10 Best Expense Management Software 2020

[Tested and Reviewed]

Are you looking to save money and improve your company’s efficiency? 

Look no further.

We’ve researched and tested a variety of expense management software and compiled a list with the top platforms on the market.

Below you’ll find the best options to streamline your work, reduce accounting errors, and get your expenses in order.

Let’s dive right in.

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Top 10 Expense Management Software 2020

1. Certify

Certify is the best in class travel and expense management for mid-sized to large companies. It comes packed with automated expense report creation and mobile capture that turn expense reporting into a fast and easy task. Full Review

  • Great OCR capabilities
  • Features packed
  • Good tech support
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Certify is the best in class travel and expense management for mid-sized to large companies. It comes packed with automated expense report creation and mobile capture that turn expense reporting into a fast and easy task. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4/5

Business size

Mid-sized

Deployment

SaaS

Mobile Apps

iOS, Android

2. Zoho Expense

Zoho Expense is perfect for everyone from freelancers to large enterprises. The platform takes the effort out of expense management. Everything is quick and hustle-free–from submission to reimbursement. Full Review

  • Easy to use
  • Detailed reporting
  • Affordable
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Zoho Expense is perfect for everyone from freelancers to large enterprises. The platform takes the effort out of expense management. Everything is quick and hustle-free–from submission to reimbursement. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

3.5

Business size

SMBs

Deployment

SaaS

Mobile Apps

iOS, Android

3. Rydoo Expense

Rydoo Expense is ideal for the fast-growing business of mid to large size businesses. The expense platform manages expenses from anywhere at any time. You get easy to operate and control expense manager that helps you stay on top of financial costs. Full Review

  • Easy to use
  • Good customer support
  • Detailed finance features
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Rydoo Expense is ideal for the fast-growing business of mid to large size businesses. The expense platform manages expenses from anywhere at any time. You get easy to operate and control expense manager that helps you stay on top of financial costs. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

No

Reports

Yes

Ease of use

4/5

Business size

Fast-growing enterprises

Deployment

SaaS

Mobile Apps

iOS, Android

4. Expensify

Expensify is an expense management software suited to serve all. Any need— from personal financial reporting to large companies’ expense management can be dealt with through Expensify. The app manages expenses, transactions, and money in real-time through effortless data and reporting driven processes. Full Review

  • Rich set of features
  • Extensive automating capabilities
  • Simplified approval workflow
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Expensify is an expense management software suited to serve all. Any need— from personal financial reporting to large companies’ expense management can be dealt with through Expensify. The app manages expenses, transactions, and money in real-time through effortless data and reporting driven processes. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4.2/5

Business size

All sizes

Deployment

SaaS

Mobile Apps

iOS, Android

5. FreshBooks

FreshBooks is a global accounting management software designed specifically for the solo-entrepreneur. It has one of the highest customer satisfaction rates. Its 24 million customer base goes to show Freshbooks delivers one of the best expense management tools on the market. Full Review

  • Useful accounting features
  • Great knowledge base
  • Integrations are easy to add
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FreshBooks is a global accounting management software designed specifically for the solo-entrepreneur. It has one of the highest customer satisfaction rates. Its 24 million customer base goes to show Freshbooks delivers one of the best expense management tools on the market. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4/5

Business size

Solo-entrepreneurs, Service industry

Deployment

SaaS

Mobile Apps

iOS, Android

6. Sage Intacct

Sage Intacct is an accounting and financial management best for mid-sized businesses. The platform will help you take control over your financials and get you visibility throughout your business. The platform leverages financial controls to ensure security and compliance and streamlines your business processes. Full Review

  • Easy to customize
  • Detailed reporting
  • Integrates with multiple third-party apps
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Sage Intacct is an accounting and financial management best for mid-sized businesses. The platform will help you take control over your financials and get you visibility throughout your business. The platform leverages financial controls to ensure security and compliance and streamlines your business processes. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4/5

Business size

SMBs

Deployment

SaaS

Mobile Apps

No

7. Chrome River Expense

Chrome River Expense is one of the best expense and invoice management software for global travel. The app turns data into actionable expense reports and helps you automate expense management through streamlining workflows and increasing visibility and compliance. Full Review

  • User-friendly
  • Flexible workflows
  • Rules setting is easy
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Chrome River Expense is one of the best expense and invoice management software for global travel. The app turns data into actionable expense reports and helps you automate expense management through streamlining workflows and increasing visibility and compliance. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4.5/5

Business size

Medium and large enterprises

Deployment

SaaS

Mobile Apps

iOS, Android

8. QuickBooks

QuickBooks is an accounting software for small business owners. The platform offers a wide range of financial insights and organizational features. It helps you keep accounting data under control. You get to automate overdue items, payable bills, contact, and notes along with many more tasks. Full Review

  • Intuitive interface
  • Easy accounting features
  • Reliable reporting functions
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QuickBooks is an accounting software for small business owners. The platform offers a wide range of financial insights and organizational features. It helps you keep accounting data under control. You get to automate overdue items, payable bills, contact, and notes along with many more tasks. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4/5

Business size

Small Businesses

Deployment

SaaS

Mobile Apps

No

9. ExpensePoint

ExpensePoint is a global leader in expense management and is suitable for companies of all sizes. It has an astonishing receipt capture system that links credit card transactions with the application. The expense manager enables you to generate, submit, approve, and process multiple expenses in one platform. Full Review

  • Excellent automation
  • Helpful customer support
  • Very customizable
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ExpensePoint is a global leader in expense management and is suitable for companies of all sizes. It has an astonishing receipt capture system that links credit card transactions with the application. The expense manager enables you to generate, submit, approve, and process multiple expenses in one platform. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

4/5

Business size

SMBs

Deployment

SaaS

Mobile Apps

iOS, Android

10. Receipt Bank

Receipt Bank is an expense management platform for SMBs and accountants. You can send and receive records instantly. The platform accurately reads data and stores it online–ready to be used whenever you need it. The expense manager does things differently from its competitors automating over 1 million transactions a month. Full Review

  • Easy to set up
  • Excellent OCR functions
  • Integrates well with third-party apps
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Receipt Bank is an expense management platform for SMBs and accountants. You can send and receive records instantly. The platform accurately reads data and stores it online–ready to be used whenever you need it. The expense manager does things differently from its competitors automating over 1 million transactions a month. Full Review

Expense Management

Yes

Automated workflows

Yes

Analytics

Yes

Reports

Yes

Ease of use

3.9/5

Business size

Accountants, Bookkeepers

Deployment

SaaS

Mobile Apps

iOS, Android

Best Expense Management Software 2020

Here are our picks in our top 10 list.

  1. Certify– best in class travel and expense management for mid-sized to large companies 
  2. Zoho Expense– best for everyone from freelancers to large enterprises
  3. Rydoo Expense-best for the fast-growing business of mid to large size businesses
  4. Expensify– best for personal financial reporting but also large companies
  5. FreshBooks– best for the solo-entrepreneur
  6. Sage Intacct– best for mid-sized businesses
  7. Chrome River Expense– best for global travel expense and invoice management
  8. QuickBooks– best for small business owners
  9. Expense point– best values and ease of use for companies of all sizes
  10.  Receipt Bank– best for accountants and SMBs

How We Ranked The Best Expense Management Software

To give you this list of top expense management software:

  1. We researched the topic and gathered information on what makes a good expense management platform.
  2. We created a list with features the expense management tools needed to cover.
  3. We studied the available platforms and created a list with them.
  4. We read reviews, user ratings, and experts’ opinions on those platforms to come with the most preferred ones. We rated the software based on how it performed and how other users graded it. 
  5. We checked the available features and tested how they were performing.
  6. We contacted customer support when available and put them to the test.
  7. We checked the knowledgebase and how helpful the information there was. 
  8. We compared the basic features of each of the software.
  9. We checked if additional features were available. 
  10.  We looked at the pricing models and types of plans the expense management software provided and if it corresponded to the value it brought. 

And lastly, we gave our verdict based on our research. 

How We Tested The Expense Management Software

To test the software we checked the basic features an expense management software needs to have. 

 

  • Expense Management 

 

The expense report tools such software builds the spine of expense management systems. We tested the core features of each software to ensure they covered users’ needs. 

 

  • Automated workflows

 

Working with software that automates your job makes all the difference. It cuts processing time and reduces errors. We made sure we included automated workflows when evaluating the expense managers on the list.

 

  • Compliance control and security

 

Financial reporting and accounting need to follow certain regulations. When we tested the expense management software we included a comparison of features that comply and ensure secure and controlled expense management.

 

  • Analytics and reporting

 

We examined if the listed platforms had features to help analyze the expenses a company accumulates. Reporting features help pin expenses and also give insights on where they can be optimized. 

 

  • Integrations

 

Integrations play an important role in coordinating business processes. If your expense management system integrates with your CRM and accounting software you’ve saved time duplicating information from one source to the other. We’ve included integrations in the evaluation with exactly that in mind. 

 

  • Ease of use

 

The software you work with needs to be easy to use and navigate through. It needs to assist non-tech savvy users instead of creating additional work. We’ve checked which are the expense management software that best complies with that requirement. 

 

  • Customer Support

 

We went on to check what type of support you can get when working with each platform and compared how well support agents handled requests. 

 

  • Pricing

 

We gathered information on pricing options and what each of the software plans provided to check if the value was equal to the price. 

After taking these steps to evaluate the expense management software we compiled the list below.

Detailed Reviews

  • Great OCR capabilities
  • Features packed
  • Good tech support
  • Auto-generated expense reports

Certify is one of the best expense management software on the market. It delivers a great user experience and is backed with award-winning customer support. The expense management app is packed with a variety of features that can be customized to fit the needs of any organization from small businesses to large enterprises. Some of the organizations that use Certify are Century 21, Garmin, and the National Hockey League Players’ Association.

Expense Management

Certify provides a fully integrated expense management solution that can easily automate your finance-related tasks. It also gives you better control over your company expenses. Certify allows you to save time and money, and focus on more strategic work. 

Certify’s features help ensure that reports are submitted on time. You can always access real-time data and get insights into how everyone is spending the company’s resources. The creators of the platform have thought of compliance as well by providing built-in audit reporting tools that track compliance and fraud issues on time. 

Mobile App

Certify’s robust set of features is available on its mobile application as well. The software has an outstanding OCR scanning tool allowing quick reports and real-time expense tracking. The platform automatically fills expense reports once photos of receipts are uploaded in the system. The mobile app also allows geo-location, receipt storage, and reports in offline mode. 

Automated workflows

With Certify you’re able to cut significant time in expense processing through a number of automated processes. The software auto-generates expense reports and automatically shifts between online and offline functions. You can also send automated emails to employees with reminders and other tasks. The automation allows accuracy and transparency which every business needs. 

Compliance control and security

Certify’s real-time compliance control allows companies to expose any suspicious or fraudulent activity. Managers can quickly see if expenses are appropriate and approve or decline them. Employees also benefit from the compliance features of the software. They get immediate feedback if any of their reported expense is compliant or not. 

Analytics and reporting

Certify’s management software supports an automated expense report features that create expense reports for every employee. The reports can be scheduled and send automatically according to your needs. The lengthy processes of expense reporting, approval, and reimbursement are cut short and spared from any errors. You not only save time but keep control over your company’s expenses. 

Integrations

Certify finds its place in our top 10 expense management software because of its application programming interface (API). 

The software is built and constantly updated to support third-party integrations and workflows. Certify’s API allows for integrations that directly collaborate with its data. 

Anything can be customized to your ERP, payroll platforms, CRM, banking, and other payment systems. Additionally, Certify has pre-built integrations that cut the process short and make it unnoticeable. Certify integrates with NetSuite, Sage, PayCor, and QuickBooks.

Ease of use 

Certify’s interface is relatively intuitive. However, the expense management software has one of the best and all-encompassing systems. You don’t need to have any prior tech knowledge to navigate through the system but it might take time to get used to Certify’s capabilities. 

The dashboard is clear and informative. The colorful charts draw attention and add to the software appeal. 

Customer support

Certify provides telephone, chat, and email support to its customers. Additionally, there’s a knowledge base page and API support page and provided training to ease customers into the expense management software specifics. The customer support is generally knowledgeable and quick to answer. 

Pricing

Certify comes in 3 types of packages. The basic plan starts at $8 per user per month. It’s perfect for someone experimenting or not yet convinced if Certify is the right choice for them. It provides enough features to help you make a decision.

If you’re ready to explore what Certify has to offer you can choose one of the other price plans.

  • Professional plan – Price is available upon request but the plan includes the CertifyMap mileage calculator, TripCase mobile app access to flight information, and the full reporting suite among other features.
  • Enterprise plan – This subscription is also based on quotes. The enterprise expense management software has HRMS and multiple ERP integrations and is available in 64 languages and over 140 currencies.

 

The company provides demos and 14-day free trials. 

Verdict 

Certify can be a bit hard to get used to. However, it is one of the most well-rounded expense management software for the SMB market size. It includes all the necessary features to help you monitor and manage your employees’ expenses. It aids you in keeping track of where you’re money is going and what policies need adjusting. On top, the automated reports help you keep everything timely organized. The platform has a flexible integration policy and can accommodate all sorts of third-party applications. Certify’s policy is to handle integrations directly with the exception of QuickBooks. Certify is a great choice for anyone who wants to keep a detailed report on their expenses and is not afraid of the learning process. 

Zoho Expense
Zoho Expense

BEST FOR

Mid-sized businesses on a tight budget

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  • Easy to use
  • Detailed reporting
  • Affordable
  • Automated approval

Zoho Expense is an expense management software designed as a straight-to-the-point solution— one of the reasons it’s on our list. The platform is designed to deal with a specific set of tasks and the features can be easily customized to fit any business type. All Zoho software is aimed at mid-sized business and the expense tracker is no different. Some of the brands using Zoho as their expense manager are FoodPanda, Exotel, and Plivo.

Expense Management

Zoho Expense’s main features include the usual suspects- approval process control, receipt management, spend and reimbursement control,  and workflow management. They make for a quality finance and accounting software.

Mobile apps

Zoho’s mobile expense module apps are great. With a sleek dashboard design and features that automate expense reporting— the platform does its best to minimize data entry. The OCR functionalities are top-notch and receipts are automatically uploaded once scanned. You have no problem categorizing vendors and group receipts accordingly. If you by any chance enter the same receipt twice Zoho will let you know. 

Automated workflows

The automation process of the expense management software goes beyond grouping and flagging double-entries. Zoho Expense allows you to automate your accounting processes by integrating with Zoho Books. 

The automated approval is another invaluable feature that will ensure efficiency. Managers get reminders for expense approvals that they can simply click to approve or decline. Your employees are reimbursed faster and productivity is kept high. 

Compliance control and security

Zoho’s entire platform is thoroughly compliant with multiple laws and regulations when it comes to financial information, personal and accounting data, and quality. The expense module doesn’t yet have features to cover automatic fraudulent attempts from employees, like for example scanning the same receipt two months in a row. There are analytics for policy violations, however. You’ll be able to pay closer attention to employees who tend to deviate from company expense policies. 

Analytics and reporting

Zoho Expense provides analytics features that will help you stay informed and prepared to make a change whenever is necessary. The software will break down your expenses by categories— travel, business, entertainment, or anything else. The reports will show you where you accumulate most expenses and how they compare to the rest of the categories. 

You get automatic expense distribution and reports. You can pre-set the system to generate the reports in a way to fit you and in time that’s best for you. The intuitive dashboards will help you streamline travel, invoice, and expense management in no time.

Integrations

Zoho Expense integrates with various solutions— accounting software, CRM, HR, documents, financial platforms,  and invoicing. The expense module works perfectly with other Zoho software. Among the third-party integrations are those with QuickBooks, Xero, Forte, G-Suite, Slack, Evernote, etc.

The expense software can also be accessed through its API. That ensures you have the freedom to expand the platform for your needs. 

Ease of use 

Zoho Expense’s interface is intuitive to use. The dashboard presents no issues when navigating, making all the necessary information readily available for anyone with the appropriate access. 

Customer support

Zoho developers have made sure you get all the help you need when working with the expense management software. In the support section of their website, you’ll find guides, forums, an FAQ section, blogs, and webinars. Customer support is available 24/7. There’s an email option. The support agents are knowledgable but at times you have to wait a bit until they get to you. 

Pricing

Zoho Expense comes in several price packages. But as a starter, the expense management software has a free plan that covers up to 3 users and has all the basic features—  multi-currency and mileage expenses, rules, project tracking, and email support. 

  • Premium plan is for a minimum of 10 users and starts at $2.70 per user per month. The plan covers the starter package features and adds 25 automated workflows, unlimited receipt storage, auto-scans, advanced approval flows, and more. 
  • Enterprise plan includes everything Zoho can offer in the expense management section. Some of the benefits are ERP integration, TMC integration, and a dedicated Account Manager. Price is available only through a quote. 

There’s also a 14-day free trial. 

Verdict 

Zoho Expense is an affordable expense management software aimed to cover everything a mid-sized business would want. It is flexible and can fit larger organizations or solo-entrepreneurs as well. The platform has a clean interface and easy to navigate dashboards. They store all the information you need to keep track of where your expenses come from. The software integrates with multiple Zoho and third-party applications and ensures you don’t duplicate work. While it can be a bit pricey Zoho Expense does offer an all-around solution that is easily one of the best expense management software on the market. 

Rydoo Expense
Rydoo Expense

BEST FOR

Fast-growing businesses

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  • Easy to use
  • Good customer support
  • Detailed finance features
  • Automated approvals and workflows

Rydoo Expense is an expense management solution suitable for all sizes of companies. Its automation features help you manage tasks in less time and ensure you avoid any errors that manual entries create. For example, you can easily digitalize receipts using the mobile app or web camera. The process guarantees your expense reports will be reviewed and reimbursed fast. Some of the top players using Rydoo Expense are Deloitte, Renault, Sodexo, Burger King, Jaguar, Miele, and many more. 

Expense Management

What makes a good expense manager is the automated expense input options and Rydoo delivers the right features. The OCR scanning option simplifies the reporting process and lets your employees focus on more important tasks. You can further automate expense management by implementing policies and let the app monitor if they are followed. You’ll know how the company’s money is spent and where.

Mobile apps

Rydoo Expense app lets you and your employees keep up to date with expenses. With the mobile app, you can track every dollar at any time only through a smartphone. Receipts can be scanned in real-time and spendings can be logged directly in the systems

Automated workflows

Rydoo Expense provides features to manage workflows automatically giving you control over company expenses. You can create automated approvals and workflows based on your needs once. Rest assured the software will monitor everything for you. With Rydoo, you can reduce your workflow optimizing processes— freeing time for other tasks. With the Enterprise plan users get access to the software API and direct bank transaction options. 

Compliance control and security

Rydoo Expense is one of those expense management solutions built to comply with set internal expense policy but also with governmental regulations. The functionalities of the platform make sure everything is under control—from timestamps to duplicated receipts. 

Integrations

Rydoo Expense fits perfectly with another app the company offers—Rydoo Travel. Working together the apps can automate your employees’ entire business travels from booking transportation and accommodation to travel expense reporting. You’ll be able to keep full control over the expenses and minimize travel costs.

The platform also integrates with a variety of third-party applications. The integrations with QuickBooks and Xero will allow you to consolidate your accounting information. Further, the expense management software integrates with companies that offer CRM and ERP solutions. A few of them are SAP, Microsoft Dynamics, and Netsuite. Additionally, you’ll be able to centralize your communications with Slack integration.

Ease of use 

Rydoo developers have created software with intuitive interface and dashboards available in multiple languages. That helps operate your business with little investment in learning the ins-and-outs of the program. You’ll start using the features in no time. 

Customer support

Rydoo Expense powers its knowledge base with multiple whitepapers and blogs. The software has a dedicated help center where you can find information on FAQs and access guides on everything. The support team is friendly and quick to answer. They are available through chat, emails, and via phone in business hours. 

Pricing

Rydoo offers three paid plans. The Team plan is best for companies that need expense management software for up to 50 users and comes at $6.50 per user per month. It offers basic features like OCR scanning, approvals, and mileage expenses. The Growth plan comes at almost  $9 per user per month and it’s recommended for businesses with 50 plus users. It has the basic features of the platform and adds a second level of approvals, per diems, and policy rules. The third Rydoo plan— Enterprise has the features of the other two plans and adds ERP integration, access to the API and direct bank transactions feed. The price is not fixed and is only per quote. 

You can also request a demo, to see what the expenses software can do and decide if Rydoo is the right choice.

Verdict 

Rydoo Expense is an excellent choice for mid-sized businesses that want to get their expense reports in order. While the platform lacks analytics features you can still get expenses organized in great detail. The automatic reporting cuts the middle-man and gets the expense information straight from your employees to your accounting department. The platform’s integrations tie the whole process of approval, reporting spending on travel, and accounting together. You have a well-rounded software that gives you pretty much all you need to manage your expenses at an affordable price.

Expensify
Expensify

BEST FOR

Businesses of all sizes

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  • Rich set of features
  • Extensive automating capabilities
  • Simplified approval workflow
  • Multi-level approvals

Expensify is an expense management software that can simplify expense management for anyone— from individuals to large businesses in any industry. With the software, you’re able to organize your receipts, track your expenses, and easily submit your expenses for accounting and reimbursement. Some of the companies using Expensify are Tribeca Film Fest, Xero, Pinterest, and GitHub. 

Expense Management

Expensify’s Smartscan will helps systemize expenses without complications. You just need to take a photo of your receipt and the software will take it from there. Each receipt gets categorized and business expenses are automatically submitted for approval and reimbursement. All this is done on the go through the mobile app. 

The expense management software offers a few other important features like corporate card integration, multi-level approvals, and synchronization with different accounting software. Expensify creators have done their best to save time and organize processes to fit any requirements.

Automated workflows 

Expensify allows automating expense grouping by type. This way the software distributes expenses to the right employee and business tasks. It also ensures that employees will be reimbursed faster. Users can pre-set policies and approvals so they don’t have to go back and forth approving expenses. Once the rules are set the platform controls how expenses are reported and accounted for. 

Compliance control and security

Expensify offers automated transactions like billable time, mileage, and other expenses for reimbursement that allow you to create a clear audit path. Those expense management tools help ensure compliance and reduce fraud. 

Analytics and reporting

Expensify comes equipped with a robust reporting feature to make sure organizations keep up. Reports can be automated and fine-tuned to specific requirements. Once rules are in place the travel and expense management software will let you know how you’re performing and where is best to change policies. With Expensify filters and Analytics View, you’ll know all about your expenses.  

Integrations

Expensify supports integration with many commonly used accounting programs like QuickBooks, Sage, Oracle, etc. The software supports automatic integration with financial institutions, credit cards, and other payment systems. There is no need for any manual data entry. 

Ease of use  

Expensify requires a bit of time to get used to. You don’t need to have prior knowledge in expense management apps to operate with the software but the interface can seem a bit challenging. The dashboard lack detailed information and navigation can sometimes be confusing. The software, however, manages to automate most of the tasks so there’s little you actually need to learn. 

Customer support

Expensify has a library of training videos and enough workshops to get you started. There’s also a whole page with training documentation. Additionally, you get 24-hour email support and chat in working hours. There’s also an Expensify community page that is helpful.

Pricing

Expensify comes in two types of plans for individuals and two for organizations. The tiers start at $5 per user for both groups and include different features. 

The individual plans include SmarScans, automatic mileage tracking, and auto-categorized expenses plus automated management reports and receipts.

The enterprise tiers are separated into two. The Collect plan starts at $5 and includes all the features in the individual plans plus auto-sync to accounting software and Expensify card with auto-reconciliation. The Control plan costs $9 per user per month and has all the Collect plan features but adds multi-level approvals and corporate cards management. 

Verdict 

Expensify is an expense management software that goes into great detail when it comes to automating expense reporting processes. It’s perhaps the most detailed software on our list when it comes to workflow automation. There is a learning curve that you have to get over and the dashboard could use improvement. However, that doesn’t get in the way of Expensify delivering a very decent expense management solution.

FreshBooks
FreshBooks

BEST FOR

Solo entrepreneurs

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  • Useful accounting features
  • Great knowledge base
  • Integrations are easy to add
  • Flexible

FreshBooks is accounting software that can help you manage expenses with little effort. The platform allows users to send and administer invoices, track bills, and collect online payments. The expense management solution is straightforward and simple and is best suited for the self-employed. 

FreshBooks is ideal for those looking for an online accounting service and the 24 million users of the platform can confirm that. 

Expense Management

FreshBooks main goal is to save you time and frustrating paperwork. The expense management software is cloud-based which means you can access it from anywhere. The features are flexible and small-business friendly. The software supports you through your whole sales cycle, making collection easy and deployment painless. You can modify FreshBooks’ capabilities to fit your brand policies and look as professional as you like. 

Mobile apps

Freshbooks’ mobile apps, available on both iOS and Android are as functional as the web module. You can log expenses, track time, receive updates, send invoices —all while chatting with your customers. You don’t have to worry about synchronization as all is done automatically.

Automated workflows 

Freshbooks not only doesn’t require you to have prior accounting knowledge but it automates expense tracking. With a few clicks, you can organize everything without any headache. The platform allows you to follow up on clients, track costs, and organize your business more efficiently. You can automate the majority of your accounting work and organize online payments faster. You get auto-bills and pre-schedule recurring payments.

Compliance control and security

Accounting software needs to be not only accurate but also secure. FreshBooks definitely complies with that. The software is PCI (Payment Card Industry) compliant and regularly undergoes third-party audits to ensure it continues to be secure. 

Analytics and reporting

The expense report software is created to prioritize tasks and display information in a way that helps you show the most important jobs to your teams. 

The analytics features help you keep project spending under control and within budget. You get instant information on how your business is performing and where you need to change things. The dashboard directs your attention to every detail of your spending. 

You can generate profit and loss reports almost automatically, get the monthly costs reports, and monitor your balance sheets. Tax calculation is also something the expense management software supports. All your reports can be exported and reviewed when needed. 

Integrations

FreshBooks is all about bringing all your accounting data in one place. The software integrates with lots of third-party apps like Stripe, Shopify, PayPal, and G Suite. You get to extend the app’s functionalities in no time. 

FreshBooks allows access to its API. You can create applications and integrate them into your accounts. Anything from automatic invoices to listing clients’ information or copying data to third-party solutions and more.  

Ease of use  

While there are a lot of features that FreshBooks delivers using them remains easy. The interface of the expense management software is one of the best— clean and simple. Navigation happens intuitively and fast

Customer support

FreshBooks provides a rich library with learning materials. You get support webinars, blog posts, and guides. The customer support is exemplary and eager to help. You can get in touch through email, chat, and phone during working hours. 

Pricing

FreshBooks is one of the expense management apps meant to answer the needs of the small business or solo-entrepreneurs and prices reflect that as well. 

There are several plans the company offers. The Lite package starts at only $6 per user per month and is best for businesses with up to 5 users. It supports unlimited customizable invoices, online payments, bank transfers, tax reports, and estimates, еtc. 

  • The Plus plan of the expense tracking software is built for up to 50 users and comes at $10 per user per month. In addition to all Lite features, this plan includes late fees, retainers, double-entry accounting, and more. 
  • The Premium plan supports up to 500 users and bills $20 per user per month. The final– Select plan supports companies with over 500 users. Price is available upon requests. 

The expense management app also has a 30-days money-back guarantee

Verdict 

FreshBooks is designed for the service business. Everyone from an interior decorator to plumber and lawyer can take advantage of the feature-packed accounting platform. It’s easy to navigate and doesn’t require any prior accounting knowledge. FreshBooks helps you manage your time better and build an automated accounting system

While it’s mainly targeted at small businesses its functionalities go a long way to tidy expense management and is one of the best solutions in its class. 

Sage Intacct
Sage Intacct

BEST FOR

Mid-sized businesses

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  • Easy to customize
  • Detailed reporting
  • Integrates with multiple third-party apps
  • Industry-specific modules

Sage Intacct is the finance and accounting software part of Sages’ ERP system. It’s designed to help midsize organizations manage accounts operations, general ledger, and more. Features like financial consolidation, real-time inventory management, reporting, and multi-currency support have made the platform popular. Some of them are Burger King, Cameo Global, and Yardstick.

Expense Management

Sage Intacct offers a wide range of features to manage your financial expenses. You can monitor your cash and spending, follow with order management, accounts payables and receivables, and many more. In addition, the expense management software has modules that stretch the app’s functionality to meet your business needs. It doesn’t matter in which sector you work because Sage Intacct perfectly adjusts regardless of your industry.

General ledger makes data entry smoother and less time-consuming. It also ensures there are no errors in your financial reports. You get control over your spending and minimize efforts at the same time. 

Automated workflows

With Sage Intacct, you can easily automate the accounting process. The automation processes allow you to streamline accounts payable. You get real-time access to your transactions and data and can pre-defined workflows and approvals. With the expense management software, you can also set internal controls and align policies that organize your employees’ work and save you time auditing reports.

Compliance control and security

In support of its quality features, Sage Intacct is compliant with regulations. The platform is in line with the HIPAA (Health Insurance Portability and Accountability Act ) and the GDPR (General Data Protection Regulation) applicable in Europe. The platform is regularly audited and provides audit access to its customers to show transparency and build trust. 

Analytics and reporting

Sage Intacct comes with a variety of graphs, dashboards, and charts that help anyone understand the accounting part of their business. The platform allows visibility and simplifies otherwise complicated financial information. You get customizable reports on key performance indicators like commissions and returns directly in the system. You can also calculate and analyze balance sheets and monitor payment transactions. These features will allow you to stay on top of your financial performance and make changes right when you need to. 

Integrations

Sage Intacct can be integrated with multiple third-party solutions. The Sage Intacct Marketplace contains numerous solutions that work great with the software and make sure any customer can import their data on the system.

Ease of use 

Sage Intacct dashboards are robust and user friendly.  The interface of the expense tracker is pleasing and intuitive. Creating timesheets is painless and editing is a quick process.

Customer support

Sage Intacct provides extensive customer support off and online. You can check out their community page any time and find answers or take part in any discussion. At any time you can request assistance through the chatbox or call a representative. You can browse the blog, get whitepapers, or request a demo of the expense management tool. There are also webinars you can sign up for. 

Pricing

Sage Intacct pricing is available upon request. There are no stated plans and pricing on their website. For someone looking to compare pricing that might not be ideal, as you’ll have to request a quote and that takes time to prepare. Additionally, you’ll need to have a clear idea of what you’re looking for so the company can match their quote with your requirements.

Verdict 

Overall Sage Intacct provides an excellent expense management system. The platform manages to deliver a cloud-based service accessible from anywhere. That cuts on costs and risks that a traditional on-premise financial software can create. Sage Intacct is created to be modified without the need for programming skills. The design is sleek and the expense management app works well with other software through its many integrations. The lack of set prices can be an issue. But given the great detail with which you can organize your financial information waiting for a quote might be worth after all. 

  • User-friendly
  • Flexible workflows
  • Rules setting is easy
  • Customizable

Chrome River Expense is a cloud-based expense management software developed to serve the need for businesses of any size. The target customer group, however, is the mid-sized to large organizations. The platform is designed to help you manage both travel and other related expenses. It provides tools to control invoicing, auditing, and analytics. 

Expense Management

With River Expense as your business management platform, you’ll be able to customize your expense report tasks completely. The platform has built-in business rules that will help you set approval and expense policies. With the per-diem settings, you’ll be able to track how your employees report spendings. The software allows reports in multiple currencies and languages. You can create multiple user roles and set restrictions on what those users can and cannot do. All expenses can be grouped to cut time for approval and reimbursement. 

Mobile Apps

The mobile app of the expense management software has all the functionalities of the web platform. The design is continued in the app and the same features are available for mobile users. The interface and dashboard are kept functional and tasks can be fulfilled easily. Through your phone, you can create expense reports automatically as expenses are posted. 

Automated workflows

Chrome River Expense allows you to automate most of the expense tracking—leaving time for more important business tasks. You can set standard or custom reports that will be generated automatically as expenses are uploaded. You can also export those reports in various formats. There’s a Direct Pay feature that sets automatic reimbursements based on given criteria. 

Compliance control and security

If you’re required to follow certain compliance policies or have set internal ones Chrome River Expense will help you enforce and maintain them. You can set rules for expenses types, employees, and different geographic locations.

Analytics and reporting

Chrome River Analytics has an excellent expense report app that arranges data in a way that makes sense to you. Expenses are grouped in understandable and easy to analyze way so you can make cost-saving decisions on time.

Along with the Expense module, Chrome River offers the Prosper set. The module allows users to view and analyze accounts with the most expenses and go into details of how costs have been accumulated. That gives you an insight into where company money is spent and how that can be improved.  

Integrations

Chrome River comes equipped with expense management tools that can be easily integrated with multiple internal and external software. The integrations with Google Maps allows mileage to be tracked while mileage rules are created and maintained. 

You can also integrate Chrome River Expense with SAP, Oracle, People Soft, and Ellucian. Travel management integrations are also available applications such as BCD and Carlson, Further users can upload Uber receipts directly onto the platform. 

Ease of use 

The interface of both the web platform and mobile apps make the expense management software easy to use and learn. The platform is intuitive and simple to use and doesn’t require prior tech knowledge. Additionally, Chrome River team is involved in the initial configuration and installation for your convenience. 

Customer support

Chrome River Expense comes packed with learning materials so getting started shouldn’t be an issue. On the platform’s website, you can find white papers, webinars, and videos. You can take advantage of the blog or get the assistance of the customer support via email. 

Pricing

Pricing is not provided on the Chrome River Expense website. If you’re interested in what the expense management software can offer you’ll have to reach out to get a quote. The company provides demos to showcase what the platform can do and how it differs from other solutions. 

Verdict 

Chrome River Expense is one top performance on the expense management market. It’s best suited for mid-sized or larger corporations, and especially those working globally as it supports the multi-currency and multi-language platform. The software offers all features and functions needed for the management of expenses— no matter where the expense is created. Pricing is not clearly stated and depends on your requirements. However, the company makes up for it by extending its help to installing and jumpstarting the platform for you. Also for those who can’t make up their mind, there’s a demo

QuickBooks
QuickBooks

BEST FOR

Small businesses

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  • Intuitive interface
  • Numerous accounting features
  • Reliable reporting functions
  • Easy to use

QuickBooks is the business accounting software by Intuit that has dedicated features to help you track receipts and mileage, do multilingual invoicing, and calculate project profitability. The platform best suites small businesses but can be scaled to any needs. 

Expense Management

With the base level plan of QuickBooks, you’ll get access to features that help you with invoicing and estimates. You’re able to manage expenses, and import data from other software. QuickBooks Enterprise plan gives you automation, more bill and payment management, as well as inventory and time tracking in addition. And the Plus package contains budgeting and analytic features.

Mobile Apps

QuickBooks mobile app is available both on iOS and Android. It has all the features to help you stay connected wherever you go. You’ll be able to enter transactions, track expenses and invoices and send and analyze reports. The expense tracking software backs up automatically and across devices ensuring your data stays safe. 

Compliance control and security

QuickBooks is PCI compliant which makes it ideal for businesses who need to demonstrate they’re working with platforms that comply with the standard. 

Analytics and reporting

QuickBooks allows users to customize their reports according to their needs. You’re able to set pre-determined times in which the system generates reports so you don’t miss deadlines. QuickBooks has smart filters that speed up browsing through the system and use autocomplete when possible. The expense management tool allows you to set up to 3 people with administrative roles

Integrations

QuickBooks integrates with over 650 other applications. Among the most popular integrations are those with PayPal, Shopify, Fathom, Method CRM, BigTime, and Ecommerce Sync by Webgility.

The platform’s API is also available for any developer who wants to build on the software and add integrations. 

Ease of use 

Quickbooks has an excellent user interface. The dashboards are comprehensive and easy to navigate through. The platform is simple to understand. 

Customer support

The expense management software has one of the best support platforms with over 300, 000 support articles, video tutorials,  and webinars. It has a blog and community page with FAQs. If that is not enough you can always contact the customer support via email or online on their website. However, you’ll have to create a profile prior to contacting them.  

Pricing

QuickBooks pricing comes in 4 packages for small businesses and one for freelancers

  • The basic price package- Smart Start costs at $8 per user per month and tracks income and expenses, receipt features, along with tax deduction and invoice payments functions. You get the general reports and options to track miles and sales. 
  • The Essential package of the expense management solution starts at $12 per user per month and along with the Smart Start features include functions to manage bills and track expenses. 
  • The Plus package is the most popular and comes at $24 per user per month, which is a bit steep. It does provide all the features the previous two plans have plus project profitability and inventory tracking.
  • The fourth QuickBooks plan- Advanced comes at $45 per user per month. It adds analytics and insights, batch invoices, access control, automated workflows, upon-demand online training, and dedicated account manager. 
  • The personal finance software plan—The Freelancer comes at only $1 per user per month. The package includes features to help you track income and expenses, organize receipts, estimate taxes and deal with invoice payment, as well as track miles and run basic reports. 

Additionally, there’s a whole list of add-ons for any of the packages.

Verdict 

QuickBooks is an expense management system with a solid customer base. And that can be explained by the many functionalities integrated into the system. The software helps you keep track of any expenses, make sure you account for them properly, and even give forecasts and tax estimations. It’s an accounting software targeted at mid-sized companies but it can very well stretch and, integrated with other solutions, meet larger companies’ needs. However, the price is well above the average and for the most preferred plan and might not be ideal for businesses that need a better balance between quality and price.

ExpensePoint
ExpensePoint

BEST FOR

All types of organizations

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  • Excellent automation
  • Helpful customer support
  • Very customizable
  • Good reporting

ExpensePoint is a cloud-based expense management software that can help you organize expenses and streamline financial processes. It has great reporting features that add to the functionalities and ensure you stay on top of your expenses.  

Expense Management

ExpensePoint allows your employees to generate, submit, expenses any time, and from anywhere. Once reports are submitted you can immediately approve or disapproved them and finalize expense reports. The platform is reliable and can help you reach your financial goals by automating expense processes.

Mobile Apps

ExpensePoint mobile app allows you to report and track expenses from anywhere. You can take photos of your receipts and link them to each expense. You can manage your credit card transactions, and instantly upload costs onto the expense management software. The mobile access cuts expense accounting time and organizes reimbursement faster. 

Automated workflows

ExpensePoint allows for highly granular control over expense policies. The robust set of features includes— receipt imaging system, credit card integration, data integration, multi-currencies, reports, and analyses, reimbursement, and security policies. All can be automated to streamline your work. 

Compliance control and security

ExpensePoint is SSAE18 – SOC I Type II compliant which means that the platform has undergone audits to ensure it has reliable processes that handle data accurately. That guarantees not only that the platform will give accurate information about your processes but it will help you build trust with your own clients.

Analytics and reporting

ExpensePoint expense report app can efficiently optimize the cost lifecycles. The features work by linking receipts to respective expenses. Once receipts are scanned they’re automatically distributed.

What’s more, with ExpensePoint it’s easy to analyze your spending. The platform has more than 36 onscreen analysis reports and over 60 reporting filters. Those reports will help you monitor every aspect of your business. In addition, you can export reports in various formats – XML, CSV, PDF, or Excel.

Integrations

ExpensePoint is not the expense management software with most integration on the market. The software only integrates with a few third-party applications. The platform integrates with Master Card, Sage, and QuickBooks. If you’re looking for a software that allows multiple integrations ExpensePoint might not be the best choice. If that’s not a concern, the application has many expense tracking features you can take advantage of. 

Ease of use 

ExpensePoint has a friendly user interface. Working expense tracker doesn’t involve hours upon hours of studying as the software is created to be intuitive and simple. ExpensePoint is very flexible and you can customize and update it whenever you need to. 

Customer support

You can get in touch with ExpensePoint representatives over the phone, chat, or in an email. The customer support is knowledgable and quick to answer. Additionally, on their website, you can find a blog with a variety of posts on different topics. 

Pricing

With ExpensePoint, you don’t get over-complicated price plans and mysterious feature sets. All features the expense report software offers come at just $7.50 per user per month. You get anything from unlimited monthly expense reports, credit card imports, workflow approvals, and multi-currency to integrated APIs, full site management, and free system setup

If you’re not sure that ExpensePoint is the right software for you there’s a 15-day free trial you can take advantage of.

Verdict 

ExpensePoint is an expense management software that has a powerful set of features to help your expense reporting. It enables users to generate, submit, approve, and process reports for multiple expenses all in one platform. ExpensePoint has a long history of expense management and is used in more than 87 countries that ensure the software is constantly improved upon. The expense manager brings great value for price and suits all types of organizations.

Receipt Bank
Receipt Bank

BEST FOR

Accounting or bookkeeping firms

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  • Easy to set up
  • Excellent OCR functions
  • Integrates well with third-party apps
  • Automations

Receipt Bank is an online expense management software targetted at SMBs and accountants. Its popularity stretches over 360,000 businesses around the globe. ReceiptBank is such a hit among mid-sized organizations because it digitalizes expense management in a straightforward way. There are no complications, no time wasted.

Expense Management

The expense tracking platform digitizes all paperwork is and makes it ready for reconciliation. All tasks concerning supplier portals and utility providers or receipts are uploaded and automatically prepared for reporting. You can store the information and back it up to protect it from fraud or prepare it for audits. 

Mobile Apps

The mobile app of the expense management software allows you to capture expenses on the go. You cut any miss deductions and provide full visibility into how expenses are being reported. All data key is extracted from the receipts and stored together with the image– ready to be shared. You don’t have to worry about double entries too as the system is synchronized across all your devices

Automated workflows

ReceiptBank doesn’t have a wide range of features but it provides the basic functionalities that make expense management less of a headache. The software allows you to customize and automate the expense tracking, manage payroll, and coordinate purchase orders. There are also three distinctive user roles you can assign to your employees— basic user, expense approver, and administrator. ReceiptBank can also identify pre-saved credit card information while synchronizing with accounting software.

Integrations

To compensate for the limited features ReceiptBank commits to a wide range of integrations with third-party applications.  Some of the integrations are with QuickBooks, Xero, and Sage, but there are many others. 

Ease of use 

Receipt Bank makes it very simple for users to add documents to the platform. The interface of the expense management platform is easy to use and the dashboards are stripped from all unnecessary and confusing menus. Receipt Bank also gives you a business email address.

Customer support

ReceiptBank gives its customer a hand when they’re starting with the software in the form of e-books, case studies, webinars, and blog. 

Additionally, customers get 24/7 customer support via phone and email. And their representatives don’t disappoint when it comes to answering quickly and helpfully. 

Pricing

ReceiptBank comes in three price packages—Business, Business Plus, and Premium 

The Business plan of the expense management tool starts at $10 per user per month and gets you receipt and invoice scans, automatic invoice collection, one-click publishing, and features to manage employee expenses. The package is best suited for freelancers or single-person companies. 

The Business Plus plan starts at $20 per user per month and on top of the Business features offers more personalization and control and it has a minimum of 5 users. It includes import of invoices, bank statements, PayPal and Dropbox, together with instant transaction matching. 

The last subscription the expense report app offers–  Premium plan starts at $40 per user per month. It has a minimum of 20 users and it builds on the previous plans by adding features. With this plan, you can identify missing paperwork, boost document processing, and automate staff expense management. The plan is recommended for businesses with high volumes of expenses. 

Verdict 

ReceiptBank is and adept expense management software with a simple design and straightforward use. It’s able to pack a robust bookkeeping platform under basic features. Additionally, it allows multiple integrations that add a range of capabilities. And while its price might be more than the average for similar products, the software is preferred by many mid-sized companies, which goes to show it’s worth the investment.

Expense Management Software Reviews – Extended List 

Our top 10 picks for expense management software are exemplary but the market is not limited to them. Below you’ll find our extended expense management list—the platforms that didn’t make it in our list but have features worth mentioning. 

ExpensePath

ExpensePath is an expense management app that’s best suited for SMBs. It’s a web-based software with a mobile app that covers the most important features of expense management for both submitters and managers. With ExpensePath intuitive dashboard and flexible features, you can turn any messy task into a quick and easy job. 

The expense management software is aimed at small to medium-sized enterprises and price corresponds to that. It’s good for those on the go, as the mobile app covers the essentials to ensure you stay on track and no expense-related tasks are delayed. You should consider if you need to account for different types of expense situation and/or working on a budget. 

The software is, however, lacking some OCR functionalities and you’ll need to enter data manually. For bigger enterprises that might be an issue and not the best choice of an expense management platform. 

ProsCons
User friendlyLacking in OCR capabilities
Greatly customizableExpense listing is manual only

Abacus

What’s good about Abacus expense management software is that its features allow it to stretch and fit all kinds of requirements in real-time. It uses behavior analyses and can handle multiple tasks and manage different teams and projects. 

Abacus interface is easy-to-use with a sleek design, and nothing that feels overdone. The platform is a helpful tool that’s worth the investment. It covers all basics in expense management including expense approvals. It’s easy to customize to cover a variety of tasks and personnel.

The expense manager is suited for all size companies with a starting price of only $9. It’s best for managers who look to automate expense tracking but also track anomalies or focus on high priority tasks.

ProsCons
Easy to useMobile app crashes unexpectedly 
Clean and intuitiveInstructions are scarce

 

Concur

Concur is expense tracking software under the umbrella of SAP. The SaaS platform is well designed and mature. The software covers multiple expense management scenarios that fit small businesses to large enterprises. Pricing depends on business needs but the basic package starts at $8. 

Concur delivers a feature-packed platform that includes expense tracking, expense approvals, receipt captures, and different card integrations, along with many more features.  

The software is easy to navigate. It has a full set of comprehensive features- from travel and expense to invoice management. Concur software cover great detail of expense tracking and automation for added time-efficiency. And not least it integrates with many third-party systems which makes it ideal for larger organizations.  

ProsCons
Comprehensive set of featuresPricing not entirely clear 
Multiple integrationsWeak reporting features

Firefly III 

Firefly III is a free expense management software best suited for personal budget management. The software is open-source and ideal for the technically savvy. 

It’s packed with features that help you track expenses, income, budgets, and more. The platform supports credit cards, shared household accounts, and savings accounts

You should consider Firefly III as an option when looking for software to help with your personal finance management. The platform will allow you to keep an eye on your expenses and organize your spendings. 

The software is self-hosted and that will ensure your information stays private. Even if its meant to deal with personal finances the platform has a comprehensive set of features that go in great detail.  With Firefly, you can organize transactions by categories, create piggy banks, forecast bills, organize expenses, and get accurate reporting. 

ProsCons
A comprehensive set of featuresNot business-oriented
Secure & FreeRequires technical knowledge

Tallie

Tallie is a web-based expense management software with automation capabilities that is able to efficiently handle workforce expenses. The platform is scalable and adjustable to the needs of different organizations and is best suited for small to mid-sized companies. 

Tallie can be leveraged by employees in different departments as it can be modified to account for different types of expenses. With the help of this expense manager, businesses can increase productivity and save time with its automation capabilities. You will easily process and analyze data.

The software is affordable and easy-to-use. The starter package of Tallie costs $9. The platform integrates with various accounting programs, ERPs, and other financial systems. The integration allows the effortless synchronization of data and ensures you save time in the process. 

ProsCons
Flexible and customizableLacking in OCR capabilities
AffordableSynchronization takes time

BigTime

BigTime is an expense management software that offers fully integrated features to help you manage billing tasks fast. It’s suitable for independent professionals and businesses. The software helps you optimize client-billing and invoicing processes.

BigTime is best for professional services firms, especially accountants and it’s focused on managing the invoicing process of the company. 

The platform aims to address errors done while entering data manually. It’s an all-in-one expense management system designed to make billing and invoicing easier and error-free.

The platform allows you to streamline workflows through many of its integrations. Users can also keep track of their expenses, and report all online through the software’s mobile apps available for both Android and iPhone users. 

ProsCons
Flexible and easy to integrate with other platformsImplementation support can be improved
Affordable with a clean interfaceReporting tool needs to be more detailed

Tradogram

Tradogram is an expense management software that allows you to cost-effectively manage procurement and organize spendings. Your entire purchase department can be streamlined with this software. 

The platform is cloud-based and can easily automate expense tasks with its clean and efficient features. Tradogram can help you manage suppliers while controlling costs and optimizing expenses. 

The software is also good when it comes to simplifying supply chain management. Tradogram is best suited for procurement management departments and may not be as all-encompassing as some of the other software included in our top 10 expense management software for 2020.

ProsCons
Very user-friendlyReporting tool needs to be more flexible
Good balance between price and qualityTool customization can be improved

FreeAgent

FreeAgent is a cloud-based accounting software that is aimed at solo-entrepreneurs and small teams. The software is created to make managing finances easy and less time-consuming. The target customers of FreeAgent are businesses that don’t have detailed financial knowledge or the resources to invest in outsourcing their accountancy. 

The expense report software has an excellent dashboard that provides an overview of the company’s finances. The app comes with a skillfully-designed contact base. It has features that allow you to send invoices and estimates. Additionally, with FreeAgent, you can pay bills, and track essential projects and timelines.

You should consider FreeAgent when you’re just starting your freelance career. It’s ideal for small business looking for easy to understand basic expense management software. The platform doesn’t disappoint. 

ProsCons
User-friendly navigationLacking basic functions
Good customer supportTool customization can be improved

Xero Expenses  (Module)

Xero is an expense management tool best suited for small businesses. It’s cloud-based and accessible from anywhere. With Xero, you can keep track of invoicing, inventory, purchasing, and expenses. The platform provides some additional features like bank reconciliation and booking among others. On top of that, Xero is one of the best accounting software on the market. 

Xero’s dashboard is clean and to the point, that makes it especially valuable for smaller businesses with limited resources. It’s visually appealing and packed with features. It has unlimited email and users support and easily integrates with over 500 third-party applications. Data is directly integrated saving valuable time and effort. Bank and card transactions are also automatically updated cutting process time significantly. Plus the expense management software is frequently updated to address users’ feedback. 

ProsCons
Ease to use + Good knowledgebaseSome accounting features missing
Lots of integrations Mobile apps and customer service need improvement

HomeBank 

HomeBank is a free personal expense management software. It provides expense tracking support for anyone in need of it. The platform has tools that can analyze your personal finances and help you create a budget.

With HomeBank you’ll be able to keep track of detailed income, expenses, and other budget-related tasks. It’s a software created with the individual in mind. We all need to track our own finances and HomeBank provides an efficient solution for that. 

HomeBank is able to generate various reports and integrate with many third-party applications and is available in more than 56 languages. The personal expense management software is simple to use, provides detailed report information, and is visually pleasing. 

ProsCons
Free and easy to manageNot business-oriented
Integrates with many third-party appsNo mobile apps

Buyer’s Guide – How to Choose the Best Expense Management Software?

Before choosing your expense management software you should answer a few questions. 

  • What do you need the software to do for you?

What are you hoping to accomplish with the expense manager—get your expenses in order, automate your reporting and aid accounting department? Think about the goals you want to achieve and have them in mind when comparing platforms. 

  • What is your budget?

Features and functionalities aside you need to have a clear idea of how much you’re ready to invest in expense management software. You need the right features to properly manage your expense, but also at a price that is justifiable. Don’t forget you can find a good solution at an affordable price. 

  • What Is the Best Software for Your Business?

Do you run a solo operated company or work in a large organization?  What is the volume of your operation? Pick an expense manager that best suits your type and size of business.

What are the Benefits of Using Expense Management Software?

Controlling your company spending and bringing finances under control is an important part of organizing and optimizing your business processes. 

Business travel and entertainment activities are crucial to many businesses when it comes to building customer and supplier relationships. So, investing in expense management software brings numerous benefits. 

Such technology eases management and monitoring of expenses and significantly cuts processing time and costs. Additionally, when you have an automated expense manager you can rely on it to enhance productivity and reinforce compliance. You get to streamline your reporting processes and get better analytics. Not to mention your employees will get reimbursed faster and that can surely help keep your relationship with your staff positive. 

Wrap Up

Investing in expense management software will help you grow, it will reduce your costs and improve reporting. Choosing the right solution will mean you can optimize your workflows, and add powerful analytics. All reasons to consider stepping in the world of automated expense management. 

FAQ

What is expense management system?

Expense management system is a business model that companies use to deal with business spending. The costs included in the expense management are usually employees’ business travels and entertainment. These management systems are also used by sole traders to manage their business expenses.

What is the best expense tracking software?

The best expense tracking software is the one that best suits your needs and budget. Expense management platforms vary and while our list gathers the most popular and well-designed, it all depends on what you’re business is and what it needs.

Are expense tracking apps safe?

As expense management platforms deal with your company’s finances they have to be compliant with states’ regulations and implement measures to protect your information. Your information is usually stored on the app’s own servers to protect it in case your phone gets stolen or network hacked. Additionally, your access is protected with encryption and often two-factor login authentication.

What is the easiest budget app?

Unfortunately, we haven’t yet come up with a formula that can tell which is the universally easiest budget app. Opinions are subjective and we can only point a few guiding principles to help you find the best budget app for you. As a starter, a budget app should be easy to use, with a clean interface and dashboards. It should group information in useful categories and be available on different devices. Test different solutions and see which best suits you.

What is the best free app for tracking expenses?

Answering which is the best free app to track expenses is also a difficult task. Again, it comes down to personal preferences and what functions the app needs to fulfill for you. The best advice is to test a couple and see what you like about them and how helpful they are to you.