A company’s expenses and transactions must be tracked and recorded to ensure success. And expense management software aids in this endeavor. For example, expense management solutions can keep track of duplicate receipts, simplify the process of claiming tax with suitable receipts, and automate the burden of manually updating spreadsheets for various expenses. In addition, companies are greatly aided by expense management software since it reduces costs and generates data for controlling expenses.
There are several best free expense management software. However, before choosing any software, you must examine its functions for tracking and managing your income and expenses. Additionally, the best expense management system facilitates the management of customer and vendor information.
Features in the Best Expense Management Software
Here are some must-have features you will get with the best expense management solutions. Let’s have a look:
Travel Expense Management: If a company reimburses an employee’s work-related travel expenses, it needs the most effective travel expense management software. One can customize the reimbursement request approval hierarchy and manage approvals as well.
Employee Expense Management: Employees can empower with the best employee expense management software. With the assistance of best expense software, they can quickly recover any amount they have spent. In addition, one can check expenses and approve other requests on time with notifications and alerts.
Telecom Expense Management: With the best telecom expense management software, you can compute the accurate telecom expenses of your staff. This software can also track and manage data and voice services expenses.
Expense Report Management: Expense reports are straightforward and time-saving in and of themselves. Using travel expense report software, one may submit all expenses on a single form and automate the reporting process. Additionally, one can limit spending to a certain amount and specify an expiration date. In the best expense report management software, you can add custom fields and set up notifications.
List of Best Travel & Expense Management Software and Tools in 2022
1. JSM Technologies
The JSM Expense Claims Management System automates all employee expense reimbursements and claims operations. In addition, this solution covers other essential modules, such as expense claim filing, approvals, policies, and reports, among others.
Additionally, this expense management app helps make a company’s expense policy available to everybody and ensures compliance.
Key Features
- Expense claims submissions.
- Approval online by reporting managers.
- Expense reports.
2. Fyle
With Fyle’s expense management software, managers will no longer need to chase employees for expense receipts to generate expense reports. The data extraction function enabled by AI is one of the most intriguing aspects of Fyle.
This function collects information from receipts and verifies it against the company’s expense policy. Expense claims are denied if there is any infringement of the pre-established policy. Fyle’s robust interface with third-party software such as Microsoft Dynamics, NetSuite, and QuickBooks is the icing on the cake.
Key Features
- Approval processes.
- Travel requests & advances.
- Real-time expense reporting.
- Accurate data and understanding.
- Extraction of data directly from receipts.
3. Easyform
Easyform is an android and iOS-based expense management app. Despite being an app, it includes all the expense management capabilities you would expect from a piece of software. Consequently, you may manage expense records while on the move.
Easyform is an online expense manager created to manage expense claims and advance payments. After a certain point, keeping track of outstanding claims and advance payments becomes nearly impossible. However, the employee’s ledger is only a few clicks away from Easyform. With all the information on claimed and unclaimed amounts at your fingertips, it is simple and quick to make decisions regarding advance payments.
Key Features
- Helps to plan the duties.
- Offers real-time reporting.
- Emails & SMS notifications.
- Provides photo, video & digital signature.
- It includes BAR Code and QR Code reading capabilities.
4. Zento
The Zento travel & expense software enables employees to manage their business travel expenses easily. On a single dashboard, they can submit trip receipts, monitor the reimbursement status, and reconcile expense claims and payments.
In addition, managers do not need to dig for expense data to approve a claim, as the software’s dashboard provides a filtered and organized picture of all expenses. It is equally beneficial for employees and employers.
Key Features
- Processing requests for payment in advance.
- Single-click expense authorization.
- Strict safety measures.
- It is simple to attach receipts to claims.
5. Happay
The Happay employee expense management system lets employees record expenses electronically and allows managers to provide online approvals. However, the software includes additional features besides expense management.
This small business expense management software provides its prepaid card for controlling a business’s digital marketing expenses. It is an effective alternative to debit and credit cards and cash advances. A corporation can add funds to an employee’s Happay card as needed, remove cash, or disable the card as required. Using Happay, managers can monitor employee expenses in real-time.
Key Features
- Smart policy checks.
- Multi-tier approvals.
- Reconciliation summaries.
- Deadlines and reminders.
- Channel-specific limits.
6. Concur
The travel and expense management software simplifies travel expenses, entertainment expenses, and other corporate expenditures. In addition, this best expense management software for small businesses is automated, from inputting receipts to receiving reimbursements.
Its capacity to automate the expense management process leaves little space for human error. In addition, it informs both employees and managers of the company’s expense policy and contributes to maintaining transparency. In addition, the expense management system expedites the entire reimbursement procedure by tracking invoices and expediting payments.
Key features
- Its capacity to automate the expense management process leaves little space for human error.
- It keeps employees and managers informed about the company’s expense policy and maintains transparency.
- The expense management system expedites the entire reimbursement procedure by tracking invoices and expediting payments.
7. Finly
Finly travel expense management software suits all organizations, from SMEs to multinational corporations. It provides complete insight and control over business expenses by enabling administrators to track and manage spending from beginning to end.
One of Finly’s numerous modules is Petty Cash Management. This feature becomes relevant if your organization has multiple branches. Through a single platform, petty cash management enables the management of expenses across all offices.
Key Features
- Expenditure allocation and insights.
- Automated invoice and purchase order matching.
- Also, you can split payments.
- Helps manage the market’s cash flow.
- Offers visibility into business expenditures.
8. Keka
The payroll software developed by Keka includes an expense management element since its creators recognize that managing business expenses is a burden. Their expense manager for PC module enables employees to consolidate their expenses into a single batch.
Then, they might submit the same for approval by the manager. Once the submission has been submitted, the employee can track it until the expenses have been refunded.
Key Features
- Easy receipt capture.
- Expense approval policies.
- Setup mileage rates.
- Expenses per diem based on the number of days of assignment.
- Cost centers for expense reports.
9. Expensify
Expensify is a powerful and feature-rich expense tracking and management software for employees and administrators. ‘automatic accounting sync’ is one of the system’s many intriguing modules, in addition to its basic expense management system capabilities.
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According to this function, Expensify will immediately sync the required accounts in real time whenever there is a change in the accounting system about an expense account, employee, or department.
Key Features
- Automatically detects identical receipts.
- Integration with other apps to make the workflow smoother.
- Automatizes pre-accounting operations.
- Evaluate the legitimacy of all transactions.
- Ensures exchange rate accuracy.
10. Zoho
The Zoho expense management solution permits you to manage expenses from any location and at any time. A unique feature of the software is “multi-currency expense.” For example, it might be difficult for bookkeepers to handle international travel and currency concerns.
However, this travel and expense management solution converts expenses at the current currency rate and generates an accurate expense report for the finance department. Additionally, the software removes the issue of lost receipts by keeping them digitally on the cloud.
Key Features
- Allows time-saving bulk expense entry.
- You can immediately add expenses to reports.
- It digitally stores all receipts.
How Do I Find the Right Business Expense Tracking Software
Before purchasing travel expense software, there are a few pointers to bear in mind. The following are:
1. You should have a crystal-clear understanding of what you hope to achieve with this product.
2. Determine your requirements for the required technology and support in advance.
3. Be sure about the amount you intend to spend and where to run the expense management software.
4. Align your requirements with the market’s present offerings. In addition to tracking, managing, and controlling expenditures, travel and expense management software and tools automates compliance procedures. Be one step ahead with its up-to-date reports and gain an in-depth understanding of your spending. In addition, everything can be controlled on a single platform, making travel and expense management more straightforward.
