How to Find the Best Expense Management Software for Your Company?

A company’s operations get affected if its employees spend precious time on making expense reports and managers have to go through piles of information. Chances of error and delays, which can result from frustration to enquires, are a possibility. With the coming of expense management software, it has become relatively convenient for everyone to manage the expenses of a company.

What is expense management software?

Expense management software is an automated system that collects expense reports from employees, notifies the finance manager, ensures the payment, and looks out for forgers in the process.

This makes the process of expense management a walk in the park. The automated system also suggests the best deals based on analysis from different reports to reduce costs.

In this article, we are going to make a list of the best expense management software. We will categorize them into two categories based on their nature: they are essential or advanced.

Top 3 essential expense management software

  • Zoho express

It has a free tier that supports massive uploads of receipts and provides automated expense reminders. multi-currency expenses and taxes can be tracked by it. to automatically track expenses, the users can connect cards and accounts 

for independent contractors, small businesses, and freelancers; it is a great solution. It is available for free for iOS and Android devices.

  • Everlance

Everlance provides seamless tracking. The user can upload photos of receipts to import expenses. It also integrates with bank accounts and credit cards to record transactions automatically. Tax deduction suggestions based on cost are provided by it.

It is a good expense management software for freelancers, independent contractors, and small businesses. It is available for free for both iOS and Android devices.

  • Mint

It provides a simple and free solution to track expenses to budding businesses and freelancers.to help users track spending, it uses a budget category. To further organize their transactions, tags can be added by the user. It is accessible using mobile apps and web browsers. Mint is available for free on both iOS and Android platforms.

Top 3 advanced expense management software

If you are looking for an advanced software solution, go for augmented software. They allow great control. 

  • Concur

 It provides robust travel and business expense tracking. Receipts can be quickly submitted by the employees digitally through the app. in one central dashboard; the finance manager can see all the expense data. Spending policies can be altered and executed from the dashboard.

It is suitable for small and large businesses. for a small business plan that supports 25 users, its monthly cost is about eight dollars per head.

  • Fyle

a mobile-first expense management solution with multiple ways to track receipts is provided by it. Through image upload, text, or apps like Slack and Gmail, tickets can be given by the employees. The receipts are automatically checked concerning expense policies, with managers having full access to the proceedings via the dashboard. It is ideal for small and medium-sized businesses. Pricing starts at $4.99 per user per month.

  • Xero

 The aim of zero is to make expense claims fast and paperless. It promotes claim submission via image upload. A notification is sent to the finance manager as soon as an expense report is submitted. Through the dashboard, the finance manager can also monitor the spending.