What is Expenses Management Software?

Expenses management software is used by businesses to handle various of their financial functions. This type of software ranges from basic single-entry applications for tasks such as check writing and bookkeeping to sophisticated double-entry solutions that offer advanced features. Full-featured platforms offer functionality such as inventory and invoicing. Expenses management software can help your company in multiple ways, especially by eliminating manual tasks and automating repetitive ones. Needless to say, a high quality system has become essential for both small businesses as well as large enterprises. Go ahead and peruse the features and benefits of expenses management solutions with the category's leader FreshBooks and other widely used programs.

Most Popular Expenses Management Software

FreshBooks reviews
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FreshBooks

Our Score 9.8

User Satisfaction 99%

Winner of 2016 Best Accounting Software Award. One of the best cloud accounting solutions for small business that makes billing easy and effective. Read Reviews

Xero reviews
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Xero

Our Score 9.7

User Satisfaction 97%

Winner of 2017 Expert's Choice Award. A popular online accounting app that is designed to meet the requirements of small and medium businesses across multiple industries. Read Reviews

Zoho Books reviews
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Zoho Books

Our Score 9.6

User Satisfaction 100%

Zoho Books won our 2016 Great User Experience Award. It is an intuitive accounting software designed for small businesses to manage their finances. Read Reviews

Zoho Expense reviews
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Zoho Expense

Our Score 9.0

User Satisfaction 98%

Automate travel and business expense reporting, streamline approvals, gain spend visibility and control. Read Reviews

Gusto reviews
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Gusto

Our Score 8.8

User Satisfaction 99%

Winner of our Expert's Choice Award. Gusto provides payroll, benefits and workers' comp insurance to small businesses in the United States. Read Reviews

Sage Intacct reviews
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Sage Intacct

Our Score 9.4

User Satisfaction 99%

Offers a wide range of out-of-the-box features with customizable functions to fit various conversion funnels and purchase orders. Read Reviews

QuickBooks reviews
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QuickBooks

Our Score 9.5

User Satisfaction 96%

Accounting software that pioneered the use of windows that look like real-life forms. It offers most features every business will need. Read Reviews

FinancialForce Accounting reviews
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FinancialForce Accounting

Our Score 9.1

User Satisfaction 99%

FinancialForce is designed for large companies that have outgrown entry-level systems, but are not big enough to support their own intranet systems. Read Reviews

PaySimple reviews
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PaySimple

Our Score 8.9

User Satisfaction 95%

PaySimple is a cloud-based, receivables automation technology that is designed especially for small businesses. Read Reviews

Sage 50 reviews
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Sage 50

Our Score 8.8

User Satisfaction 97%

Sage 50 is an easy-to-use desktop accounting software for growing small businesses, but is scalable to perform big business accounting. Read Reviews

Float reviews
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Float

Our Score 8.0

User Satisfaction 99%

Float is an online cash management and forecasting tool that helps you manage your business and keep on top of your cash flow. Read Reviews

How To Choose The Best Expenses Management Software

Expense management software for enterprises encompasses a series of advanced business systems used to automate payments, audit employee-initiated expenses, and report on various business processes. Expenses are regulated in accordance with internal/external regulations and governance policies, covering all online technologies utilized to process and analyze data on corporate levels. You can use the programs to govern authorization, or manage expense claims, audit and repayment, and the procedure usually consists of buying a license and implementing a program importing data from external sources. But how to choose the best expense management software platforms for you? Let our guide assist you.

Get to know each product with free trial

The best way to go is to sign up for at least a few free trials or demo and basic unpaid plans from the popular expenses management software providers. With this method you will have the opportunity to test the important elements and you will get a good comparison of the capabilities of each app. The best thing to do is to try tools that currently have the highest rankings in the SmartScore and Customer Satisfaction Rating in our expenses management software reviews and choose the best expenses management software for your company: FreshBooks reviews, Intacct, Xero, Zoho Books, Zervant, AccountEdge, Float, and AppsForOps Expense Claim

Targeted Businesses

Managing expenses online sounds like an excellent idea for every company or individual who wishes to save time and focus on more important tasks. We rounded up few scenarios where we believe an advanced expense management software is absolutely necessary:

  • Small Businesses interested to report efficiently. Technology is advancing, and the size of a business is no longer an excuse for the lack of front-end control and slow, inaccurate reporting. That’s why small businesses should consider systems with robust report mechanisms and mobile capabilities to reduce at least partially the administrative burden of their minor teams.
  • Medium Businesses lacking front-end control. The same as smaller companies, mid-sized ones need to issue more and more expense prepaid cards and to allocate expenses in advance. As a matter of fact, this may be even more important to them, due the fact that they have more performance assessment to make, and more spending aspects to consider.
  • Large Businesses trying to reduce fraud. Reducing and preventing fraud can be a daunting task for a company that has’t automated expense management. With these systems, the risk of deliberate and accidental human error is minimal, and companies get to expand control systems using expense cards and revealing fraud trends.

What are Examples of Expenses Management Software?

  • FreshBooks: One of the best cloud solutions for small business that streamlines tracking and invoicing. It allows you to collect payment online, and it is packed with advanced analytic features.
  • Intacct: Another highly-efficient cloud solution for small and medium businesses that provides statistics and key figures to help companies make smarter decisions.
  • QuickBooks: Simple and very popular software for small businesses that are just beginning to manage accounts receivable. It checks invoices and purchase orders and eases business transactions.
  • Zoho Expense. A recognizable member of the Zoho productivity set, in charge of powerful expense automation and reporting.
  • Xero: An online accounting app for businesses from all scales and industries, but also individual accountants and bookkeepers. It focuses on collaboration, and keeps teams connected wherever they are.

Types of Expenses Management Software

One of the things that makes choosing expense management software so difficult is the variety of programs that can be used for the purpose. They range all the way from basic tool suites to ultra costly and accurate programs. The list of features can also be categorization criteria, as certain programs do nothing but track expenses, while others are more robust and they allow users to report and forecast future expenses, and even do some custom branding. The basic division criterion is deployment, depending on which you can choose between:

  • On-premise expense management systems. These are covered with a single license, and are hosted on the client’s local server. They qualify as the most expensive ones, due the fact that they require complex setup and occasionally some hardware installation.
  • Software-as-a-service (SaaS) expense management systems. These are usually paid per month, and are hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.
  • Cloud-hosted expense management systems. Most of these offer free basic plans, and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.

Key Features of Expense Management Software

These are the basic features and capabilities each expense management system should have:

  • Expense Records. This feature helps you stay on top of your resources, even when accessing them from mobile devices. It tracks and follows expenses, and stores them in robust databases with in-built search filters.
  • Receipt Management. When receipts are automated, the program saves all important details and there is no need to import data manually. Obviously, this feature allows plenty of customization and personalization to match each brand.
  • Invoice Management. This feature strengthens customer and external partners relationships, and helps companies use their resources more appropriately. In such way, they can grab early payment discounts, strengthen compliance, reduce risks, etc.
  • Merging Expenses. Unlike traditional expense management where there is always a risk of double entries and expense errors, expense management programs can merge expenses, pin them to any report, and most importantly – categorize them.
  • Approval Process Control. Even if most expense management systems allow multiple users, they are secured with assigned tasks and role permissions. It means that access is highly controlled, and only the admin can approve the data being inserted in the system.

Benefits of Expense Management Software

These are the most distinctive benefits companies experience from using advanced expense management software:

  • Using ongoing savings for smart decisions. One could hardly define a business decision as an intelligent one, unless there is some real-time data on the table. Centralizing information via expense management software helps managers report on all relevant performance indicators, and base future decisions on those reports. The strategy is critical for developing expense policies, calculating project-related costs, identifying opportunities such as better supply deals, or surpassing the hazard of breaching compliance requirements.
  • Complying with internal/external regulations. Remember this one, because compliance will stay on top of your priority list regardless of the scale/industry your business belongs to. Needless to say, neglecting regulations leads to undesired fees or reputation damage, especially when a regulation is not permanent, and you have to invest time to track the changes. The role of expense management programs here is pretty straightforward: they track legislative changes automatically, and they update system data in a manner which can reflect them. Meanwhile, all concerned parties are alerted on the change, and on-boarded with how that change will affect performance figures.
  • Fair and consistent expense management. Are you sure that you’re being fair to all of your employees? Even the most confident among you will take a second and think about it, because it is inscribed in human nature to lose track of this things once life becomes busier. With expense management programs, rules are rules, and there are no exceptions to the rules. Solutions derive from fundamental policies, and employees know in advance what they’re entitled to ask for, and what they’re not. A system like this also enables automated approval and payoff, which motivates both requestors and confirmers to react fast.
  • Tax risk mitigation. Expense management systems are critical to the accuracy of your data, because unlike your tiring manual calculations, they allow no mistake. The rationale behind it is that data is imported directly from corporate cards and service suppliers, which is also a great way to rationalize expenses. Indeed, expense management software is a ‘know – it – all’ one: it differs between legitimate and illegitimate expenses, it organizes them in categories, and it reports on every expense claim accordingly.
  • Driving cost-efficiency. To the attention of those hesitating: implementing an expense management system is already an expense-efficient solution. You will buy the license and stretch internal resources to implement it, but there will be no recurrent fees to make you regret it. The mere fact that you will be importing data automatically, and that the expense system will be linked to credit cards and payment channels, is already a reason not to doubt in the accuracy of the reports you will be producing. Consequently, the fact ought to be appreciated, knowing how expensive reporting per transaction can be, and how much time it can consume to enter it manually. Overall, an expense management system is supposed to give you a throughout insight on expenditure, based on which you can later negotiate discounts, cut or relocate resources, or even alter entire corporate policies where necessary.
  • Flexible risk responses and fraud reduction. You are right, there is no such thing as a 100% guarantee for a successful risk response. However, expense management tools managed to impose themselves as being the closest thing to expense controllers, able to recover savings fast on minimal implementation cost. By minimal implementation cost, we refer to the fact that you won’t need to install any additional infrastructure, but you will use what you already have, with all upgrades and maintenance modifications.

List of Expenses Management Software Companies

Product name:
Category:
Smart
Score:
Price:
User
Satisf.
Support:
8.9
by quote
100%
Email
8.8
by quote
100%
Phone
8.0
$9.95
100%
Training
8.0
€3
100%
Email
8.1
$2
100%
Phone
9.0
$6.99
100%
Live support
8.0
free
99%
Live support
8.8
$8
N/A
Tickets
7.8
by quote
100%
Phone

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Selected products (0)

Our Score Read More

Our platform employs our proprietary SmartScore™ method to test all the products in the Expenses Management Software category in orded to help you get the best possible software. It takes into consideration the following aspects: cruscial modules, collaboration features, custom elements, available integrations, intuitiveness, help & support, how secure a software is, mobile support, media rating. Currently, FreshBooks is the leader in this category and we gave it the highest score in our tests. Following detailed research and analysis it got the best results among its competitors and we strongly suggest that you consider it as one of the choices for your business.

User Satisfaction Read More

A look at general user satisfaction with the solutions in our Expenses Management Software category calculated using our unique algorythm that finds user reviews, comments and opinions across a wide set of social media platforms in order to help you make an informed purchase decision.

99%

97%

100%

96%

99%

94%

99%

99%

98%

100%

Pricing Read More

Every vendor in the Expenses Management Software category will provide a different set of pricing plans for its service and every package will include a different set of elements. Below we list the overal pricing for the cheapest package available for each app. Please note that advanced features may cost extra.

$15

$9

$9

$10.36

by quote

$10.36

by quote

free

$15

$6.99

Devices Supported Read More

An analysis of what type of devices and operating systems are supported by the listed B2B tools in the Expenses Management Software category, including mobile platforms and web-based solutions.

Windows

Android

iPhone/iPad

Mac

Web-based

Laguages Supported Read More

Learn which languages and geographies are supported by the top B2B solutions in the Expenses Management Software category, including spftware designed for international markets and created for multi-cultural teams of employees.

USA

China

Germany

India

Spain

France

Russia

Pricing Model Read More

Examine which pricing packages are supported by the vendors in the Expenses Management Software category to see which one matches your business preferences and budget best. Keep in mind that some apps can provide free or freemium accounts for you to try out first.

Free

Monthly payment

One-time payment

Annual Subscription

Quote-based

Customer Types Read More

An analysis of what types of customers a given B2B solution in the Expenses Management Software category aims for, from small businesses and non-profits to large enterprises.

Small Business

Large Enterprises

Medium Business

Freelancers

Deployment Read More

An overview of what styles of service deployement are offered by every B2B vendor in the Expenses Management Software category. Although almost all modern SaaS services are cloud-based some solutions may offer an on-site deployment model too.

Cloud Hosted

On Premise

Open API