There are many different types of expense management software solutions on the market. While the process of selecting one may seem complex, it is actually very simple. Here are three popular options: SAP Concur, TripActions, and Brex. Read on to find out more about each one. We have also provided a brief comparison of each solution to provide an idea of what to expect. You will be able to compare features, costs, and support for these programs in our comparison chart below.
What is Expense Management Software?
If you’ve been struggling with excessive monthly expenses, you’ll want to consider re-evaluating your expense management system. Effective expense management software can help you manage and track your business expenses while ensuring that you don’t miss any expenditures. Here are some of the benefits of expense management software:
Expense management software helps you maintain data accuracy and easily distinguish between legitimate and illegitimate expenses. Unlike paper, expense management software categorizes expenses into categories and reports on every claim made. Furthermore, expense management software is highly customizable. It also tracks legislative changes automatically, allowing you to approve and pay off expense claims faster. It can also help you analyze employee spending patterns. It helps you stay compliant with government regulations and help you manage your business expenses.
Expense management software automates the time-consuming task of tracking and approving expenses. It has built-in business analytical reports that allow admins to monitor employee spending. This allows the finance team to review expenses and make adjustments to policies. They can even negotiate vendor discounts with vendors. Additionally, expense management software lets finance leaders monitor expenses and plan their budgets. With accurate expense reports, it will be easy to track and control your business expenses.
SAP Concur Expense Software
SAP Concur Expense Software is an expense tracking software that integrates with existing SAP systems and provides team-wise and aggregated reports at the leader level. Expense tracking is a challenging task in the corporate world, and companies with more than a thousand employees will find this solution to be fairly priced. But for smaller businesses with less than 15 employees, it can be a challenge to implement and adapt to the new system. Its standard flow and centralized data provide good visibility throughout the organisation and allow auditing of employee transactions.
The software supports multiple expense types and helps manage multiple budgets. There are several ways to import receipts into Concur. You can either import them directly from an existing accounting system or manually enter the information. The latter option is beneficial for those who want to separate personal expenses from business ones. Additionally, business meals can be entered manually, with attendees added to the account. Besides that, e-receipts help you avoid the trouble of uploading receipt images into the system. This feature can be enabled on your user’s profile options page.
TripActions Expense Software
With the recent release of its Enterprise Edition, TripActions has increased its value proposition in the expense management market. As most employees work from home, the software helps companies reduce expenses and make the expense reimbursement process more efficient. In addition, the software eliminates the need for end-of-month expense reports. All users need to do is fill out an online form and upload photos of receipts to process reimbursements. And it is available for both Mac and Windows users.
This powerful expense management software streamlines the payment and accounting process. TripActions Liquid helps finance departments by auto-reconciling all expenses in real-time. The software connects with ERPs, giving finance professionals a single source of truth. It also integrates with accounting software to keep everything in one place. And if you don’t want to spend a fortune on a desktop application, you can also opt for a mobile app that tracks expenses.
Brex Expense Software
With a financial stack that includes payment processing, card processing, and account reconciliation, Brex expense software provides comprehensive expense management. Brex’s all-in-one expense management software enables business owners to do more while managing spend more efficiently. The Brex platform eliminates the need for personal reimbursements, enabling business owners to better track spending trends across departments, merchants, general ledger accounts, and even individual employees.
With Brex, businesses can control spending by setting up an expense policy tailored to their business’s needs. With automated reminders to upload receipts, Brex Premium users can monitor and track spending. They can also be alerted when a transaction goes out of policy. Premium users can also pay bills more easily, schedule payments, and receive expense reports. Brex’s Premium tier costs $49 a month and gives users unlimited access to all features.
Brex is a Fintech company that offers business credit cards and cash management accounts. Unlike traditional banks, Brex does not have a physical bank account. It offers credit cards and accounts that are FDIC-insured. With powerful expense tracking capabilities and card features, Brex allows users to track expenses quickly and easily. Brex also allows users to approve or reject purchases directly in the account, allowing them to follow up on spending by staff.
Zoho Expense Expense Software
As an expense software, Zoho enables businesses to automate receipt management, track and forward digital receipts, and respond to reimbursement requests quickly with paperless automated services. Zoho Expense helps businesses manage different types of expenses, such as per diem and billable expenses, and streamlines the entire purchasing process. The software’s customizable approval flow allows users to create expense reports that adhere to local tax laws.
Users can also select which employees are allowed to use Zoho Expense. Active users are allowed to create expense reports and expense creations through autoscan. Active users can also purchase additional licenses. This way, they can control the number of active users. Zoho Expense can also automatically create expense reports for a number of users. This feature is especially useful for businesses that use expense reporting frequently.
With its built-in policy enforcement and compliance checking features, expense management software streamlines and expedites the process of processing and approving employee expenses. This feature saves time for finance teams because they no longer have to manually review expense reports and determine whether they’re accurate or not. Finance teams can also modify expense policies to suit their business needs and negotiate vendor discounts. And because the software tracks and analyzes expense reports in real time, finance leaders can easily forecast and budget expenses.
Expensify Expense Software
The company promises to make expense management easy with its four different plans. While each plan offers a different set of features, all offer a free trial, so it’s important to try out one before you make a decision. Expensify is designed for businesses, so it may not be the best option for small-to-medium-sized businesses, but it is a great fit for enterprises.
Once installed, Expensify imports receipts automatically. It also features an optional GPS mileage tracker. This expense management software also automatically adds receipts to the open reports. Lastly, it checks open reports nightly for violations, and moves them to the next report. Expensify allows you to create reports with the click of a button, which means your employees don’t have to worry about keeping track of paper receipts.
The sign-up process is relatively simple. The system has a concierge bot that can help walk you through the process. The software also integrates with numerous services, including food delivery and catering services, point-of-sale systems, and more. There are also useful videos available online to help you get started. Expensify also automates the expense reporting process. This is particularly helpful for businesses that use bookkeeping services to keep track of expenses.
Pleo Expense Software
Pleo is an expense management software solution that automates expenses reporting and allows businesses to share corporate credit cards. Pleo supports both physical and virtual company cards, and allows users to manage receipts, spending limits, and reimbursements in real-time. Other features of Pleo include fraud detection, permission management, and image capture. Pleo’s features help businesses reduce spending and streamline their workflows.
The expense management process can be complicated and time-consuming for many small-to-midsize companies. Top management typically has a few company credit cards and these are often loaned out to team members. Finance departments must maintain receipts for each card and keep a balance on each one so they can make reimbursements. Pleo’s expense management software solution helps streamline the process for companies of all sizes.
The company’s business model is based on transparency and trust, which encourages a work environment based on openness and transparency. Pleo has raised $150 million in Series C funding in July – the largest Series C in Denmark. Thousands of companies rely on Pleo to keep track of expenses and pay employees. If you’re interested in Pleo, download the free trial to see how it can streamline your expenses.
Airbase Expense Software
The company’s latest feature is a COVID-19 dashboard. This will help companies identify locations where the rate of COVID infection is high. In addition, the company plans to launch a business travel carbon emissions tracker in April 2021. Airbase is rapidly improving its features based on customer feedback. The company offers early access to beta features to further improve its software. But the software still lacks the features to completely replace other expense management solutions, like Expensify.
This expense management software platform helps companies gain visibility and control over spend. Its products include a corporate card, AP accounting, and employee reimbursement. The company’s users can control all of these transactions using an intuitive web-based dashboard. Airbase also automates and deploys pre-approved policies, resulting in a quicker close and greater visibility. The company’s users can manage the system from a CFO perspective or employee-facing. Airbase also helps organizations streamline payments by bringing all payment methods into a single, integrated platform.