Automate your systems with our guide to the best expense management software.
The best expense management software keeps travel costs accounted for and books balanced. There’s no doubt that business travel is the key to opening new doors for growth, but it comes with a flurry of expense receipts. From hotel spending to dinners with partners and prospective clients, costs can quickly spiral without a clear budget or travel policy.
This is where a good business spending management solution can really help – and with today’s technology, tracking and managing expenses is more efficient than ever.
Read on for our picks for the best expense tracking apps and software, no matter your business size, as well as how Booking.com for Business can help manage your expenses.
Spend management software is a digital tool used to help businesses stay on top of employee expenses. You can choose from full-service accounting software and receipt scanning apps, as well as all-in-one platforms that let you budget, track, and reconcile expense claims.
In the past, expense reporting, reimbursement, and reconciliation were all handled manually, with finance departments painstakingly entering each figure into multiple spreadsheets. A fully manual expense system leaves too much room for error, whether due to missing receipts or inaccurate calculations, all of which takes time—and cost—to verify.
Spend management software streamlines this lengthy and error-prone process through automated workflows. A good expense management solution lets employees and administrators log in to upload, track, and submit receipts for automated approval and reimbursement. It also integrates with your accounting systems for accurate and tax-ready recordkeeping, which is particularly useful for a range of business functions, including business travel management.
Of course, not all spend management software are created equal. The best expense management companies offer solutions with these features:
It shouldn’t take months of training to figure out how to use the software. You want all relevant parties in your organization to be able to use it effectively, so there should be a clear and user-friendly dashboard.
According to the Global Business Travel Association (GBTA), it takes 20 minutes on average to manually complete a single expense report, not to mention an additional 18 minutes for corrections. The best expense management software saves time and money through automation.
Storing and processing documents securely also comes at a cost. Most software will capture and store invoices, receipts, and purchase orders digitally. Employees can quickly scan documents using their phones while traveling overseas.
Rather than waiting until the end of each month or quarter to tally up expenses, look for a solution that enters all figures in real time. This ensures that travelers stay within budget.
Whether you use a basic app to keep track of expenses or a full-service solution, it should integrate with your existing software. For example, you can integrate Booking.com for Business with Expensify for a more holistic expense management option.
Now that we’ve covered what to look for, here are our top spend management software picks.
This accounting software comes with a handy automated expense tool, allowing your team members to record expenses as they happen. Along with expense management, FreshBooks also offers project and time tracking and a seamless user experience. It’s best if you’re looking for a full accounting solution.
One of the most popular accounting solutions for small businesses is also suited to spend management. QuickBooks Online offers a wide selection of expense management features. You can upload receipts from your computer, Google Drive, email, or photos for fast syncing with the system. From there, expenses are compiled into a report for rapid approval and reimbursement.
Expensify is one of the only tools on this list that’s equally suited to freelancers and larger enterprises. It automates recurring payments while integrating easily with larger, more complex software solutions and booking platforms. Users can import expenses from their corporate credit card to generate reports. Smart, data-driven features include an automated workflow, GPS mileage capture, and optical character recognition.
Part of the wider Zoho set of accounting software. Zoho Expense includes a website and mobile app for easy expense reporting. Travelers can use the mobile app to capture receipts or drag and drop scanned images into the website. The clean, user-friendly platform minimizes manual data entry where possible with automated scanning and syncing to accounts.
Certify takes all the guesswork out of spend management, streamlining travel expense reporting and accounts payable services. This tool tracks common expenses like transportation and meals, and is better for larger companies with a high volume of business travel. You can customize approval flows to ensure that all claims go to the right place for reimbursement.
Provided by SAP, Concur Expense is a spend management solution that comes with a user-friendly, secure mobile app to keep track of expenses on the go. Its clean interface features several categories, including one for travel services and another for expenses. Once expenses are entered into the system, it automatically syncs them into a report, flagging any errors before approval.
Aspire’s software gives real-time visibility over all company expenses, with receipts stored and expenses categorized automatically. Finance managers get control over the budget and approval flows, and the platform is also easy to navigate for individual team members. Aspire sets budgets at the client, team, or project level, allowing assigned owners manage expenses within teams.
If you need an expense system designed more for accountants than business travelers, ExpensePoint offers the in-depth features you need for top-tier reporting capabilities. Instead of optical character recognition, ExpensePoint uses live human character recognition to make sure vendors and totals match up. One other unique feature of this tool is its mileage tracking that calculates expenses using local fuel costs.
Finally, if you’re looking for an easy-to-use expense tracking app, try Webexpenses. This software comes fully loaded with all the features you’d want from an automated system, including digital receipt capture, intelligent receipt matching, and automatic policy checks. This business spending management tool also integrates with over 50 accounting systems and even tracks carbon emissions for more sustainable reporting.
Frequent flyers need a dedicated platform for managing business travel, which is where Booking.com for Business comes in. This one-stop shop for booking and travel planning integrates with your Expensify account for real-time expense management. Corporate travel bookings are merged with expense reports, reducing the risk of human error and ensuring timely, seamless business travel payments.
Yes, today’s best expense tracking apps are fully secure. However, before you start entering your business or personal financial details, you’ll want to do a few online security checks.
If you’re a finance or HR manager, make sure your colleagues keep work and personal log-in details separate. Keep up with all required and recommended software updates, and always back up accounts.
Looking for ways to further improve your expense management? Try using the 50-30-20 budgeting rule. The basic premise is that income (after tax) should be divided into three categories:
When applied to a business travel budget, this would mean spending 50% on required expenses like accommodations and airfare. You can then use 30% on client entertaining and travel upgrades, leaving the additional 20% as a cushion for unexpected expenses or setting it aside for reinvestment.
If you prefer to go the manual route, you can certainly use an Excel spreadsheet to track travel expenses. One option is to download an expense report template, which automatically calculates the total when you enter figures into each business expense category.
Or, if you prefer to customize your spreadsheet, create a new file. Create columns to categorize expense details with titles including Expense, Type, Date, and Amount.
With a wealth of expense management companies out there, how can you find the right fit? Consider your budget, organization size, and travel expenses as you compare options.
If your company requires a high level of business travel, a one-stop software solution like Booking.com for Business offers plenty of benefits. Business travel platforms not only offer real-time expense tracking and reporting capabilities, but also let you book flights, accommodations, and rental cars from a single platform.
That means you don’t have to collect invoices from multiple vendors. Instead, everything’s displayed in one place with a user-friendly overview. Plus, you’ll save money on business travel with access to exclusive rates.
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