6 Best Expense Management Software in 2024 - Expense Reporting Solution

6 Best Expense Management Software in 2024

In the present high speed world, monitoring costs is critical for the two organizations and people. For organizations, compelling cost administration is fundamental for keeping up with benefit and pursuing sound monetary choices. Each penny counts, and uncontrolled spending can rapidly consume your main concern. In a similar vein, individuals must keep track of their spending in order to avoid debt and achieve their financial objectives.  

An effective solution to this problem is provided by software for managing expenses. Expense management software can save you time, improve the accuracy of your financial records, and enable you to take control of your spending by automating tasks, reducing errors, and providing real-time insights. Let’s go over the advantages of using software for expense management to make your financial management easier. 

What Is Expense management software?

A digital platform called expense management software is made to automate and simplify the management of employee expenses, from tracking and reporting to analyzing and controlling them in accordance with company policies and tax regulations. Organizations can use these systems to replace manual tasks like entering data, sorting through receipts on paper, and navigating lengthy approval procedures with tech-driven workflows. 

The Top 6 Software Solutions for Managing Expenses in 2024 

1. Expense Visor

Expense Visor is a cloud-based cost revealing programming intended to smooth out the frequently drawn-out course of overseeing operational expense. Expense Visor flaunts an easy to understand point of interaction and elements that take care of organizations, everything being equal. Representatives can undoubtedly catch receipts in a hurry with the DocScan mobile app. Expense Visor streamlines and expedites expense reporting with features like mobile receipt capture, automatic workflows, and real-time reporting, If user-friendliness, scalability, and strong support are your top needs, Expense Visor is a strong option. 

Features  

  • A mobile-friendly version that allows the creation and management of expense reports from smartphones and tablets.  
  • Facilitates the rapid evaluation and approval of reports that have been submitted.   
  • Utilise a PIN to activate the DocScan feature in a secure manner.
  • Email notification management tools for expense reports and approvals. 
  • 24/7 customer support with a First Response Time.
  • No lock-in contracts or hidden prices when you sign up with Expense Visor.

Pricing

The standard plan starts at $1 per month.      

Pros 

  • Expense Visor was customized to our needs and has morphed to a custom system that has simplified our expenses.
  • This software serves its purpose perfectly.   
  • Cost effective and customer service experience has been outstanding.   
  • The app was user friendly and the technical support was the over edge.

Cons

  • It can be difficult to view 1 individuals history of reports – on the screen where you choose from a person to review you have to scroll through in my case hundreds of names to find them.  
  • The instructions for setting up and creating the first expense report were very long and wordy.  
  • There is no free trial available, so you’ll need to commit to a paid plan to test the software.

User Experience

Users generally find Expense Visor to be user-friendly and intuitive. The mobile app and DocScan functionality add convenience for capturing receipts on the go. Customer support is generally praised for its responsiveness in addressing any user issues.

Ideal For

Expense Visor is a good fit for businesses of all sizes that are looking for a user-friendly and scalable expense reporting solution. 

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2. Expensify

Expensify is one of the best expense management app, enabling employees to track personal and business expenses, improve receipt management, book travel, and more. Once tracked, the expense manager app generates reports and submits them for approval. They also issue credit cards with their online expense management software.

Features          

  • Easy receipt capture with OCR matching.
  • Expensify business cards for corporate card reconciliation and expenses. 
  • Send your vendor bills to Expensify for tracking, approval, and payment.

Pricing

$10 /user/month, billed annually.

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3. Zoho Expense

    Zoho Expense is one of the top expense reporting software that enables organizations to automate everything from receipt submission to accounting. Users can make travel bookings and track expenses right from the expense platform. Credit card reconciliation is also easy with Zoho Expense as it automatically converts transactions into expenses. Finance teams can also set up multi-level approval hierarchies, spend policies, budgets, and analytics.

    Features

    • Multi-level approval hierarchies.
    • Decent credit card receipt tracking app.
    • Easy mobile receipt upload. 
    • Multi-currency capabilities.

    Pricing

    $5/active user/month, billed annually.

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    4. Happay

    Happay is an end-to-end expense management solution tailored to match the specific needs of large enterprises. The unique T&E ecosystem gives you 100% visibility in all travel, expense, and payments-related activities. From specialized expense reimbursement modules to advanced analytics, all Happay tools are built to contain budget leakages and maximize savings.

    Features

    • Auto-capture expenses right from the source with Xpendite.
    • Eliminate expense fraud with Smart Audit’s auto-detection.
    • Get 360-degree visibility into all expenses with DeepAnalyze.

    Pricing

    Contact for pricing.

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    5. Concur

    Concur Expense is one of the best expense management tools that help capture receipts, process expense reports, enforce business rules, and make more informed business decisions. When you create an expense report with Concur, your charge from the credit card, vendor, and a picture of the receipt are auto-populated. As for approvers, they can review and approve team reports as soon as employees capture transaction data and submit the expense reports.

    Features

    • Online expense submission and receipt capture.
    • Adding vehicle mileage to an expense report.
    • Automated expense management systems with on-the-go travel booking.
    • Vendor and supplier payment.

    Pricing

    Contact for pricing.

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    6. Certify

    Certify is one of the best expense software. It supports seamless business expenses tracking, analyzing, and reporting for business travel spend. Users can scan and attach paper and e-receipts of restaurants, flights, hotels, and more, eliminating the need for spreadsheets and manual expense management. It also streamlines the entire approval process, considerably reducing employee reimbursement times.

    Features

    • Free and easy-to-use mobile app to create and submit reports.
    • Receipt tracking software that scans and auto-fills reports.
    • Auto-generated business expense reports.
    • Integrated Certify booking tool for easy travel bookings.
    • ACH reimbursement and credit card integration.

    Pricing

    The standard plan for 25 users starts at $12/user/month.

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    Conclusion  

    The growth of a company ultimately depends on its financial health. This makes it imperative to clearly understand where your employees spend money and what they spend it on. Access to little or no expense data can be detrimental to an organization.