Find out more about Expenses Management Software
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
Best Expenses Management Software
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 program 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 for you? Let our guide assist you.
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The best way to go is to sign up for at least a few free trials and basic unpaid plans from the vendors that are popular. With that method you will have the opportunity to test the important elements and you will get a good overview of the capabilities of each app. The best thing to do is to try services that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the accounting and finance software category and choose the best expense management software for your company: FreshBooks reviews, Intacct, Xero, Zoho Books, Zervant, AccountEdge, Float, and AppsForOps Expense Claim.
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.
- FreshBooks: One of the best cloud solutions for small companies 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 Expense 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. 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.
All Expenses Management Software Reviews
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Our site uses our special SmartScore™ algorithm to examine all the applications in the Accounting & Finance Software category so that we can help you pick the best possible application. It compares and contrasts the following aspects: key functionalities, collaboration tools, customization, available integrations, intuitiveness, help & support, how secure a software is, mobile support, ratings in media. Currently, FreshBooks is the leader in this category and we gave it the highest score in our tests. After thorough examination it received the best results among its competitors and we strongly suggest that you include it as one of the alternatives for your business.
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Every vendor in the Accounting & Finance Software category will offer a different set of pricing plans for its app and each plan will include a different set of features. Below we list the overal pricing for the cheapest plan offered for each app. Please note that advanced features may have an extra cost.
An overview of what kind of devices and operating systems are supported by these B2B services in the Accounting & Finance Software category, including mobile platforms and web-based solutions.
Check which languages and countries are supported by the best B2B solutions in the Accounting & Finance Software category, including apps designed for international markets and created for multi-cultural groups of employees.
Examine what pricing packages are offered by the vendors in the Accounting & Finance Software category to see which one suits your business requirements and budget best. Keep in mind that certain apps can provide free or freemium accounts for you to test first.
A brief look at which groups of clients a specific B2B platform in the Accounting & Finance Software category is designed for, from small businesses and non-profits to big enterprises.
An overview of what styles of software deployement are provided by each B2B vendor in the Accounting & Finance Software category. Although the majority of modern SaaS services are cloud-hosted some solutions may offer an on-site deployment model too.