For a company’s top performance, fast and functional processes are essential to effectively manage the business system. Expense management software helps companies to optimally standardise their expense management and save their employees, finance teams, and accounting department a lot of time. We present the top 10 tools for this purpose.
What is the use of expense management software?
Expense management software has a wide range of tasks, but always pursues a defined goal: to simplify the processes companies use to manage their expenses, to speed them up, and to make them less prone to errors. After all: expense management is often still a time-consuming procedure in companies.
Employees submit their expense reports manually, the accounting department is required to check them in a time-consuming manner, and there are always missing details or receipts. This means that employees have to wait a long time for reimbursement and the financial staff is involved for too long in processes that could have already been standardised. Sometimes companies have one corporate card that is used by everyone – and no one knows exactly when it is with whom and which expenditure was made by which employee. Others even work with cash and thus lose track even more easily.
Challenges in expenditure management summarised:
- Lack of clear guidelines: If there are no unambiguous procedures, employees do not know how the company handles employee expenses – or they do, but the processes, such as an expense report, take too long.
- Missing overview: Without clear processes, the general view of the transactions taking place is quickly lost. No one knows exactly which employee is responsible for which payment – and approvals take too long.
- Time-consuming: Due to the lack of structure in expense management, time is wasted throughout the company: by the employees themselves, the finance teams, or the accounting department. Time that could be spent on much more useful tasks.
A good expense management software with clearly defined guidelines helps to address all these challenges: saving time on expense management, keeping an overview of finances, and relieving the burden on employees.
Travel and expense management software: functions
But what exactly are the key functions that enable companies to meet their expense management challenges? Of course, they differ in detail from software to software. Nevertheless, we have summarised the most important and useful functions below – you can find more special features of the respective tools in the top 10 list.
Useful functions of expense management software:
- Real-time overview: Liquidity is an important topic for companies. Not knowing where the company stands financially at the end of the month can turn into a problem. Expense management tools show in real time what expenses have been incurred recently and provide a realistic picture of current finances.
- Reimbursed Expenses: Employees can submit their reimbursement requests via an app. A clear process with mandatory information requested by the app ensures that no information is neglected in the future – and thanks to the easy scanning function, employees can simply take a photo of the receipts and upload them to the app. With one click, finance teams can approve the reimbursement.
- Documents properly organised: Document management is crucial for efficient work in accounting. With expense management software, employees can not only easily submit receipts by photo or scan – the tool also presorts them and files them so that accounting can process them as quickly as possible.
- Automation: Many processes that are otherwise carried out manually can be simplified with automated expense management software – or eliminated entirely. This not only saves time, but also reduces the susceptibility to errors. Details of receipts are automatically recognised by means of OCR scans and invoices are allocated to accounts in advance.
- Simplified payment: Employees no longer have to pay their expenses in advance. For example, if they receive a corporate card with a fixed budget, they can make payments from the corporate account – with streamlined approval processes and easy submission of receipts afterwards via a mobile app.
Good expense management software can be easily integrated into a company’s already existing processes and also offers a good connectivity to other tools. It can be directly linked to accounting tools via interfaces so that expenses can be accounted for immediately and automatically for the next tax return – a real time-saver for everyone involved.
Best expense management software: top 10
Different needs require different tools: companies should understand this when choosing expense management software. To integrate a software as smoothly as possible into the company’s daily routine, they should carefully check which solution suits them best. To this end, we have compiled the 10 best and most well-known expense management software solutions.
Moss is a holistic solution that we have developed to support all the corporate expense management challenges we have identified. With an unlimited number of virtual or traditional corporate cards, employees can make expenditures directly from their corporate account without having to pay in advance themselves. Thanks to fixed budgets and ultra-fast approval processes, companies retain control over their employees’ expenses. Employees can instantly upload their receipts to the tool via the mobile app and OCR scan and make them accessible for the financial staff – as well as any relevant information about their business trip or other expenses.
For expense claims, Moss instantly calculates the appropriate per diem rates for all countries of the business trip. With just one click, claims for expense reimbursement can be approved or rejected. Invoices can be authorised in the blink of an eye, as can their payment. The timing of payments can be organised by the due date to maintain liquidity.
In addition, Moss provides a comprehensive summary of all expenses and gives companies an optimal insight to help them keep track of their finances. As well as saving time for staff, finance teams, and accounting, Moss provides managers with all the relevant information they need in real time so they can make the right decisions at the right time based on data.
Rydoo makes it easy to approve and track expenses. Per diems and mileage allowances are calculated automatically so expenses can be reimbursed quickly – and without any paperwork. But: corporate cards are not included. So, expenses can be reimbursed quickly with Rydoo, but it is still necessary for employees to pay in advance.
FreeAgent is an accounting software tailored to the needs of freelancers and small businesses. Writing and sending offers and invoices, recording expenses and hours, automatically creating VAT returns, calculating the tax to be paid in advance, and allocating everything to ongoing projects to provide a better overview – this is FreeAgent’s range of functions for young businesses.
Accounting for freelancers and future entrepreneurs: that’s what Wave offers. With Wave, they can accept credit card payments, create and send invoices, track revenues and expenses, and scan receipts. Apart from credit card payments, the tool is completely free – and ideally suited to the needs of freelancers or young entrepreneurs.
Small businesses that already use corporate cards can import expenses made with corporate cards with Expensify and track them in the tool. The software helps with recurrent payments and provides an overview of current expenses. In addition, Expensify facilitates expense reports and makes it easy to identify which employee has been reimbursed for which expenses.
Especially for business trips: Certify
Certify is an expense report solution tailored to the accounting of business travel, including a mileage calculator and an upload option for receipts such as flight tickets.
Just like Certify, SalesTrip is an expense solution that has been tailor-made for use in business trips and thus performs particularly well in this field. However, the tool offers more than just tracking business travel expenses: with its connection to Salesforce, SalesTrip can also evaluate the return on investment of a business trip in advance.
Especially for agencies: Avaza
Avaza is a combination of project management tools like Asana and various functions for expense management. Thus, with this application, different projects can be created and organised and employees can record their hours for the corresponding tasks. At the same time, they can enter all costs that have been incurred for the implementation of the project. In this way, agencies can clearly retrieve all hours and costs at the end of the project and settle them accordingly.
Scanning receipts made easy: Scanbot
Scanbot is not a comprehensive expense solution, but rather a helpful tool for digitising receipts, invoices, or other documents. Simply take a photo using the mobile app and save it digitally.
Dext Prepare goes one step further than Scanbot and, after scanning and uploading invoices, receipts, and the like, offers a more detailed overview with date and amount – automatically recognised with the help of OCR scanning.
Expense management software UK: Moss as holistic solution
Moss combines solutions for all corporate expense management challenges – from corporate cards as a means of payment for employees, invoice management and expense reimbursement, to valuable insights that help managers make informed, data-driven decisions. Time-consuming expense reports, approval processes, or manual data entry are now things of the past. And for those who may not need all the solutions for their business, Moss allows them to compile and customise their ideal expense management software on a modular basis.
Expense management software helps companies manage their expenses by simplifying or automating various processes: e.g., reimbursement of expenses, presorting expenses for accounting, or providing the management with an overview of the company’s current financial situation.
When it comes to expense management, there is often a lack of general view: which expenses were incurred in which period? Furthermore, when employees submit their expenses for reimbursement, the information is often inaccurate or receipts are missing. Due to manual data entry, the effort for both employees and accounting is high and the susceptibility to errors is increased.
Expense management software offers solutions to overcome these challenges. Automation not only saves companies a lot of time, but also reduces the sources of error resulting from human failure. So, the software saves companies money in many ways.
Companies benefit first and foremost from a great time saving when using expense management software – and that in many areas. Employees save time in handling their expenses, the accounting department saves time in sorting and accounting, the finance department saves time in evaluating the current financial situation – and the management can make better decisions.
Instead of time-consuming claims for reimbursement of expenses, employees can simply enter their data into their smartphone using the mobile app of an expense management software like Moss. The software offers prefabricated forms so that no information is forgotten. They can also simply take photos of their receipts and upload them. The uploaded content is instantly recognised thanks to OCR scanning.
There is no such thing as the best expense management software – companies’ requirements are too specific. With Moss, we offer all the functionality and solutions that companies value for their expense management – modularly structured, so that every company can compile its ideal individual solution.