Expense tracking and management is a very complex thing to do, especially when you have 100s to 1000s of expenses to compile. There, you cannot afford to immerse yourself in paper piles to record and compile bills and receipts. Phew…imagine how much time you would waste.
Yes, we know you want the best expense management software that does more than recording and compiling expenses. We heard you. Following we have compiled the 10 best expense management solutions, proven to have the best features and capabilities.
10 Best Expense Management Software – Worth Taking Demos of!
Here are the 10 best expense management software choices, to help you simplify expense tracking and management.
1. TrackoField Expense Management Software
TrackoField is an intuitive and easy-to-useexpense management software, suited to businesses with field staff or service needs. The platform makes it effortless for field employees to submit their expenses with valid invoices.
In parallel, no matter how many approval managers are on the line, the software simplifies the hierarchy and aids in quick approval — that too with notification. Executives receive notifications on every step of the way.
Zoho Expense is another leading platform that lets you plan travel itineraries for business and automate expense tracking. Integrated with an Autoscan receipt scanner, it makes scanning receipts or invoices effortless. Its Autoscan feature as a part of Zoho expense free trial software is now offering20 free scans/calendar month— to support small businesses and freelancers.
Moreover, it gives options to create and submit reports in a jiffy. It lets managers approve reports and trips with a click of a button.
What’s exclusive about Zoho?
It lets you scan receipts in 15 different languages.
Let you connect your personal and corporate credit cards to read them and convert them into expenses.
Lets you add expenses even when you are offline, and syncs them once you are back on the network.
3. Expensify – “Expense Tracker”
Expensify is another popular expense tracking and management software that helps streamline travel receipts. It compiles all the receipts through its easy-to-use scanner.
A very helpful tool for personal finances or businesses wanting to track business expenses. In the app, you just have to take photos of the receipts and upload them, and further, its automatic expense categorization feature will easily segregate the expenses. It lets you customize categories as per your needs or liking. Mainly, you can track and manage expenses related to:
And other miscellaneous expenses
This best expense management tool is easy to sync with the internal accounting and finance tools you use. It also has multi-currency support, making it easy to manage expenses across the world.
Best part?You can integrate Expensify seamlessly with popular work management tools likeNetSuite, Xero, Quickbooks, Uber Xero, etc.
Rydoo is a breakthrough expense management tool that lets you automate expense flows and streamline reimbursement cycles – without any headache.
Your employees can effortlessly snap pictures of receipts through its exclusive Rydoo mobile app. The same is easy to forward via e-mail to the managers on the receiving end.
Best part?This AI-powered app reads the receipt date, amount, and merchant and turns it into an expense in digital format. Cool right? It doesn’t let the expense get stuck in an endless loop, managers receive the claim as soon as it’s initiated — to further approve and reject (as they prefer).
Happay is another renowned expense tracking platform that makes it easy for staff or executives to report & submit expenses while additionally enjoying:
Detailed travel reports
Options to request advance money
Track employee mileage digitally (at any hour)
Best part?This app has options to auto-create expenses by reading invoice-based messages or capturing bill receipts.
6. SAP Concur
SAP Concur lets organisations and individuals automate spending processes efficiently from anywhere and anytime — that too under any circumstances.
This tool is the best pick for organisations looking to automate expense reporting, fast-track approval processes, and bring in visibility about spending habits.
Users like its user-friendly interface, unmatched mobile capabilities, and seamless integration with internal accounting systems. The tool is very well applauded for simplifying and letting businesses enjoy comprehensive control with insights into their finances.
Mesh is another one of the leading expense management software — sorting travel expenses for individual travelers, travel managers, accountants, or executives. The software offers a streamlined and automated receipt collection module to make reconciliation fast and efficient. Very useful to record expenses around travel, office supplies, vendor payments, and other miscellaneous expenses.
Moreover, it effortlessly supports multi-ERP integration, making expense claiming and reconciliation quick and headache-free. It also offers a plug-and-play card to manage spending and check the balance.
Ramp is another best-in-market expense management software that lets you promptly collect and match receipts viaSMS, and mobile app, and is easy to integrate with platforms likeGmail, Lyft, and more.
Ramp makes it effortless to compile expenses by routing transactions to the right limits, generating receipts for purchases, and saving recurring memos.
The Airbase expense management tool amalgamates three important processes ofexpense management, bill payments, and accounting— all in one place. It amazes users with its intuitive controls, real-time insights, and customizable workflows.
A perfect match for businesses that want to simplify their finance-related admin tasks — right from expense claiming to reimbursement. Suitable for businesses that want to ensure great transparency and compliance in their routinal, not just expenses, but complete finance management tasks.
Pleo helps forward-thinking organisations and teams effortlessly manage and control their expenses. It gives them a 360° view of their company’s spending. Pleo offersphysical and virtual cardson which you can set spending limits and freeze these cards from a distance (in case of suspicion).
Whenever a team member makes any purchases for organizational purposes, they can snap the receipt, and managers will get notified about the same in a jiffy. Which will further help to proceed with the reimbursement process.
This tool reduces manual efforts and frees admins from tedious, red-tape expense reporting and management tasks.Best part?Pleo can seamlessly integrate with accounting software that you use daily, like Quickbooks, Sage, Xero, etc.
Here’s Your Final Takeaway!
When choosing an expense management software, it’s important to go for the one that does more than just lodging expenses. You need much more than that. You deserve software that lets you segregate expenses, manage approval from multiple managers, alert about the application process, and even gives liberty to put a spending limit.
If choosing is overwhelming from the above, how about you take afree demo of TrackoField? Surely, you’ll like it and get addicted to its feature-packed capabilities.
FAQs on Best Expense Management Software
What is expense management software?
Expense management software is a platform that simplifies the process right from expense claiming to final reimbursements.
Which is the best expense management software?
TrackoField offers easy-to-deploy expense management software, featuring an intuitive interface and expanded functionality including:
- Easy option to report expenses with proof
- Manage hierarchy approval
- Put the cap on expenses
- Segregate expenses based on travel, stationery, food, and office supplies and miscellaneous.
Nandita is a Content Lead at TrackoBit. She is passionate about writing factual and thought-provoking pieces that help readers remove complexities from fleet management. When she’s not on her desk scribbling words, she’s either sipping tea, dancing, or heading toward gym.
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