Using manual processes, primitive ways of keeping records, and having handwritten notes is not convenient in today’s time. Companies need effective methods to manage and keep track of their expenses.
Small businesses, startups, and mid-market companies, often handle their work using spreadsheets, paper forms, and other manual methods. As they don’t have many transactions yet. But whenever it comes to handling many employees, locations, customers, etc. It can be problematic to manage the records of expenses.
In this situation, businesses have to change their working styles or take the help of expense management software. We’ve come up with a guide for the best Expense Management Software. Let’s get started:
What is Expense Management Software?
An expense management software is used for reporting, submitting, approving, refunding, and examining overall expenses in the business.
To keep running any organization it is important to have an eye over the complete expenses of the organization. From office supplies and credit and collection fees to Bank fees and maintenance and repairs, employees are to incur every expense. Here, expense management software helps in how employees should pay for business expenses and tracks their spending.
Benefits of Using Expense Management Software
Expense management software can improve productivity, and employee satisfaction, and can save time. It helps in saving costs and gives better compliance. So here we are going to deal with the points which tell what benefits are provided by an ideal expense management software:
1. Provides Faster, Simpler Processes
Earlier using paper, attaching receipts, and passing the reports by managers used to drain the time and energy of the employees. Expense management software on the other hand saves time and energy.
Expense management software help makes manual processes automated. Employees have to click on submit and the report is automatically transferred to the respective person. At the end of the process, the manager approves that report even in the absence of the employee. It improves the workflow of any company.
2. Faster Employee Reimbursement
Expense management software provides faster employee reimbursement. This encourages the employees to send their expense reports on time. After all, it improves the satisfaction of the employees.
3. Fewer Delays and Errors
Needless to say that software is faster and more accurate than humans. Using expense management software helps in accurate calculation and error-free accounting.
For instance, employees can feed duplicate values into the spreadsheet or sometimes forget to feed some values on the report. This can lead to making all transactions inaccurate but using this software prevents us from these situations.
4. Enhanced Fraud Prevention
According to the Association of Certified Fraud Examiners, 20% of businesses with fewer than 100 employees recorded fraudulent expense reimbursements. Keeping this report in mind we can understand that businesses get fake entries from trusted employees or contractors.
But thanks to expense management software enhanced fraud prevention, businesses can protect themselves.
Top Expense Management Software
We have mentioned some of the best expense management software in the market in 2023. Read till the end and make your decision.
1. Paramount WorkPlace
Paramount WorkPlace is at the top of this list. It comes with a 5 out of 5 rating from its users. It offers a seamless user experience. Paramount WorkPlace has a very handy interface and the software helps users to create reports using accurate information from the receipt. It also comes with OCR technology, making it the finest expense management solution.
- It is recommended for all sizes of businesses.
- It comes with seamless real-time ERP Integrations.
- It offers real-time integration with banks supporting OFX.
- It supports mobile entry and approvals.
We kept the Airbase ERP in the second position as it also provides some of the best facilities. It is a cloud-based expense management software. It aims to gain total visibility into your workforce’s spend. The software was developed to help organizations control their expenses in the best possible ways.
- It is recommended for large businesses.
- It comes with real-time reporting, corporate virtual cards, and bill payment automation.
- It accepts both virtual and corporate cards and can be used by employees. It supports mobile entry and approvals.
Divvypay is one of the most popular EMS. It has an amazing single and centralized dashboard. The software offers control of your business spending without breaking a sweat. It has an instant reconciliation policy.
- It is recommended for small to large businesses.
- It monitors expenses in real-time.
- You can check your employee’s spend 24/7.
- It categorizes transactions automatically.
4. Zoho Expense
Zoho expense is one of the popular software in the field of expense management.
It provides a fantastic experience to the users. It’s the best expense management software for small businesses. You get comprehensive insight from the various aspect of the reports. Let you know about the spending across its various department.
- It is recommended for small to large businesses.
- It supports multiple currencies.
- Receipt upload and management
Price: Free plan available, starting at $5/month.
5. Emburse Spend
Using Emburse Spend you definitely get a smart and intuitive analogy about employees’ spend. It comes with a centralized dashboard. It is completely designed for real-time analytics.
- It is recommended for real-time analytics.
- It provides complete spending insights in real-time.
- Automatic reconciliation.
FAQs about Expense Management Software
Expense management software refers to the software that is used for tracking, and managing the expenses of employees in an organization. It can simplify expenses, and help organizations prevent unnecessary expenses and fraudulent reimbursements.
Features that facilitate recording expenses, consignment management, fee merging, receipt management, software program integrations, and approval method manipulation are some of the most vital facets located in such software.
Well, it depends on which facilities you are looking for. Most companies provide their service for $4.99 per month for a single user. But again it will depend on your requirement and the size of your business.