Expense management software makes it easier for employees to create and submit expense reports and for employers to track work-related expenses. This software can automate expense submission and the reimbursement process, generate records for tax purposes and help employers ensure that their workers use their expense accounts correctly.
Top 10 Best Rated Expense Management Software
Founded in 2002, Neat offers document scanning through its sleek InDocument Identification Technology (ID2), which transforms information on paper into digital data, as well as a cloud service and software for document management.
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Certify is a relatively new expense management software. It offers the ability to upload receipts and expense reports from any device; its mission is to help business owners and employees manage expenses on the go.
Concur has been in the news recently for its partnership with Starbucks. This software offers traditional expense reporting services as well as integration with local businesses to make expense reporting easier.
Expense Path has been providing small- to medium-sized businesses with online expense reporting since 2010. It offers receipt and expense report uploading as well as other services for small business owners and employees.
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DATABASICS has been offering web-based business software since 1997 and has moved into cloud-based expense reporting services. It has received the Deloitte Fast 50 Award for a variety of services including its customer service.
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Replicon focuses on time-saving measures for businesses. It tracks time and expenses for companies in five countries around the world, allowing employers to ensure that employees' time cards are accurate and complete.
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Coupa was founded when online shopping was new with the intention of providing businesses with affordable products and a great shopping experience. It offers expense management services as well as business-oriented products.
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SutiExpense is one of several softwares Suti offers to cut down on fraud and other business security risks. It offers integration with business accounting software as well as expense tracking and timesheet tracking.
Insperity began as a brick-and-mortar business consulting company in the 1980s. Today, it offers expense management software and other online business solutions to try to streamline business functions in the online world.
ExpensePoint is an expense management product offered by GlobalPoint, an international business serving companies on five continents. It offers a variety of expense tracking services to businesses all over the world.
What features matter most?
Expense report generation
One of the primary purposes of expense management software is to make the process of generating expense reports easier. Users can submit information online and send the report directly to the manager in charge of authorizing reimbursement.
- Mobile report creation: Users can create and manage expense reports from smartphones or other mobile devices, allowing them to report expenses immediately after incurring them.
- Email alerts: Managers receive an email whenever a new expense report is generated, allowing them to review it immediately.
- Remote documentation upload: Employees and managers can upload or download supporting documents when they generate a report. Mobile access to this feature allows them to send and review documentation right away.
Payment request automation
When employees request reimbursement for small purchases, they need to receive an answer right away. Most expense management software packages automate this process.
- Automatic validation of requests: The software checks requests for accuracy and ensures that there are no duplicate requests.
- Tracks and allocates requests: Most software packages track requests by employee and ensures funds are allocated to the correct entity.
- Automation of codes: The software assigns project, general ledger and other codes based on the information employees provide in their payment requests.
Some expense management software tracks time. Employee timesheet accuracy is vital to ensuring employees get paid correctly and fraudulent practices, such as signing in when not actually at work, are eliminated. Time spent on projects is tracked for accurate client billing.
- Online time reporting: Employees can report the hours worked on a project or spent in the office using an online tool.
- Mobile support: Many timesheet programs allow users to sign in using their mobile phones. Employers can also verify and correct timesheets from their mobile devices.
- Quicker processing time: Submitting timesheets online using automated systems can help speed up the processing time.
Digital receipt management
Employees can submit digital receipts and don't have to carry paper evidence of their expenses.
- Cloud storage of receipts: Digital receipts may be stored in the cloud. Using cloud storage makes it less likely that receipts will be lost and allows managers easy access.
- Instantaneous upload: Users can upload receipts at the same time that they submit expense reports, which can make processing easier and faster. Receipts are created with digital photos, by fax or by forwarding email receipts.
- Better records: Users don't have to worry about losing receipts prior to reimbursement or misplacing documentation needed for a tax audit.
Policy compliance checks
Expense reporting carries the risk of inappropriate or fraudulent payment requests. Automated policy compliance checks help reduce these problems.
- Track limits: If a business' policies include caps on reimbursable travel or other expenses, the software can track these limits and block requests that exceed them.
- Automated approval/denial: Employers can set parameters for expense request approval based on their policies. The software will automatically approve or deny requests based on these limits.
- Expense comparison: When a request comes in, the software can compare budgeted expenses to the actual expenses reported and use this information to create future budgets for the company or the individual employee.
Mobile device support
When choosing espense management software, considering mobile device compatibility is important for many consumers on the go.
- Complete functionality: Employers and employees can sign in and perform the same tasks with their mobile devices that they would do from a desktop, laptop or mobile app. Make sure the mobile platform your company uses is supported.
- One touch approval: Managers can sign in and touch a button to approve expense reports.
- Remote access: Managers and employees can access the software while on the road, making the expense report process easier.
What are different types of expense management software?
Expense reporting software
This software allows users to track and report their expenses. It doesn't offer other expense management functions.
Timesheet software acts as a virtual time clock. Employees can clock in and out, track their hours, check how much vacation time they've accrued and otherwise manage their timesheets. Administrators can see how time is being spent on projects and can accurately invoice clients that are billed for time and expenses.
Integrated expense management software
Integrated software performs a variety of expense management functions. The software is highly customizable to fit the business, to track compliance issues and store receipts and other documentation of expenses. This software automatically sends data to accounting software.
Who's it for?
Employees who travel
Employees who engage in a lot of work-related travel will want to use expense management software to track their travel expenses and request reimbursement.
Independent contractors often find expense management software to be helpful for tracking billable hours and project related expenses.
Accounting department executives
Accounting department executives at large businesses use expense management software to help automate expense reimbursement and generate accurate records for tax purposes.
Payroll departments use timesheet software and other expense management software to ensure payroll accuracy.
Small business owners
Small business owners who handle expense reporting, budgeting and payroll processing often find expense management software helpful.
The Neat Company makes scanners and software for individuals and businesses that can help with organization and management. Their products are available at national retailers, including Staples, BestBuy and OfficeMax.
- Affiliate program: Earn a small commission when you refer sales to neat.com when you put their link on your website. Find out more by visiting Neat’s website.
- Free trial: Individuals and businesses can enjoy a free trial of Neat’s premium software in two ways. They can either try the software free for 30 days or receive a full year of Premium software for free when they buy a Neat scanner. Neat scanners come with a 30-day money back guarantee.
- Neat scanner bundles: Neat offers several scanner bundling options that all include one year of Neat Premium Software. Choose from NeatReceipts , NeatDesk and NeatConnect.
- Industry focus: Neat scanners and software are helpful for many industries, but they have specific solutions for accounting, construction, legal, real estate, insurance and small businesses.
- Everywhere access: Neat’s software is available on all of your devices, thanks to their mobile and tablet app. You can also log into cloud.neat.com for full access and sharing capabilities of your files.
- Best for Small business owners, payroll departments and independent contractors.
Certify is a comprehensive online expense management software package that offers several services for managers and employees and an impressive feature set for accountants. Pricing starts at $8 per user per month for the essential features for small businesses. The professional version is for companies with 25 to 200 employees and Enterprise for over 200 employees.
- Best for Employees who travel, independent contractors, small business owners and accounting executives.
Concur is a web-based expense management service that focuses on travel related expenses. Concur is a part of SAP, a German software company whose products allow businesses to track customer and business interactions. SAP is especially well-known for its Enterprise Resource Planning (ERP) and data management programs. Customers do not have to use SAP to use Concur. Pricing starts at $8 for a basic set of features. Features can be added like the ability to manage invoices, more detailed reporting, audit service and worldwide use in higher level packages. Expense reports are created by snapping photos of receipts using an iOS, Android, Windows Phone or Blackberry mobile device.
- Best for Employees who travel and independent contractors.
DATABASICS Expense is part of a set of three separate but related expense management services: Time Management, Expense Management and Vendor Invoice Management. This cloud-based system can be configured for your business needs and is highly customizable so you only purchase the services you need. Expense reports can be submitted and approved on iOS and Android phones and tablets. Because installations are customized, pricing varies.
- Best for Independent contractors, payroll executives and accounting executives.
SutiExpense can be configured to meet the online expense reporting needs of businesses of any size and has a flexible design with a user interface that is easy to learn. Use SutiExpense on an iOS or Android phone to create an expense report and then snap a photo of receipts which are then stored and attached to expense reports.
- Best for Employees who travel and accounting executives.
Established in 1986, Insperity offers expense management, human resource and payroll services to over 100,000 businesses globally with 57 offices in the U.S. Insperity offers bundled business services for small and mid to large business along with individual solutions like Expense Management.
- Best for Small business owners and accounting executives.
ExpensePoint is a global expense management software company that has provided worldwide services since 2000 and has clients in over 65 countries. ExpensePoint seeks to help companies of any size implement a world-class expense management solution. The software is online with Android and iOS mobile apps and cost is $7.50 per user per month. There’s a 15-day free trial.
- Best for Employees who travel, independent contractors and accounting executives.
Xpenditure has grown from a 2011 startup to a large, international service with a presence in more than 22 countries. Pricing starts at $5 per user per month and more features can be added for $7 per user per month. Sign up for a year and pricing is $4.17 and $5.83 respectively. Corporate custom pricing plans are available, and there is a free trial.
- Best for Small business owners, independent contractors and accounting executives.
Coupa has been finding ways to help companies save money since 2006. It uses current technology to help users meet their expense reporting and budgetary goals. Coupa Expenses is part of the Coupa Spend Management Suite.
- Best for Independent contractors, accounting executives and payroll executives.
Replicon is a cloud-based web timesheet and expense management app with time tracking and project costing features. WebExpense is the expense management component of Replicon.
- Best for Independent contractors, small businesses, payroll executives and accounting executives.
ExpensePath is a web and mobile solution to help small to mid-sized companies easily and affordably manage the processing of expense reports. ExpensePath has been in business since 2010 and offers a free trial.
- Best for Small businesses and employees who travel.
ExpenseOut is a cloud-based solution that helps users automate travel booking, expense claims, approvals, settlement and tracking of all expenses. Developed by Infiniti Software Solutions, ExpenseOut helps corporations and small to medium-sized enterprises manage and control business travel expenses. There is a free trial, and basic through premium packages are priced according to your business needs.
- Best for Managers and accountants in corporations, medium-sized enterprises and those who manage large sales staffs or groups of traveling employees.
Expensify is online expense management software that aims to streamline the expense reporting process. Using a mobile app for iOS, Android, Blackberry and Windows Phone devices, employees snap photos of receipts and the data extracted from the image populates an expense report. Three price points are available: Individual which is free or $5 per user per month as part of the Team plan, the Corporate plan with robust features for $9 per user per month and the Enterprise plan with variable cost depending on number of users and features. There’s a 30-day free trial.
- Best for Employees who travel, independent contractors, account department executives, payroll departments and small business owners.
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
11 – 13 Best Rated Expense Management Software
Xpenditure is a relatively new company that was launched in March 2013 after two years of research into businesses' operations and pressing needs. Its mission is to make business operations easier, smoother and faster.
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ExpenseOut is an expense management solution that leverages technology to cut the clutter associated with the process of reimbursing travel expenses. The program can create custom travel-related reports and charts.
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Expensify is a company with the mission to make expense reports hassle-free. They started in 2009 with a receipt scanning concept, they now have the SmartScan. Expensify has three different pricing options and a free trial.
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