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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.Show moreFull-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.Show less

How was this ranking made?

In order to devise this list of best Expenses Management Software we have researched 443 popular systems currently available on the market, comparing their features, ease-of-use, client support, offered integrations with other systems as well as mobile device support using our exclusive SmartScoreTM rating system. This list has been prepared by Jenny Chang, our SaaS authority dedicated to the Expenses Management Software category.

List of Top 12 Expenses Management Software

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1. FreshBooks

Our score: 9.8 User satisfaction: 99%

A winner of our 2019 Best Accounting Software Award, this robust cloud accounting app for small businesses makes billing easy and efficient. FreshBooks allows users to manage key processes easily from turning receipts into expense files to tracking billable hours. Special modules to manage projects and tax are also available.

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2. Gusto

Our score: 9.4 User satisfaction: 99%

Gusto is the winner of our Expert's Choice Award. It provides payroll, benefits, and workers' comp insurance to small businesses in the US. The platform is easy to use to match its comprehensive features including time-off management, contractor payments, automatic payroll tax processing, and visual org charts.

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3. CakeHR

Our score: 9.0 User satisfaction: 100%

CakeHR is a cloud-based human resource management solution designed to help businesses manage employees. Apart from the core HR, CakeHR offers six modules: Recruitment, Performance Management, Timesheets, Shift Scheduling, Leave Management, and Expenses Management.

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4. Tradogram

Our score: 9.1 User satisfaction: 100%

This easy-to-use procurement software with comprehensive features to manage processes like sourcing, purchasing, spend control, and suppliers. It ensures you get goods and services at the best prices without sacrificing quality. The platform also includes modules for inventory tracking and reports.

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5. 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. It helps users drill down into the details of their finances. Also, it helps users create possible scenarios and plan for them. It also has a robust reporting module.

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6. Sage Business Cloud Accounting

Our score: 9.3 User satisfaction: 96%

A comprehensive accounting software for freelancers and small businesses, this is one of the most easy-to-use web-based platforms available on the market. Users can manage key accounting processes like managing items, supplies, and customer accounts in one centralized hub.

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7. Zoho Books

Our score: 9.6 User satisfaction: 100%

Zoho Books is the winner of our 2017 Great User Experience Award. It is a smart accounting software designed for small businesses to better manage their finances and more efficiently control their cash flow. It is also user-friendly, with a clean design yet robust set of features that helps users generate actionable, data-based insights.

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8. FreeAgent

Our score: 9.5 User satisfaction: 93%

A financial management and accounting tool for freelancers and small businesses packed with comprehensive features including customizable invoices, automated bank feeds, and sales tax reports among others. It helps users be on top of their finances. The platform is also very easy to use, thanks to its sleek design.

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9. Xero

Our score: 9.5 User satisfaction: 97%

Xero is a popular online accounting app designed for the needs of small and medium businesses in any industry. It is one of the most user-friendly accounting solutions available today. Features include real-time tracking of accounts receivable, expenses, billing, and invoicing.

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10. BigTime

Our score: 9.4 User satisfaction: 99%

This Professional Service Automation (PSA) software helps you track time, expenses, and bills easily and collaboratively. It is perfect for consultants from individual professionals to large enterprises. With BigTime, professional services firms can concentrate on actual consulting rather than managing consultancy work and finances.

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11. JANUS Cost Control Management

Our score: 8.0 User satisfaction: 96%

JANUS is a cloud-based cost control software solution this is the beginning of complete cost control management.

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12. TimeLedger

Our score: 6.6 User satisfaction:

TimeLedger is a secure, customizable, and flexible time and expense tracking software.

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In the event you didn't find just the solution you were looking for here's a list of various categories similar to Expenses Management Software that you might want to browse through:

Expenses Management Software Guide

Table of contents

Expenses 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 do knowledgeable comparisons to choose the best expenses management tools for yourself? 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, demos, 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. We hope that these will serve as a jumping board or a shortlist. 

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 a few scenarios where we believe an advanced expenses 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 allocate expenses in advance. As a matter of fact, this maybe even more important to them, due to the fact that they have more performance assessments to make, and spending aspects to consider.
  • Large businesses trying to reduce fraud. Reducing and preventing fraud can be a daunting task for a company that hasn’t automated expenses 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.
  • Freelance professionals who need automation. If you are doing freelance work and clerical tasks are taking their toll, then it is time to outsource them to digital products. And, one key process that you can outsource is expenses management.

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 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 of 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 make choosing expenses management software tools 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 hosted on the client’s local server. They qualify as the most expensive ones, due to the fact that they require complex setup and occasionally some hardware installation.
  • Software-as-a-service (SaaS) expenses 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 expenses 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 pay for maintenance.

Key Features of Expense Management Software

These are the basic features and capabilities each expenses 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 for 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 a way, they can grab early payment discounts, strengthen compliance, reduce risks, etc.
  • Merging Expenses. Unlike traditional expenses management where there is always a risk of double entries and expense errors, expenses management programs can merge expenses, pin them to any report, and most importantly–categorize them.
  • Approval Process Control. Even if most expenses management systems allow for 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 into the system.

Benefits of Expense Management Software

These are the most distinctive benefits companies experience from using advanced expenses 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 expenses management tools 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 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 update system data in a manner that can reflect them. Meanwhile, all concerned parties are alerted to 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 these things once life becomes busier. With expense management programs, rules are rules, and there are no exceptions to them. Solutions derive from fundamental policies, and employees know in advance what they’re entitled to 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 this 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 differentiates legitimate from illegitimate expenses, it organizes them in categories and 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 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 reallocate 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 to 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.

There are certain developing trends in expenses management and accounting in general. Here are some of them that you need to watch out for.

  • Data Analytics Focus. The industry is focusing on analytics to give users insights on how they can improve their processes. More and more firms will require this. Also, more and more software providers will include and improve their built-in analytics.
  • Outsourcing. Many firms are now outsourcing accounting functions, such as expenses management to individuals and firms. Adopting a software solution is also a form of outsourcing. However, if your operations are too large, maybe outsourcing to specialists, even freelancers, is a good option.
  • Artificial Intelligence. More software providers will incorporate stronger and more efficient AI into their products. So, expect more products to have smart databases that sync bank information, merge duplicate entries, and the like. Also, expect AI to provide actionable insights based on analytics. It’s not only the clerical work that will be outsourced. It will be the thinking.

The Bottom Line

There are many factors to consider when picking the right expenses management software solution for you. However, you should mind the bottom line. Adopting a software solution is not just to help you or your team have a more convenient time at work. It is to optimize your processes and ultimately increase profit.

Thus, adopting a software should be considered as an investment rather than an expense. You should mind this investment and grow it. Also, you are not only investing in the price of the software solution per se (or the plan you choose). You would also invest time and effort into training and designing the workflow, not to mention the actual operation.

So, before you pick a software, just remember that there will be more to it. There will be birth pains before you incorporate it into your organizational workflows.

List of Expenses Management Software Companies

Order by:

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  • Newest
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  • User Score
Product name:
Category:
Smart Score:
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User Satisf.
User reviews:
Hurdlr reviews

Hurdlr

Expenses Management Software
8.7
$5
100%
CostTracker reviews

CostTracker

Expenses Management Software
8.0
$139
100%
TravelBank reviews

TravelBank

Expenses Management Software
7.6
By quote
-
Innovo Xpense reviews

Innovo Xpense

Expenses Management Software
8.0
SGD 20
-
Teampay reviews

Teampay

Expenses Management Software
7.4
By quote
93%
NumReceipt reviews

NumReceipt

Expenses Management Software
8.0
$9.99
-
Tallie reviews

Tallie

Expenses Management Software
7.6
$9
-
Everlance reviews

Everlance

Expenses Management Software
8.3
$8
-
OpusTime reviews

OpusTime

Expenses Management Software
8.0
$35
-
QuickBooks Online reviews

QuickBooks Online

Expenses Management Software
9.3
$10
94%
MobileXpense reviews

MobileXpense

Expenses Management Software
8.8
€5
100%
Rydoo reviews

Rydoo

Expenses Management Software
8.8
€6
100%
TripGain reviews

TripGain

Expenses Management Software
8.0
Free
-
EasyForm Expense Management reviews

EasyForm Expense Management

Expenses Management Software
8.0
By quote
-
dash reviews

dash

Expenses Management Software
8.0
Free
95%

Things to consider when you invest in a SaaS

There are lots of cloud-based SaaS solutions available in the market and this makes it difficult for a company to select a suitable app for their needs. The first element to consider is usability. Be sure about the changes required for your team’s processes and workflow when you implement the software. Buy a system that adapts to your workflows and not the other way around.

The second functionality to consider is the user interface. It should be uncomplicated and easy to use so that your employees get the hang of it quickly. Get them involved in the selection and usage process, and evaluate their daily requirements to find a good fit. Make the users look at the demos and try out the free trials and obtain their reviews.

The third important feature is scalability. Select a solution that can grow with your company. Though many SaaS vendors offer enterprise plans, these are costly for a lot of firms. So, check if the product allows you to export your data and move on to another solution if required. In fact, pick a provider that allows you to export your data as you can trust their honesty and they are the right type of SaaS brands you should look to collaborate with.

Frequently asked questions about Expenses Management Software

What is the best expenses management software?

The best expenses management software is Freshbooks. It is very easy to use and packed with comprehensive features, from customizable invoices to automation. The interface is well designed and very intuitive. One doesn’t to be an expert in accounting to do real work with the software. In fact, it was built to make accounting and expenses tracking easy for freelancers and small businesses.
Expenses tracking features include report filters, recurring expenses, assign and rebill expenses, tax friend categories, and many others. Moreover, FreshBooks is a complete accounting platform. It has modules for time tracking, project management, and online invoicing. All of these make it a well-rounded accounting suite.

What are the benefits of expenses management software?

There are many benefits of expenses management software. However, the specific benefits you’ll get depends on the particular platform you have and how you use it. But, there are some ideal benefits that people generally seek when adopting expenses management platforms. Here they are below. 

  • Compliance and task risk mitigation.  Many platforms have modules that readily scan, detect, and fix compliance issues. So, you can rest assured that you will avoid regulatory infractions and breach of standards. 
  • Increase accuracy. With computerized automation, you can be sure that all your entries will be accurate and you’ll avoid duplicates. 
  • Add more layers of security.  Expenses management software tools store client data on secure servers. With state-of-the-art security protocols and measures, you can trust that your important data will be safe. 
  • Save time. Thanks to automation features, you can spend more time on managing and growing your business rather than managing your records. 
  • Optimize decision making. With analytics and reporting tools, you’ll be able to know which areas you can improve and save money. 
What are the features of expenses management software?

Not all expenses management software solutions are created the same. Some cater to general needs, others are highly specialized, while many are complete accounting suites. However, there are general features that a good expenses management software solution should have. Here they are below. 

  • Expense Records. This feature tracks and records your expenses. In this way, you get to have accurate and up-to-date records of your financial information. 
  • Merging Expenses. Keep no duplicates thanks to this wonderful automation. Now, you wouldn’t worry about having multiple copies of one expense.  
  • Invoice and Receipt Management. With a module to manage your receipts and invoices, you don’t need to do this manually. You can trust that the system will process them accurately. And, you can put this key process of your business on auto-pilot and erase all your worries. 
  • Collaboration Tools. Expenses management software platforms have collaboration tools for teams to work together. This ranges from a simple commenting feature to concurrent editing of the database. 
  • Permission-Based Roles and Approval. You can configure platforms to enact a standardized workflow for approving expenses. It also lets you create accounts for employees and assign roles. 
What is the easiest expenses management software to use?

Most expenses management software tools are pretty easy to use. However, some stand out. Here are three of the easiest platforms to use for expenses management. 

  • FreshBooks. This is a comprehensive platform for freelancers and small businesses. It is easy to use that you don’t have to be an expert at accounting to set it up. 
  • Gusto. This online HR tool has intuitive controls that let you focus on getting the job done rather than managing information on a digital platform. 
  • Sage Business Cloud Accounting. This is the simplest version of the Sage accounting suite and targeted at freelancers and small businesses. It has a wide range of automation and a sleek interface design. 
What is a good free expenses management software?

A good free expenses management software is hard to find. Most companies want to monetize good software and that is fair and good. However, there are free versions of expenses management software that can count as good free ones.

One of them is Zoho Expense. Its free plan supports three users, 5GB receipt storage, one policy, and one automated workflow. It includes modules to manage mileage expenses, multi-currency expenses, basic expense rules, and customer/project tracking.

Jenny Chang

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

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