Wide range of organization all around the world uses traditional sources for tracking and reporting expense like spreadsheets, paper-based billing, and collecting hard copies of receipts and systematic data entry to record and manage their expense. However, all the traditional ways of expense management is time taking as well as expensive.

Businesses need an automated Travel and Expense management system that saves their time and money as well as reduces errors from expense reporting. This is the place where “expense management software” stands. Read this article if you want to select the Best expense management Software for your business. 

What is expense management software? 

As common expense management ways like spreadsheets, papers, and data entry in documents, is time taking and costly then companies use automated expense management software, which let the organization manage their expense. 

Expense management software is software that automates the reimbursement process. It gives them an end-to-end solution to manage their expenses. It automates the whole process of expense management like recording expenses, submitting an expense report, streamlining expense approval, and quick reimbursement, and helps the finance team to make a data-driven decision. It is a benefit for workers, the finance, and accounting team, and managers in an organization. 

5 best expense management software

Happay

Happay is a cloud-based expense management software that is designed for businesses of all sizes. It offers features such as receipt scanning, expense tracking, and reporting. Happay also offers a virtual and physical prepaid card for employees to make expenses easier. The software integrates with accounting software such as QuickBooks, Tally, and SAP and offers a mobile app for iOS and Android devices.

Expensify

Expensify is a cloud-based expense management software that is suitable for businesses of all sizes. It offers a range of features, including receipt capture, expense reporting, and reimbursement. Expensify also integrates with various accounting software, such as QuickBooks and Xero, making it a versatile tool for businesses.

Zoho Expense

Zoho Expense is a cloud-based expense management software that is designed for small and medium-sized businesses. It offers features such as receipt scanning, expense tracking, and reporting. Zoho Expense also integrates with other software, including QuickBooks and Tally, and it offers a mobile app for iOS and Android devices.

Certify

Certify is a cloud-based expense management software that is ideal for businesses that need to manage expenses for multiple employees. It offers features such as receipt scanning, expense tracking, and reporting. Certify also integrates with various accounting software, including QuickBooks and Sage, and it offers a mobile app for iOS and Android devices.

Rydoo

Rydoo is a cloud-based expense management software that is suitable for businesses of all sizes. It offers features such as receipt capture, expense tracking, and reporting. Rydoo also integrates with various accounting software, such as Xero and QuickBooks, and it offers a mobile app for iOS and Android devices.

What can expense management software do? 

Expense management software is the best way to manage expenses and reimbursement. The best expense management software helps an organization to do the following things:

• Record expense

This software gives a way to employees to record the expense easily that they experience on the behalf of their company. With the help of such software, they do not need to collect many receipts, they can take pictures and saves the receipts to submit their expense report and claim for reimbursement

• Eliminate paperwork 

Usually, organizations need paperwork for expense recording and reporting. Automated software eliminates paperwork and helps organizations to record the expense and submit their reports through an automated online system 

• Enforcing T&E Policies 

Organizations make Travel and Expense (T&E) management policies. Employees who claim reimbursement should obey the T&E Policy. Expense management software helps an organization enforce T&E policies. 

• Quick and accurate process 

An automated system makes expense management quick and accurate by automating all aspects of the process. It gives a system that integrates all the processes like recording, submitting, approving, and reimbursement of expenses. 

• Reduce human errors 

Automated expense management software reduces the chances of errors. Humans can cause errors even if they work professionally. Automated software gives accurate data and helps organizations to make accurate decisions. 

How can you choose the best expense management software for your business? 

If you want to choose the best expense management software then you should follow the ways mentioned below: 

• Examine your existing expense management system 

First, you need to examine your existing management system. You should think about what needs to be improved, added, and to be skipped. It will help you to know your needs, problems that organizations and employees faced in expense management and things that should be updated. 

• Set goals 

Once you examine the existing expense management system of your organization then you need to set goals. Ask yourself and your workers what goals you have to achieve with a better expense management system. Review the problems of your organization in expense management and set realistic goals. 

• Set budget 

When you review your financial state then you need to set a budget for buying the best expense management software. Think that which type of solution you need and how much money you have to spend on the expense management system. 

• Find a reliable Expense Management Software provider 

When you set the budget, then you need to find a reliable and trustworthy Expense management software provider. You can consider the following: 

• Happay 
• Expensify 
• Brex 
• SAP Concur 
• Zoho Expense 

You can also search on the internet and select software which suits your need and budget 

What features expense management software should have? 

Expense management software should have the following features: 

• Integration and Customizability

The best software has integrated all the processes including filling, reporting, submission, and reimbursement. It should also be customizable which can adapt the process according to the needs. 

• Better Experience 

Good software should offer a better experience to users. Users can successfully and correctly claim their reimbursement and organization can better examine the expense report for approving reimbursement 

• Security 

Expense software should be secure. It should give good data security.