Managing and tracking expenses can be a challenging task, especially for a growing business. After all, you must ensure that your employees get reimbursed on time while not overburdening your finance team.
To tackle this issue, more companies are using automation software to streamline their expense management processes. However, with the growing market for financial solutions, deciding which option is the best fit for your company can take a lot of time and research.
This blog will assist you by providing a list of some of the best expense management software on the market in 2024. Further, we will summarize each platform’s key functionalities, helping you find the top match for your business.
What is Expense Management Software?
Expense management software is a digital pre-accounting solution that automates the receipt-to-reimbursement process by eliminating many mundane manual tasks like data entry and document sorting.
Expense management software allows companies to free employee time by automatically handling expense submissions, processing, approvals and data booking, ultimately liberating employees to tackle more meaningful jobs.
Moreover, various features of expense management software provide users with many benefits, improving the overall workflow of handling company expenses.
Benefits of Expense Management Software
Expense management software offers numerous benefits for businesses of all sizes. Depending on the specific technology that powers each solution and its features, your company can simplify and speed up expense claim processing.
The majority of expense management software offers the following benefits of expense automation:
- Faster reimbursements: Expense management automation ensures that employees are reimbursed quickly and accurately, eliminating the need for manual processing and reducing delays.
- Reduced administrative costs: Expense automation reduces the administrative burden associated with managing expenses, allowing finance teams to focus on more strategic tasks.
- Enhanced compliance: Automated expense management ensures that submissions comply with corporate expense policies and regulations, reducing the risk of violations and penalties.
- Improved accuracy: Companies reduce the risk of errors with expense automation, ensuring that expense reports are accurate and compliant with company policies.
- Real-time overview: Expense automation provides a real-time overview of company spending, allowing finance teams and executives to monitor expenses and identify areas for cost savings.
As you can see, by automating your expense management, you not only improve the accuracy and speed of reimbursements but also protect your company from penalties and gain a thorough overview of its financial health.
In the next section of our blog, we will outline some key features of effective expense management software that can level up your financial management.
What to Look for in Expense Management Software
When considering an expense management software provider, it is essential to research all potential options thoroughly. To ensure that your expense management platform has all the necessary features, let’s discuss some of the most important functionalities that good expense management software should offer.
Accurate Data Processing
Built-in Fraud Detection
Detection of fraudulent and duplicate receipts prevents financial fraud by scanning for Photoshop activity and Exif data anomalies of submitted expenses, further detecting whether any elements, like total amount, have been altered.
Approval Workflows and Business Rules
Multilevel approval workflows and custom business rules allow companies to streamline expense approvals by involving solely authorized employees based on spending limits, department or other set criteria.
An expense dashboard allows the finance team to monitor all transactions in real time, quickly identifying trends and spending patterns through a detailed overview. Moreover, a dashboard helps accurately and efficiently manage expense accounts, such as accrued expenses.
Safe and Accessible Data Storage
A secure system, such as cloud-based data storage, allows companies to have accessible financial data through the web or mobile application, simplifying the preparation of financial reports and audits and allowing organizations to comply with financial regulations successfully.
The Right Accounting Software Integrations
The possibility of integrating expense management software with other accounting and ERP systems provides financial visibility, synchronizes payment processes, and reduces operational costs.
It is a common practice to identify your company’s wishes and deal breakers and match them with features offered by software providers. For example, you will save time researching expense management platforms that don’t support your language or synchronize with your company’s accounting system.
In the next part of our blog, we will list the top expense management software options and a summary of their unique features that might fit your business.
9 Best Expense Management Software
Expense management software can bring countless benefits to your organization’s financial management. However it is important to study and match functionalities of the software with your company’s needs.
Here is a list of some of the 9 best expense management software available in 2024:
1. Klippa SpendControl
Klippa SpendControl is a powerful pre-accounting suite that combines expense management software, invoice processing software and corporate credit card modules in one platform. Perfect for automating submissions, processing and approval of all transactional documents, SpendControl helps your finance team save precious time and money on manual document processing.
- Expense management and invoice processing in one software
- Intuitive expense dashboard for centralized financial control
- Fully customizable approval management with smart business rules
- Excellent customer support with quick reaction time
- Integration possibilities with accounting and ERP software, like Xero, NetSuite, SAP and many more
- Expense submission, processing and approval via email, web or mobile app
- Compliance with tax and data privacy regulations
- Multi-currency support for international transactions
- Built-in duplicate and fraud detection
- Mileage tracking through Google Maps integration
- Complete cost control with business expense cards
- No integration options for travel or productivity systems
- Currently no 3-way matching (coming soon)
Klippa SpendControl is best for: All-size companies, from start-ups to large enterprises seeking effective and scalable expense management software.
2. Chrome River
Chrome River is an expense management software that helps simplify and streamline financial processes, such as accounts payable. It can be customized at any step in the workflow for enhanced business efficiency.
- Developed business rules to support reconfigurability in approval processes
- User-friendly on a multitude of devices
- Supports more than 100 currencies
- Compliant with local tax regulations
- Customer support for implementation
- Limited customization features for company and region compliance policies
- User reviews often mention poor customer support
Chrome River is best for: Small to medium organizations, freelancers, or self-employed professionals.
Soldo is a digital expense management platform that is designed to cover card spendings and business expenses.Soldo allows companies to automate their finance processes from decision to spend to reconciliation.
- Data access through web console and mobile app
- Corporate expense cards powered by Mastercard
- Fuel cards assigned to employees or vehicles
- Custom approval workflows
- Mobile app for continuous expense tracking and monitoring
- No automated user management with Okta & Azure AD
- No invoice processing module is available
- Expense cards incur a foreign exchange fee for international transactions
Soldo is best for: Small to medium companies, and larger enterprises.
Expensify is a platform that helps companies manage all corporate expenses from receipt scanning and expense management to paying bills and booking travel.
- Multi-level approval workflows
- Creation of mileage expenses in app and web
- Business credit cards for expense tracking
- Smart expense limits for company cardholders
- Travel system integrations for business trip expenses
- Business credit cards are only available to companies with a US bank account and US documentation
- User reviews highlight poor digital-only, chatbot-based customer service
Expensify is best for: Small business and self-employed professionals.
FreshBooks is a bookkeeping platform that automates all expense processes within an organization. From balance sheets to accounts payable, FreshBooks keeps track of all financial processes.
- Consolidated and user-friendly dashboard
- Customizable chart of accounts and expense categories
- Clear expense tracking
- Automated bank reconciliation with general ledger
- Expense and asset tracking
- Limited customization options
- Limitation on the number of users and clients with additional costs for scaling up beyond a small team
Freshbooks is best for: Small organizations, freelancers, and self-employed professionals.
Basecone is a cloud-based software platform that helps digitize and automate expense management and invoice processing. With the Basecone app, it is possible to swiftly upload, authorize and submit expense claims.
- Document submission through the web, app or email
- Custom authorization flows for expense approval
- Secure data storage for 10 years
- Linking to purchase order matching software
- Addition of up to 10 custom booking rules
- Available only for users in Belgium, Germany, The Netherlands and the UK
- No mileage tracking feature
- No business expense cards available
Basecone is best for: Small to medium companies, and larger enterprises.
Tipalti is an automated expense management software, specialized in automating accounts payable. It accurately processes invoices and other financial documents, helping streamline invoice management and inventory management processes.
- User-friendly interface
- Both expense management and invoice processing options
- Two-way matching and three-way matching
- Currency management
- Integrations with multiple accounting and ERP software
- Based on user reviews, this solution can be complex to set up and navigate without an in-depth product knowledge
- Users report limited customer service and support
- Potentially costly for businesses with limited transaction volumes
Tipalti is best for: Small to medium companies, and larger enterprises.
Airbase is an expense management software that simplifies the manual tasks of finance teams. This software enables you to manage financials in a single dashboard and offers a corporate card program with simplified employee reimbursement functions.
- Comprehensive platform with a clear user interface
- Real-time visibility into financial data
- Flexible software for managing finances
- Approval workflows
- A diverse variety of integration possibilities
- The software does not currently support international payments
- Based on user reviews, there is no customer support for a free version
- Inability to group and submit project or trip expenses in bulk
Airbase is best for: Small organizations with local operations, freelancers, and self-employed professionals.
Payhawk is a platform for managing business expenses, vendor invoices and corporate cards. Among many advantages, Payhawk allows its users to integrate with ERP, finance, travel, security & productivity systems.
- All payments in one platform
- Multi-entity management
- Mileage tracking
- Separate module for business subscription monitoring
- Integrations with business travel tools
- No direct integration with SAP
- Customer onboarding through third party services
- Limited features in the mobile application
- Users report error prone OCR with complex manual data correction process
Payhawk is best for: Medium companies and larger enterprises.
Finding the right software for your organization depends on which factors you deem the most important. While we presented a summary of some of the best expense management software on the market, we believe that Klippa SpendControl has it all to help your organization save precious time and money, while having even more control over your expenses.
Are you ready to level up your expense management? Book a free demo to see our product in action, or contact our SpendControl specialists for more information. Start investing your time into things that really matter!