.
Deploying cost management software has many advantages, including reducing losses due to expense fraud and wasting resources. The rapid adoption must keep up with the sector's evolving trends.
Several improvements in the cost management processes have taken place recently. These improvements include digitization, cloud hosting, user-friendly interfaces, and accepting spending outside of preferred channels. A 12% market growth is expected between 2019 and 2023.
What Is Expense Management Software?
For better understanding, let’s first briefly explain “Expense Management.”
It is recording, submitting, approving, paying for, and auditing employee-initiated company expenses.
Any organization's employees occasionally make expenses related to running the firm, such as travel and entertainment costs and office supply costs. Employees must disclose these costs alongside supporting documentation and have their line supervisors and financial teams accept the reports for reimbursement purposes. Expense management, in a nutshell, regulates payment methods for business expenses and keeps tabs on staff spending.
Now you can almost make an educated guess on “What is Expense Management Software?”
Expense management software includes applications that streamline the receipt-to-reimbursement process via automation. With the help of this software, businesses can manage trip reservations, automate the submission of expenditure reports, expedite approvals, speed up reimbursements, and monitor expense claims in real-time. It automates every step of travel and expense management to remove the risks involved with manual cost management.
List of 12 Best Expense Management Software in 2022
This platform combines travel, corporate cards, and expense management. With 8,000+ clients worldwide, TripActions offers unrivaled insight and control over spending. Both travel management and financial teams use this software, with real-time data, to help businesses keep employees safe while they are on the road, cut costs, and increase productivity.
TripActions “Growth Plan” is available free of charge. For the “Professional” package, you’ll need to contact their customer service.
4.7 out of 5.0, rated by 6271 verified users.
An all-inclusive spend management software that grows with businesses from inception to IPO and beyond is Airbase. Accounts payable, an advanced corporate card program, and employee cost reimbursements are all combined into one system. All things considered, Airbase provides a dependable and effective platform experience for non-payroll spending. Automated accounting and approval workflows offer real-time data visibility and control.
The Airbase “Essentials” offering is available free of charge, and for “Growth” and “Enterprise” packages, get in touch with their support team.
4.8 out of 5.0, rated by 1205 verified users.
All-in-one software for payments, cards, capital, and spend management. Brex makes it simple for finance teams and staff to spend wisely, expand quickly, and have fun. Create a culture of speed and financial discipline for controllers. Utilize integrations, specific expense policies, and budgets to assign spending while maintaining accountability. Spending is simple for employees in more than 100 nations with Brex. One card for everything, a top-rated mobile app, international reimbursements, and automatically generated receipts make it simple for staff to spend.
You can request a free demo for any of their services, namely Bill Pay, Expense Tracking, Corporate Card, and Business Accounts. For pricing details, please contact their sales staff.
4.7 out of 5.0, rated by 783 verified users.
4. Zoho Expense
A top travel and cost management tool, Zoho Expense has assisted companies in streamlining corporate travel, automating expense reporting, and gaining total control over spending. This software aims to cut overspending at its source, limit manual involvement, prevent mistakes, and provide insights into discretionary spending to increase your company's efficiency, cash flow, and general financial health. Businesses in more than 150 countries have used Zoho Expense to automate every step of T&E administration, including submitting and approving expense reports as well as compliance, fraud detection, card reconciliation, and pre-accounting.
Zoho Expense pricing plans are as follows:
Free Plan: $0.00
Standard Plan: $3.00 for one active user/month (Billed annually)
Premium Plan: $5.00 for one active user/month (Billed annually)
Enterprise Plan: $8.00 for one active user/month (Billed annually)
4.5 out of 5.0, rated by 874 verified users.
The Ramp is a corporate card and spending management tool that aids mid-market businesses in accelerating expansion without sacrificing their financial stability. It can issue both physical and virtual cards, allowing cardholders to approve and request spending in real-time. Automate expense reporting, simplify vendor management, and take advantage of cutting-edge savings insights. Ramp assists finance departments in saving 1-2 days each week by tracking spending, following up with staff, and closing their books with direct connections into accounting solutions.
You can use Ramp for free.
4.7 out of 5.0, rated by 927 verified users.
Pleo, the top expense management solution in Europe, keeps tracking expenditures simple for all employees. Give your staff members smart corporate cards so they can purchase items without worrying about misplaced receipts. With automated expenditure tracking, invoicing, and reimbursements, you can see your expenses in real-time, feel in charge of your money, and reduce administrative work. More than 20,000 businesses use Pleo to concentrate on the most important tasks. Pleo manages expenditure reports and receipts, freeing you and your team to concentrate on work that matters.
The “Starter” pack is available for free. “Essential” starts at £35.00 per month, and “Advanced” at £65.00 per month.
4.8 out of 5.0, rated by 731 verified users.
Fyle's modern credit card expense management software enables finance teams and staff to automate their spending management procedures. Employees may submit expense reports from commonly used apps like Gmail, Outlook, Slack, Teams, and others. The robust mobile software from Fyle allows staff members to submit costs while on the go by taking images of the receipts. Additionally, all expenses are submitted after being reviewed for compliance with policies. As a result, employees are immediately informed if they breach any corporate policies.
Fyle's “Enterprise” plan is customizable based on volume and usage. Their Standard and “Business” packages cost $6.99 and $11.99 for a year with one active user/month.
4.6 out of 5.0, rated by 940 verified users.
8. Emburse Certify Expense
Emburse combines some of the most effective and dependable spend optimization tools. Emburse Certify offers expense, accounts payable, and business travel solutions for expanding enterprises. It streamlines expense management by automating time-consuming manual procedures for better spending control and visibility while offering free administrative and end-user support. Expenditure reporting has never been simpler thanks to Certify's automated expense report production, integrated spend request, and card issuing workflow, embedded audit features, and mobile receipt capturing. Employees, managers, and accountants can view reports whenever needed, prepare, submit, approve expense reports, and check their status.
Their “Small Business” plan costs $8 a month. For mid-sized companies and large enterprises, monthly and annual fixed pricing plans are available on demand.
4.5 out of 5.0, rated by 1604 verified users.
Divvy integrates business cards with seamless expense management software. Thanks to speedier expense reporting, enforceable budgets, and a unified platform, it offers real-time visibility into all spending. Gain control over your expense management and streamline it with a simple, one-stop platform. It empowers your team and reduces waiting times for everyone (including yourself).
Divvy is free to use for businesses of all sizes.
4.5 out of 5.0, rated by 395 verified users.
The comprehensive expense management software solution, Spendesk, provides complete transparency into business spending. With Spendesk, you receive a seven-in-one solution that combines pre-accounting, corporate cards, invoice payments, cost reimbursements, budgeting, approval, reporting, and compliance. Spendesk, used by thousands of companies, from start-ups to well-known brands, is made to reduce time and costs throughout the whole spending process with 100% visibility, integrated automation, and a simple approval procedure.
The pricing for their “Starter Plan,” “Essentials Plan,” and “Scale Plan” can be acquired from their sales team.
4.7 out of 5.0, rated by 343 verified users.
11. Emburse Abacus
This expense management software offers real-time submission and management of employee costs. For complete expenditure visibility, capture the expense as it occurs. You can create unique approval routing rules for each item and automate your spending policy to prevent errors and increase productivity. The clean, clutter-free interface organizes and sorts expenses into reports as they are submitted while only asking employees the necessary questions. It comes with a master dashboard that gives you complete real-time visibility into your entire card program.
With the “Starter Plan” available at $9 a month per user, their “Professional” and “Enterprise” plans require you to get custom quotes.
4.5 out of 5.0, rated by 1059 verified users.
12. myBiz by MakeMyTrip
For all business travel requirements of small to large businesses, myBiz by MakeMyTrip for Business is a one-stop travel management solution. Its mobile-first, desktop-compatible self-booking tool aims to provide travelers with an unmatched booking and travel experience. With access to the extensive inventory of flights and hotels on MakeMyTrip, you'll always have options for making a reservation. Your booking experience is tailored with AI and ML tech integration. You are ensured stricter compliance with travel regulations through HRMS integration and policy go-live. Gain control over your travel expenses as well with the help of our intelligent analytics dashboard and real-time data.
myBiz by MakeMyTrip is available for free.
4.5 out of 5.0, rated by 216 verified users.
Your business is bound to expand, and your expenses will surely go down with better reporting after investing in expense management software. You can enhance your workflows with next-level analytics by selecting the best option from the above list.
Software vendors like Zorp, a no-code app development platform, also offer custom expense management software/app for businesses with diverse and unique needs.