Understanding Expense Management Software
If you own a business, then you know how important managing your expenses is. Expense management software is designed to help businesses automate, streamline and manage their expense tracking processes. It offers a centralized platform for recording, approving and reimbursing business expenses, making the task of managing company finances more efficient and accurate. Below you'll find important resources and information to consider when selecting the best expense management software for your business.
Popular Expense Management Software Options
Before making any decisions you should consider what your unique needs are, how much you’re willing to spend and what your company goals are. Once you know those answers, you can look at these options:
1. Expensify
Expensify is a popular expense management software known for its user-friendly interface and robust features, including receipt scanning, automatic expense categorization and real-time expense reporting. It offers a free plan for individuals and small teams. For businesses, pricing starts at $5 per user per month for the "Track" plan. It goes up to $9 per user per month for the "Control" plan, which includes advanced policy enforcement and analytics.
2. Concur
Concur is a comprehensive expense management solution with features like automated expense reporting, travel booking integration and mobile app access. It offers custom pricing based on the specific needs of the business, but plans typically start around $8 per user per month.
3. Zoho Expense
Zoho Expense provides features such as automated expense recording, multi-currency support and seamless integration with other Zoho products. You can opt for a free plan for up to three users. Paid plans start at $3 per user per month for the "Standard" plan, which includes additional features like advanced analytics and multi-level approvals.
4. Certify
Certify is ideal for larger businesses and offers features like automated expense reporting, corporate card reconciliation and robust analytics. It even supports global currencies and languages. Certify offers pricing on a per-user basis, typically starting at $8 per user per month, with custom pricing available for larger enterprises.
5. Rydoo
Rydoo focuses on simplifying the expense management process with features like real-time expense tracking, mileage tracking and policy compliance. Rydoo’s pricing starts at $7 per user per month for the "Team" plan, with additional features available in the "Enterprise" plan at custom pricing.
How Expense Management Software Helps Businesses
Streamlining Processes
Expense management software automates the traditionally manual process of expense tracking, reducing time and effort. Employees can submit receipts and expense reports digitally, while managers can approve or deny expenses with just a few clicks.
Improving Accuracy
Manual expense reporting is prone to human error, which can lead to inaccuracies in financial records. These kinds of errors can be incredibly damaging to companies. Expense management software minimizes these errors by automating data entry, improving the accuracy of financial statements.
Providing Insights and Analytics
Most expense management software comes with built-in analytics tools that allow businesses to gain insights into spending patterns. Not only is your expense management being completed quickly and accurately, but you’re also gaining the added bonus of receiving insight regarding budgeting and forecasting and identifying areas where cost savings can be made.
Enhancing Employee Satisfaction
With streamlined processes and faster reimbursement times, employees are more likely to be satisfied with the expense management system. This can lead to increased productivity, a better overall work environment and happier customers and employees.