Search
Close this search box.
Expense Management

Expense Management Software

Track and manage expenses effortlessly with the best expense management software. Simplify reporting, receipt tracking, and more for efficient accounting.

Top Expense Management Software

  Concur Expense
  Webexpenses
  Expensify
  Zoho Expense
  Emburse Certify
ADVERTISEMENT

Solution used by over 150,000 businesses

Boost your sales & revenue with automation.

monday.com logo
Popular on BeginDot
Salesforce CRM is a cloud-based...
Rippling is an advanced human...
OysterHR is a global hiring...
Monday.com is a comprehensive project...

Expense management software is a tool designed to streamline the process of tracking, recording, and managing expenses incurred by employees or businesses.

It automates the expense reporting process, simplifies approvals, and helps enforce company spending policies.

These platforms typically feature receipt scanning, expense categorization, and integration with accounting software, benefiting companies by providing real-time visibility into spending, enhancing financial controls, and improving budgeting accuracy.

They are particularly valuable to finance teams, project managers, and travelers who need to keep track of expenditures and reimbursements efficiently.

According to user reviews and ratings, the top expense management software includes:

factorialhr_logo

Factorial

0.0 (0)
Factorial is a comprehensive cloud-based human resources software designed to streamline HR processes including payroll, time tracking, and employee onboarding for small to medium sized businesses.
Comapare

Perimeter 81

0.0 (0)
Perimeter 81 is a cloud-based cybersecurity service that provides businesses with secure network, cloud, and application access through a zero-trust architecture.
Comapare

Sage Intacct

0.0 (0)
Sage Intacct is a cloud-based financial management software that provides comprehensive accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, project accounting, fund accounting, inventory management, and financial reporting functionalities to businesses of all sizes.
Comapare

SAP Ariba

0.0 (0)
SAP Ariba is a cloud-based procurement and supply chain management software that facilitates business-to-business buying and selling through its digital marketplace, streamlining procurement processes and enhancing supplier collaboration.
Comapare
Expensify logo

Expensify

0.0 (0)
Expensify is a cloud-based software application designed to streamline expense management processes by automating expense reporting, receipt tracking and corporate card reconciliation for businesses and individuals.
Comapare

Coupa

0.0 (0)
Coupa is a comprehensive cloud-based business spend management platform that offers procurement, invoicing, and expense management solutions to help companies improve their visibility into and control over their spending.
Comapare

Concur

0.0 (0)
Concur is a comprehensive travel and expense management solution designed to streamline booking, automate expense reporting, and provide actionable insights for businesses.
Comapare

Zoho Expense

0.0 (0)
Zoho Expense is a comprehensive cloud-based expense reporting software designed to automate and streamline the expense management process for businesses, including receipt scanning, expense recording, and reimbursement workflows.
Comapare

ClickTime

0.0 (0)
ClickTime is a cloud-based time tracking and workforce management software designed to help businesses streamline operations by tracking employee hours, managing project costs, and optimizing team productivity.
Comapare

Emburse.com

0.0 (0)
Emburse.com is a comprehensive expense management and AP automation platform that streamlines and automates the processes of employee expense reporting, invoice processing, and payment issuance for businesses.
Comapare
Popular on BeginDot
Monday.com is a comprehensive project...
OysterHR is a global hiring...
Pipedrive is a Customer Relationship...
Salesforce CRM is a cloud-based...
factorialhr_logo
0.0 (0)
94.5%
BeginDot Score
Free Version
No
Free Trial
Yes
Min Price
$4.50/month/user.
FactorialHR is a customizable human resource management software designed to automate and centralize key personnel management processes such as time, payroll, talent, and financial management in a single platform that embodies comprehensive HR management. Aimed at streamlining HR tasks, FactorialHR enables HR managers to spend more time on people-centric activities instead of paperwork. Founded in...
  • Seamless integration with mailbox and Outlook
  • Stores documents and employee records
  • Time tracking features
  • Intuitive user interface makes it easy to set up
  • Facilitates employee onboarding
  • Notification features
  • Bird’s eye view of all tasks and activities
  • Talent Performance Management
  • Occasional interface delays
  • Customer service is not very responsive
  • Limited customization options
Ease of Use
94%
Features
96%
Value For Money
94%
Support
94%
0.0 (0)
94%
BeginDot Score
Free Version
No
Free Trial
No
Min Price
$8.00
Perimeter 81 is a zero-trust network as a service (ZTNaas), founded in 2018 by founders Amit Bareket and Sagi Gidali. As a provider of cloud-based cybersecurity solutions, the company specializes in facilitating secure network access for enterprises. With a global presence, including headquarters in Tel Aviv, Israel, and offices in New York City and California,...
  • Enhanced security measures.
  • Flexible access controls.
  • Scalable cloud-based management.
  • Simplified administration.
  • Reduced reliance on VPNs.
  • Real-time monitoring capabilities.
  • Learning curve for setup.
  • Potential integration challenges.
  • Compatibility with legacy systems.
  • Limited customization options.
  • Ease of Use
    94%
    Features
    93%
    Value For Money
    94%
    Support
    95%
    0.0 (0)
    92.5%
    BeginDot Score
    Free Version
    No
    Free Trial
    Yes
    Min Price
    Custom
    Sage Intacct is a cloud-based financial management software developed in 1999 by David Thomas and Odysseas Tsatalos. Headquartered in San Jose, California, the company specializes in providing innovative accounting solutions. The software facilitates streamlined accounting processes, provides real-time financial insight, and supports automation for businesses. Designed for more than 14,000 organizations worldwide, Sage Intacct is...
  • Robust financial management capabilities.
  • Customizable reporting.
  • Seamless integration with other systems.
  • Scalable platform adapts to growth.
  • Real-time access to financial data.
  • Dedicated customer support available.
  • Steeper learning curve for beginners.
  • Additional modules may incur extra costs.
  • Dependency on internet connectivity.
  • Higher pricing for advanced features.
  • Ease of Use
    93%
    Features
    93%
    Value For Money
    92%
    Support
    92%
    0.0 (0)
    92.25%
    BeginDot Score
    Free Version
    No
    Free Trial
    No
    Min Price
    $50.00
    SAP Ariba is a leading cloud-based procurement and supply chain management software company founded in 1996 by Keith Krach. It enables efficient procurement processes, supplier management, and business transactions. Headquartered in Palo Alto, California, the platform leverages technology to drive cost savings, improve collaboration across procurement ecosystems, and enable companies worldwide to manage their supply...
  • Streamlined procurement processes.
  • Enhanced supplier collaboration.
  • Comprehensive spend analysis capabilities.
  • Automated invoice management.
  • Robust contract management features.
  • Complexity in initial setup.
  • Cost may be prohibitive for small businesses.
  • Learning curve for new users.
  • Ease of Use
    93%
    Features
    92%
    Value For Money
    92%
    Support
    92%
    Expensify logo
    0.0 (0)
    96%
    BeginDot Score
    Free Version
    Yes
    Free Trial
    No
    Min Price
    $5 per user/month
    Expensify is a payments super-app designed to simplify financial management for individuals and businesses worldwide. It combines features such as corporate cards, expense tracking, next-day reimbursement, invoicing, bill payment and travel booking into a single platform. With over 10 million users benefiting from its free features, Expensify automates the expense management process, making financial tasks...
    • Effective reporting features
    • Makes credit card statement reconciliation very easy
    • Amazing customer support
    • Seamless integration with other functional applications
    • Intuitive scan and capture capabilities
    • Drag and drop feature for receipt emails
    • Launches easily
    • Lack of year-end analysis capabilities
    • Learning curve
    • Does not support some corporate cards
    Ease of Use
    97%
    Features
    96%
    Value For Money
    96%
    Support
    95%
    0.0 (0)
    93%
    BeginDot Score
    Free Version
    Yes
    Free Trial
    No
    Min Price
    $499
    Coupa is a business spend management software developed by a company based in San Mateo, California, renowned for its intuitive user interface. The software offers a comprehensive suite of financial applications designed to help organizations manage their spending efficiently. Offering cloud-based solutions, Coupa allows businesses to streamline procurement, manage expenses, and optimize their financial operations...
  • Highly efficient cost control software provides numerous advantages for companies
  • Delivers an all-in-one approach to controlling company expenditures
  • Coupa Software streamlines various activities, thereby conserving time and minimizing mistakes
  • The software is highly customizable to meet the specific requirements of any business
  • Coupa’s capability to accept information in various formats
  • Coupa can be quite costly in terms of software
  • The customer service provided by Coupa might be restricted in some regions or for specific languages
  • It may freeze and become unresponsive, though this is infrequent
  • Ease of Use
    93%
    Features
    94%
    Value For Money
    92%
    Support
    93%
    0.0 (0)
    93%
    BeginDot Score
    Free Version
    No
    Free Trial
    No
    Min Price
    Request for a Quota
    Concur is a leading travel management software developed by the subsidiary of SAP, specializing in providing innovative solutions to facilitate the management of travel expenses and operations for businesses. Established in 1993 and based in Bellevue, Washington, United States, Concur employs a workforce of between 5001 to 10000 employees. It is renowned for its cutting-edge...
  • Upload expenses and receipts automatically
  • A streamlined process for handling exceptions and approvals
  • This product provides a smooth experience in managing expenses effortlessly
  • Incorporates a wide range of features
  • The application is capable of automatically completing several important fields, thus accelerating the expense entry process
  • The mobile feature operates sluggishly and can feel quite cumbersome
  • It lacks customization options unless an additional fee is paid
  • Navigating the travel feature is more challenging than on websites
  • Ease of Use
    93%
    Features
    94%
    Value For Money
    93%
    Support
    92%
    0.0 (0)
    93.25%
    BeginDot Score
    Free Version
    Yes
    Free Trial
    Yes
    Min Price
    $5.00
    Zoho Expense is a comprehensive expense management solution for businesses of all sizes. The software offers a range of features including receipt scanning, automated expense reporting, and expense policy enforcement. With an easy-to-use interface and the ability to seamlessly integrate with other Zoho applications, Zoho Expense aims to simplify and streamline the expense tracking process...
  • Intuitive user interface for easy navigation.
  • Expense tracking and reporting capabilities.
  • Seamless integration with other Zoho apps.
  • Customizable approval workflows.
  • Multi-currency support for global operations.
  • Mobile app for expense management.
  • Learning curve for new users.
  • Some advanced features are restricted
  • Occasional syncing issues.
  • Customer support response time can vary.
  • Ease of Use
    93%
    Features
    93%
    Value For Money
    94%
    Support
    93%
    0.0 (0)
    93%
    BeginDot Score
    Free Version
    No
    Free Trial
    No
    Min Price
    $13
    What is ClickTime? ClickTime is a cloud-based time tracking and project management software designed to help businesses streamline their operations and improve productivity. Established in 1999 and headquartered in San Francisco, California, under the leadership of CEO Jager McConnell, ClickTime assists organizations in managing their workforce more effectively. It provides tools for time tracking, expense...
  • All-in-One Time Monitoring and Task Management
  • Variety of valuable functionalities – all assembled in a single location
  • The software is easy to use
  • Great instrument for monitoring work hours
  • Detailed reports that are straightforward to interpret
  • Challenging learning process
  • Variable reporting quality
  • The configuration of the system may appear daunting because of its numerous functions
  • Ease of Use
    93%
    Features
    94%
    Value For Money
    92%
    Support
    93%
    0.0 (0)
    92.25%
    BeginDot Score
    Free Version
    Yes
    Free Trial
    No
    Min Price
    $0.00
    Emburse.com is a leading provider of spending management programs, renowned for its product, Emburse Spend. Established in 2012, Emburse delivers comprehensive solutions aimed at enhancing expenditure control, optimizing processes, and increasing spending visibility for enterprises globally. Operating in 120 countries, Emburse serves over 4.5 million users, offering a suite of tools designed for efficient financial...
  • Easy to administer Dashboard
  • Rich set of APIs
  • Great for contracted employees
  • Excellent reporting capabilities
  • Quick deployment
  • Responsive customer service
  • Intuitive user interface
  • Lost out on thousands of dollars
  • Lack of merchant info for fraud cases
  • Frequent server downtime
  • Card shutdown warnings
  • Difficulty pursuing fraudulent transactions
  • Ease of Use
    92%
    Features
    93%
    Value For Money
    92%
    Support
    92%
    0.0 (0)
    94%
    BeginDot Score
    Free Version
    No
    Free Trial
    Yes
    Min Price
    $217
    Payhawk is more than just an application – it’s your comprehensive expense management tool. This tool simplifies the process of tracking expenses and managing employee spend with its advanced features. With Payhawk, managers can effortlessly monitor expenses in real-time, eliminating the need for tedious manual tasks. Payhawk manages expenses has never been simpler. This is...
    • Easy to navigate
    • Time-saving
    • Responsive Support
    • Interface Design
    • Compatibility with other systems
    • Technical Glitches
    • Mobile App Challenges
    • Difficulties with Uploading
    Ease of Use
    93%
    Features
    94%
    Value For Money
    93%
    Support
    94%

    What Is Expense Management Software?

    Expense Management Software is a system that automates and monitors employee expenses. It’s widely used by businesses of all sizes to streamline the process of managing expenses.

    The software uses optical character recognition (OCR) technology to capture receipt details and auto-populate report fields, which reduces the need for manual data entry. It also enforces spending limits and policy rules to avoid surprises and reject erroneous submissions.

    One of the key benefits is quick reimbursements, as automated approval workflows ensure that employee or contractor reimbursements occur quickly. 

    The software also replaces manual paperwork with an automated workflow to upload, track, and submit expense receipts conveniently. Administrators can access these reimbursement receipts through a streamlined process to approve the claims while checking for any corporate policy violations.

    Furthermore, the software assists organizations in keeping track of their employees’ corporate expenses.

    What Are the Core Functions of Expense Management Software?

    Expense Management Software is designed to streamline and automate the process of managing, tracking, and controlling employee expenses. Here are some of the core functions of Expense Management Software:

    1. Automated Recording: The software automates the recording of reimbursable expenses incurred by employees.
    2. Expense Tracking: It tracks employee spending and determines how the organization will reimburse the costs incurred.
    3. Approval and Reimbursement: The software handles the approval and payment of expenses. Approved expenses are then automatically routed to accounting for reimbursement.
    4. Policy Compliance: The software aligns with the company’s expense management policy to ensure the business doesn’t overspend on approved (or unapproved) expenses.
    5. Receipt Capture: It uses optical character recognition (OCR) technology to capture receipt details and auto-populate report fields.
    6. Expense Submission: The software allows for the submission of expense reports and alerts managers to expense reports needing review.
    7. Policy Enforcement: The software enforces spending limits and policy rules to avoid surprises and reject erroneous submissions.
    8. Quick Reimbursements: Automated approval workflows ensure that employee or contractor reimbursements occur quickly.

    These functions help businesses manage their expenses more efficiently, reduce errors, and distribute reimbursements faster. They also help ensure policy compliance and provide valuable insights into spending patterns. 

    Why Should Businesses Use Expense Management Software?

    Businesses should use Expense Management Software because it simplifies processes, expedites employee reimbursement, eliminates accounting inaccuracies, improves operational efficiency, enforces policy compliance, provides real-time reports for better visibility, enhances productivity, ensures tax compliance, provides security, and is environmentally friendly.

    1. Simplifies Processes: EMS automates the expense management process, making it easier for employees to submit and managers to approve expense reports.
    2. Expedite Employee Reimbursement: It speeds up the reimbursement process, reducing the time employees have to wait to be repaid for their out-of-pocket expenses.
    3. Eliminates Accounting Inaccuracies: EMS helps to reduce errors in expense reporting and accounting, ensuring more accurate financial records.
    4. Improving Operational Efficiency: EMS can significantly increase operational efficiency by automating and streamlining expense management.
    5. Enforces Policy Compliance: Custom rules in the software can enforce company policies, detect fraudulent activities, and prevent out-of-policy expenses.
    6. Improves Visibility with Real-Time Reports: EMS provides real-time reports, improving spending visibility and enabling better financial planning and analysis.
    7. Enhances Productivity: By automating manual tasks, EMS can enhance productivity and allow employees to focus on more strategic tasks.
    8. Ensures Tax Compliance: EMS helps document all expenses for tax purposes, ensuring compliance with tax regulations and policies.
    9. Provides Security: EMS adds an additional layer of security, protecting sensitive financial data.
    10. Environmentally Friendly: As an entirely paperless process, EMS is a more environmentally friendly option.

    What Are the Potential Drawbacks or Limitations of Expense Management Platforms?

    The potential drawbacks or limitations of expense management platforms include human errors, complex approval processes, risk of expense fraud, challenges in ensuring expense policy compliance, lack of spend visibility, complicated processes, and potentially negative impacts on employee experience.

    1. Incomplete Data and Lack of Integration: Different data sources can create data silos, making it difficult to have a unified view of all expenses. This can increase errors and create inaccuracies.
    2. Manual and Time-Consuming Expense Classification: Despite automation, some aspects of expense classification may still require manual intervention, which can be time-consuming.
    3. Difficulties in Controlling Tail Spend: Tail spending (the many small, infrequent purchases made by a company) can be difficult to control and track.
    4. Poor Tracking of Cash Flow and Payment Terms: Some platforms may not provide adequate tools for tracking cash flow and payment terms.
    5. Inadequate Spend Visibility and Reporting Capabilities: Not all platforms provide comprehensive spend visibility and reporting capabilities.
    6. Not Suitable for Large Companies with Multiple Departments: Some software might not benefit a company with multiple departments.
    7. Cost: While many platforms offer cost savings through improved efficiency, the initial cost of implementing an Expense Management Platform can be high.
    8. Training and Adoption: Employees may need training to use the platform effectively, and there may be resistance to adopting new technology.
    9. Dependence on Vendor: There can be a risk of becoming too dependent on a single vendor, especially if the platform is cloud-based.
    10. Security Concerns: While most platforms have robust security measures, there is always a risk of data breaches or cyber-attacks.

    What Are the Different Types of Expense Management Software?

    The different types of expense management software are general expense management software, travel & expense software, time tracking & expense software, payroll & expense software, and workforce management & expense software.

    TypeDefinitionBest for
    General Expense Management SoftwareThis type of software processes pay and audits employee-initiated expenses. It simplifies and automates a business’ expense entry, streamlines review, eliminates paper trail and reduces administrative effort.Businesses of all sizes are looking to streamline their expense management process.
    Travel & Expense SoftwareThis software is integrated with travel management software, allowing businesses to manage travel-related expenses efficiently.Businesses with frequent travel requirements.
    Time Tracking & Expense SoftwareThis software is integrated with time tracking software, helping businesses track the time spent on various tasks and the associated costs.Businesses that bill clients based on time spent.
    Payroll & Expense SoftwareThis software is integrated with payroll software, allowing businesses to manage employee salaries, benefits, taxes, and other expenses.Businesses looking to streamline their payroll and expense management processes.
    Workforce Management & Expense SoftwareThis software is integrated with workforce management software, helping businesses manage labor costs, scheduling, compliance, and other workforce-related expenses.Businesses looking to optimize labor costs and productivity.

    What Are the Pros and Cons of Each Type of Expense Management Software?

    The pros and cons of each type of expense management software vary based on factors such as ease of use, integration capabilities, automation features, reporting options, and cost. Here are the pros and cons of each type of expense management software:

    General Expense Management Software

    Pros:

    • Streamlines and automates the business’ expense entry, reducing administrative effort.
    • Uses technology to capture receipt details and auto-populate report fields, reducing manual data entry.

    Cons:

    • May require training for employees to understand and use effectively.
    • May not be as specialized or feature-rich as other types of expense management software.

    Travel & Expense Software

    Pros:

    • Efficiently manages travel-related expenses.
    • Can be integrated with travel management software for seamless operation.

    Cons:

    • May not be necessary for businesses without frequent travel requirements.
    • Can be more complex due to the integration of travel management features.

    Time Tracking & Expense Software

    Pros:

    • Helps businesses track the time spent on various tasks and the associated costs.
    • It can be integrated with time-tracking software for better efficiency.

    Cons:

    • May not be necessary for businesses that don’t bill clients based on time spent.
    • Requires diligent time tracking from employees, which may be seen as intrusive.

    Payroll & Expense Software

    Pros:

    • Allows businesses to manage employee salaries, benefits, taxes, and other expenses.
    • Can be integrated with payroll software for seamless operation.

    Cons:

    • May be complex due to the integration of payroll features.
    • Requires careful management to ensure accurate payroll and tax calculations.

    Workforce Management & Expense Software

    Pros:

    • Helps businesses manage labor costs, scheduling, compliance, and other workforce-related expenses.
    • Can be integrated with workforce management software for better efficiency.

    Cons:

    • May not be necessary for businesses without a large or complex workforce.
    • Can be more complex due to the integration of workforce management features.

    What Are the Free and Open Source Alternatives to Commercial Expense Management Software?

    The free and open-source alternatives to commercial expense management software include GnuCash, HomeBank, Money Manager Ex, Skrooge, Budget Zen, and BudgetGrid.

    GnuCash is a personal and small-business financial accounting software. HomeBank is another free software designed to manage personal accounts.

    Money Manager Ex is a free, open-source, cross-platform, easy-to-use personal finance software. Skrooge, Budget Zen, and BudgetGrid are also free and open-source alternatives to Expense Management.

    How Do Free and Open Source Expense Management Software Compare to Paid Solutions?

    Free and open-source expense management software, while often cost-effective and customizable, typically lack the extensive features, regular updates, and vendor support that paid solutions provide.

    When comparing these free and open-source solutions to paid ones, several factors come into play. The most obvious difference is the cost. Open-source software is often free but typically isn’t supported by its creators.

    On the other hand, paid software often has support from the vendor. Paid solutions often offer more features and integrations. For example, Emburse Certify, a paid solution, offers features like GPS mileage tracking, Google Maps integration, custom reports, advanced travel and entertainment analytics, and multi-level approval workflows.

    Paid solutions often have a more user-friendly interface and better user experience. They also tend to have fewer bugs and more regular updates. However, open-source software often allows for greater customization as users can modify the source code to suit their needs.

    How Do You Choose the Right Expense Management Software?

    You choose the right expense management software by assessing your needs and goals, identifying important features, determining project parameters, selecting a project committee, and comparing your needs to available solutions.

    First, you need to assess your expense management needs and goals. This involves determining the needs within your company and the challenges you are trying to overcome by investing in an expense management software.

    Next, you should identify and decide on the most important features. These could include reporting capabilities, receipt scanning, credit card monitoring, and more. It’s also important to differentiate between “must-haves” and “nice-to-haves.”

    Then, determine the project parameters. This could involve setting a budget, deciding on a timeline for implementation, and identifying the key stakeholders who will be involved in the decision-making process.

    After that, select a Project Committee. This committee will be responsible for comparing your needs to available solutions. They should understand your specific requirements, compare different software options, and follow a structured selection process.

    Finally, compare your needs to available solutions. This involves researching various expense management software options, evaluating their features, and considering user reviews and ease of use.

    How to Assess Your Business Needs Against Expense Management Software Capabilities?

    You assess your business needs against expense management software capabilities by evaluating your organization’s specific needs, identifying key software features, checking compatibility with existing systems, considering scalability, reviewing user feedback, and ensuring compliance and security.

    To assess your business needs against expense management software capabilities, you should follow these steps:

    • Evaluate Your Organization’s Specific Needs: Consider the size of your company, the complexity of your expense reporting processes, and any unique requirements you may have.
    • Identify Key Software Features: Determine which features are most important to your business, such as time tracking, expense tracking, automated invoicing, mobile accessibility, customizable reporting, and integration capabilities.
    • Check Compatibility with Existing Systems: Ensure the software is compatible with your existing financial systems and workflows for seamless integration.
    • Consider Scalability: The software should be able to accommodate your business’s growth, offering scalable options that can adapt to changing needs and requirements.
    • Review User Feedback: User reviews can provide insights into the software’s performance and the quality of customer support.
    • Ensure Compliance and Security: The software should comply with regulatory requirements and maintain data security standards to protect sensitive information.

    What Are the Common Mistakes to Avoid When Choosing Expense Management Systems?

    The common mistakes to avoid when choosing expense management systems include not having a clear expense policy, failing to consider inventory visibility, ignoring scalability and future growth, failing to consider automation, not getting input from all stakeholders, and choosing a system that doesn’t integrate with existing systems.

    • Lack of Clear Expense Policy: One of the most common mistakes is not having a clear expense policy. This can lead to confusion and ambiguity about what expenses are eligible for reimbursement, how much employees can spend, and what documentation is required.
    • Insufficient Inventory Visibility: Failing to consider inventory is a common mistake when choosing a technology expense management solution.
    • Ignoring Scalability and Future Growth: Choosing a system that can scale with your business is important. If you choose a system that can’t handle your future growth, you may need to switch systems down the line.
    • Overlooking Total Cost of Ownership (TCO): Don’t just consider the system’s upfront cost. Also consider the ongoing costs, such as maintenance and upgrades.
    • Neglecting Data Security and Compliance: Data security and compliance are crucial. Ensure the system you choose complies with relevant regulations and has robust security measures.
    • Failing to Consider Automation: Manual expense management approaches require a lot of paper and spreadsheets. An automated expense management system simplifies the expense reporting process for employees, supervisors, and accounting teams.
    • Not Getting Input From All Stakeholders: It’s important to get input from all stakeholders before choosing a system. This includes not only the finance team but also the employees who will be using the system on a daily basis.
    • Choosing a System That Doesn’t Integrate With Existing Systems: The system should seamlessly integrate your existing systems and processes. This will ensure smooth data flow between departments and minimize manual entry errors.

    What Are the Pricing Models for Expense Management Software?

    The pricing models for Expense Management Software include subscription-based, per-user pricing, freemium, one-time license, tiered pricing, usage-based pricing, and feature-based pricing.

    • Subscription-Based: This is a recurring payment model where users pay a set fee monthly or yearly for the software. The fee often includes support, updates, and full access to the software features.
    • Per-User Pricing: In this model, the cost of the software is determined by the number of users. The more users an organization has, the higher the cost.
    • Freemium: This model offers basic features for free, while advanced features and capabilities are locked behind a paywall. Users can test the software and upgrade to a paid plan if they find it useful.
    • One-Time License: This is a traditional model where users pay a one-time fee to own and use the software indefinitely. This model may or may not include future updates and support.
    • Tiered Pricing: In this model, different tiers or levels of the software are available at different prices. Each tier offers different features, allowing users to choose a plan that best fits their needs and budget.
    • Usage-Based Pricing: In this model, users only pay for what they use. This can be beneficial for companies with fluctuating needs.
    • Feature-Based Pricing: In this model, pricing is based on the user’s desired features. More advanced or premium features are priced higher.

    How Do the Pricing Models of Different Expense Management Systems Compare?

    The pricing models of different expense management systems are compared based on factors such as subscription fees, feature sets, scalability, and the size of the business they cater to. Here’s a table showing a comparison: 

    ProviderPricing ModelStarting Price
    SAP ConcurSubscription-based$9.00/user/month
    WebexpensesSubscription-basedCustom pricing
    ExpensifySubscription-based$5.00/user/month
    Zoho ExpenseSubscription-based$3.00/user/month
    Emburse CertifySubscription-based$8.00/user/month

    What Are the Potential Hidden Costs or Fees Associated with Expense Management Systems?

    The potential hidden costs or fees associated with Expense Management Systems can include increased risk of errors and fraud, inefficient use of employee time, difficulty in tracking expenses, costs related to software updates, system integration, training for employees, ongoing support, and fees for additional features, increased storage, or higher levels of customer support.

    One of the most common hidden costs is the increased risk of errors and fraud. Manual processes are more prone to mistakes and poor management, which can lead to incorrect expenses being reported and processed, causing a loss of money.

    Another significant hidden cost is the inefficient use of employee time. Due to the time-consuming nature of manual operations, employees may spend too much time on activities like data input, expenditure reconciliation, and error correction. This not only leads to a loss of productivity but also increases operational costs.

    Difficulty in tracking expenses is another hidden cost associated with manual expense management. This can lead to a lack of visibility into spending patterns and make it challenging to identify areas of unnecessary expenditure.

    Furthermore, there can be hidden costs associated with the implementation and maintenance of the system. These can include costs related to software updates, system integration, employee training, and ongoing support.

    Lastly, some systems may have hidden fees that are not included in the initial pricing. These can include fees for additional features, increased storage, or higher levels of customer support.

    What Security and Compliance Features Are Important in Expense Management Software?

    The important security and compliance features in expense management software include data encryption, secure access controls, two-factor authentication, regular system security updates, compliance with relevant regulations, an automated approval process, and robust security features such as multi-factor authentication and regular security audits.

    Security and compliance are paramount in expense management software. A key feature is data encryption, which ensures the confidentiality of financial data and prevents unauthorized access.

    Secure access controls are also essential, allowing organizations to manage data access through role-based permissions. Two-factor authentication provides an additional layer of security, requiring users to verify their identity using a second factor.

    The software should also be regularly updated to protect against new threats and vulnerabilities. Compliance with relevant financial and data protection regulations is crucial, ensuring that the organization’s expense management practices are legally compliant. An automated approval process can be set up using rules-based workflows, ensuring expenses adhere to company policies.

    Lastly, leading expense management solutions should offer robust security features, including multi-factor authentication and regular security audits. These features safeguard the organization’s financial data and ensure transparency, efficiency, and compliance with internal policies and external regulations in the expense management process.

    However, the specific security and compliance features required may vary depending on the organization’s specific needs and context, so a thorough assessment is essential before selecting expense management software.

    Who Are the Leading Providers of Expense Management Software?

    Some of the leading providers of expense management software include Emburse Certify, Expensify, JAMIS Prime ERP, Zoho Expense, and SAP Concur Expense.

    Emburse Certify is highly regarded for its quick deployment, support for custom categories and fields, and GPS mileage tracking. It also offers over 40 built-in reports and accounting integrations. 

    Expensify is a popular choice, especially for startups and small businesses, due to its free plan. It offers unlimited receipt scanning and next-day ACH reimbursements. However, the free plan has some restrictions, such as standardized categories and no integration with accounting packages.

    JAMIS Prime ERP is tailored for government contractors and project-focused businesses. It integrates expense management into a wider array of financial and management tools.

    Zoho Expense is known for its convenience of simplified travel booking, faster expense reporting, and effective cost control. It enhances the expense reporting experience and simplifies countless business processes.

    SAP Concur Expense is another leading provider that offers comprehensive expense management solutions. It’s particularly known for its user-friendly interface and robust features.

    What Are the Best Expense Management Software Solutions in 2024?

    The best expense management software solutions in 2024 are Concur Expense, Webexpenses, Expensify, Zoho Expense, and Emburse Certify.

    SoftwareUser RatingProsCons
    Concur Expense4.1/5Easy to manage all corporate expenses and solid customization.The user interface can sometimes be a bit clunky and must submit expenses with a report, which can delay reimbursement if a problematic entry occurs.
    Webexpenses4.3/5It is an easy-to-use platform for a seamless experience with business expenses and great customer service.The user interface is a little confusing as there is a lot of information all at once on one screen, and the app sometimes crashes. A few employees have reported that the receipts they uploaded to the app have been lost.
    Expensify4.6/5Great platform for streamlining business expenses and thoroughly automated expense tracking and categorization.Month-to-month plans double the cost of annual plans and the corporate card integrations on Expensify have limited support regarding receipt imports.
    Zoho Expense4.5/5Convenience of simplified travel booking, faster expense reporting, effective cost control, and solid customization.Must submit expenses with a report, which can delay getting reimbursement if a problematic entry occurs and the inventory module needs to be worked on.
    Emburse Certify4.3/5Designed for global commerce, supporting 140+ currencies and 64 languages and quick deployment.The menu interface can be unintuitive and has limited multi-currency support.

    How to Get Started with Expense Management Software?

    To get started with Expense Management Software, you need to identify your business’s expense management needs, list the required features, involve key stakeholders, explore possible solutions, choose the right software, implement it, and continuously monitor and improve its effectiveness.

    Here’s a guide to help you get started:

    1. Identify the Need: Pinpoint the pain points in your current expense management process. Determine your expense management needs. Small businesses have fewer expenses than large corporations, while a mid-sized or larger company needs more extensive functionality, which requires a bigger budget.
    2. List the Features: List the specific features you need in the software. Think about how easy it is to use, if it has a mobile app, how customizable it is, how secure it is, what kind of reports it generates, and if it can grow with your company.
    3. Get Key People on Board: It’s important to involve key stakeholders in decision-making. This includes the finance team and the employees who will be using the software.
    4. Explore Solutions: Research and explore possible solutions. Many expense management software options are available, such as Emburse, Expensify, Zoho Expense, and others. Attend webinars, download apps for a trial, and invite some initial users.
    5. Choose the Right Software: Choose the software that best matches your business needs. Consider factors such as cost, ease of use, integration with existing systems, and customer support.
    6. Implement the Software: Start the implementation process once you’ve chosen a software. This may involve setting up the software, integrating it with your existing systems, and training your employees.
    7. Monitor and Improve: After implementation, monitor the software’s effectiveness and make necessary adjustments. This could involve tweaking your expense policies, offering additional training, or switching to a different software if necessary.

    Recent Product Reviews

    423062650_1148348276151388_3237441793575366211_n

    Freshdesk

    BeginDot Score | 94%
    Freshdesk is a customer enagement solution powered by...
    Circleboom

    Circleboom

    BeginDot Score | 92%
    Circleboom offers a comprehensive suite of solutions for...
    trafeecpa_logo

    Trafee

    BeginDot Score | 92.25%
    Trafee is one of the top affiliate networks...
    images (65) (1)

    Hypotenuse AI

    BeginDot Score | 93.25%
    Hypotenuse AI is an AI-powered writing tool designed...