7 Best Expense Management Software Solutions in 2022
Money is the fuel that runs your business. Every business burns money in its daily operations. The amount of money spent on running your admin and operational functions is known as expenses. You should keep track of your expenses. This will help you to properly manage your expenses. However, this is easier said than done.
Your business will have hundreds of moving parts. You will have too much financial data to deal with. Managing your organization’s expenses can be very difficult. However, you can’t ignore this problem also. Your managers need to have proper control over their expenses. This will help you in boosting your profits.
Expense management software can help you in solving all these problems. Your organization needs robust expense management software for accurately creating expense dues and reports. In this article, we are going to look at some of the best expense management software solutions available in the market.
If you want an expense management software tailored according to your business requirements, then Expense OnDemand is the perfect option for you. You can quickly create expense reports by using their mobile application.
Expense OnDemand will help you in integrating credit cards. This will help you in managing your business expenditure. It will automate the entire process by streamlining the entire extraction process. You can easily manage vital financial data without worrying about any errors.
Key Features of Expense OnDemand:
- You can integrate credit cards.
- Expense OnDemand has a user-friendly mobile application.
- Streamline extraction of your data.
- You can instantly scan receipts for creating expense reports.
Ramp is one of the best expense reporting software available in the market. It is very easy to use. You can easily integrate Ramp with your other business processes. If you want to automate your expense reporting software, then Ramp is the best software for you.
Ramp will help you in managing your capital expenditure and increase your employee productivity. You can use Ramp for ensuring that you are staying compliant with tax laws.
Key Features of Ramp:
- Create your own rules according to your business requirements.
- Employees can track their expenses in real-time.
- It will ensure that you are compliant with tax laws.
- Receipt matching will ensure that all your receipts are categorized properly.
Expensify focuses on the speed and simplicity of its software solution. It will help you in managing your expenses quickly. You can easily create reports by using Expensify. All you need to do is take a quick photo of the receipt and upload it on their mobile application. Expensify has a Smart Scan feature that will automatically capture all the relevant information.
Key Features of Expensify:
- You can manage reimbursement by using Expensify.
- You can manage your invoices and receipts.
- You can manage the approval process.
Zoho’s IT solutions and business tools are the best in the market. If you are looking for a perfect expense management solution, then Zoho Expense is perfect for you.
Zoho Expense will help you in storing digital copies of your receipts. You can pin your receipts to the report and sort expenses by category. Zoho Expense has built-in Maps and a GPS tracker. This will help you in managing your everyday trips.
You can even add information when you are in the office. The changes will be synchronized with the cloud once you are connected to the internet.
Key Features of Zoho Expense:
- Mileage tracking will help you in tracking how much your employees are spending on travel
- Receipt management will help you in tracking your expenses.
- All the reports will be automatically generated by Zoho Expense.
Sap Concur will help you in automating and simplifying the process of managing expenses. Its mobile application ensures that your employees can submit expense reports on the move.
Sap Concur will use data collected from receipts pertaining to rentals, hotels, or travel for populating the expense controls with correct data. This information will help you in controlling your spending. You can easily integrate the SAP solution with your company’s ERP system.
Key Features of Sap Concur:
- You can track your expense reports.
- Sap Concur will accurately capture your receipts.
- You can manage expense data by using Sap Concur.
Rydoo Expense will help you in doing everything from real-time analysis of expenses to mileage tracking. The best thing about Rydoo Expense is that you can integrate with multiple third-party apps. Due to this the migration process is very simple. You can integrate it with ERP packages like NetSuite, JD Edwards, SAP, and Oracle.
Key Features of Rydoo Expense:
- Easy onboarding will ensure that your employees can easily use this app.
- Simplify your expense management.
- Quickly do your expenses by using the AI to extract receipts.
Fyle will help you in processing your expenses in a very simple manner. It will link with your consumer apps, email, and other relevant apps. This will help you in simplifying the process of recording and sharing your important expense data. You can easily capture and record your receipts.
It will also help you in streamlining the entire approval process. Your employees will get reimbursed on time if you are using Fyle. Managers can also easily control their spending.
Key Features of Fyle:
- It has multi-currency support.
- You can easily manage your invoices.
- Reimbursement management will help you in improving your employee’s experience.
Every business should know where its funds are being used. If you are not tracking your business expenses, they can be devastating for your business. Expense management software solutions will help you in simplifying the entire process. They will help you in automating everything from receipt management to expense report submission. This will help you in thriving in a modern business environment.