Expense Management: Definition & 13 Best Expense Management Software

Expense management can be time-consuming and tedious, but it’s a necessary part of running a business.

To make things easier, consider using one of the best expense management software solutions available. Expensify, for example, is one of the most popular options.

It allows you to easily merge expenses from multiple sources and create accurate and comprehensive reports.

In this blog post, we’ll discuss the definition of expense management and list 13 of the best software solutions to help you merge your expenses.

By the end of this blog, you’ll know to make an informed decision on the right expense management software for you and your business.

Table of Contents

Expense Management Definition

Expense Management is defined as the practice of controlling and monitoring the costs of a business.

It involves tracking expenses, analyzing spending patterns, setting budgets, and implementing processes that ensure accurate financial reporting.

Expense management software can also help businesses gain better visibility and control of their finances, making monitoring and managing expenses easier.

These solutions are designed to streamline collecting, processing, storing, and auditing expenses-related data.

Top 13 Best Expense Management Software

1. Expensify

This is for businesses looking for an efficient way to manage employee expenses. Look no further than Expensify.

With this tool, you can create customizable policies for different expense claims, allowing you to approve or reject claims based on pre-determined rules quickly.

Additionally, it has robust reporting capabilities, so you can see which employees are spending money and how much they’re spending.

Its integration with other systems like Salesforce or NetSuite makes managing expenses easier.

2. Paramount WorkPlace

Another great expense management software is Paramount WorkPlace.

This system helps businesses streamline their employee reimbursement process by automating tedious tasks such as collecting receipts, approving claims, and reconciling payments.

You can also use the system to generate automatic reimbursement checks and payroll deposits, eliminating manual paperwork and saving time.

Furthermore, Paramount Workplace also supports integrated reporting and analytics so you can better understand your organization’s expenses over time.

3. Airbase

Airbase is an innovative expense management software that helps you automate and streamline the entire process.

It provides companies with detailed reporting on spending, simplifies tracking and reconciliation, and offers robust security to ensure your data is safe and secure.

Airbase also provides users with powerful features such as automated card provisioning, employee travel and entertainment, budgeting, and rewards and recognition.

With Airbase, companies can also manage employee expense reports, approve purchases and payments quickly and easily, and customize settings for each employee.

Additionally, Airbase offers a convenient dashboard that allows users to track their company’s expenses from one place easily.

Airbase is great for businesses seeking an intuitive and comprehensive expense management solution.

4. DivvyPay

DivvyPay is a powerful expense management software designed to help businesses streamline their financial operations.

With its intuitive interface and easy-to-use features, DivvyPay provides a comprehensive solution for managing expenses and tracking spending.

The software also allows users to create budgets, manage invoices, and generate reports with real-time visibility into their finances.

DivvyPay makes it easy to track employee spending and automate reimbursements.

By integrating with payroll software, DivvyPay can automatically calculate the amount employees owe for business expenses.

It can also be used to create budget forecasts, which help you plan for future expenses.

In addition, DivvyPay offers advanced features such as expense approval workflow, data analytics, and fraud detection.

It can be used to monitor compliance with company policies, such as setting spending limits or prohibiting certain types of purchases.

5. Freshbooks

Freshbooks is one of the most popular expense management software.

With a user-friendly design, Freshbooks makes it easy to organize, track, and pay your expenses in one place.

The software offers multiple payment options for maximum convenience, including credit cards and ACH transfers.

Additionally, their mobile app allows you to manage your finances.

6. Brex

Brex is an expense management software designed to help businesses track and manage their expenses.

Its comprehensive system provides visibility into spending, allowing businesses to set spending limits, review receipts, and receive notifications when expenses reach the limit.

Brex also allows businesses to easily track their payments, manage multiple currencies, and easily reconcile their accounts.

Furthermore, Brex enables businesses to create custom categories for expenses and invoices to make tracking easier.

Brex’s expense management system is incredibly user-friendly and easy to set up. The intuitive dashboard shows all current spending activity in real time, making it easy to monitor spending habits.

7. SAP Concur

SAP Concur is an integrated cloud-based expense management and invoice automation software.

It is an industry leader in expense management, offering its customers a comprehensive set of features covering every aspect of expense management.

With SAP Concur, businesses can manage their expenses and invoices quickly and efficiently, providing visibility into their spending.

SAP Concur provides a range of features, including:

Integrated employee expense tracking allows for accurate tracking and categorization of employee expenses.
Expense workflow automation automates approving and paying employee expenses, reducing administrative burden and cost.
Invoice automation quickly creates and manages invoices, improving accounts receivable processes.
Data analysis tools monitor spending patterns and easily generate reports.

Overall, SAP Concur is a powerful tool for any business looking for a comprehensive solution to their expense management needs.

With its extensive features and intuitive interface, it is well worth considering when evaluating your organization’s best expense management solutions.

8. Emburse Spend

Emburse Spend is a cloud-based expense management software designed to help businesses manage their finances and budgeting more efficiently.

It provides a streamlined way to approve and track expenses and ensure they stay within the company’s spending guidelines.

Also, Emburse Spend makes organizing expenses into categories easy and sets up flexible budgets that can be adjusted anytime.

The software includes various features to help businesses stay organized, including powerful reporting capabilities and automated processes.

With Emburse Spend, businesses can quickly create and submit expense reports, manage reimbursements, and generate accurate financial reports.

It also provides secure access to all of your data, so you can ensure that only authorized users have access to sensitive information.

9. QuickBooks Online

QuickBooks Online is a great option for those seeking an all-in-one expense management solution.

It features various features to help you track and manage your expenses, including budgeting and invoicing tools.

You can easily create custom reports, including income statements and balance sheets. It also allows you to sync with other financial accounts for comprehensive tracking.

10. Zoho Expense

Zoho Expense is another excellent choice regarding expense management software.

This tool enables you to customize company policies for expense claiming, provides real-time alerts when new expenses are added, and integrate seamlessly with Zoho Books for easy account reconciliation.

11. Xero

Xero is a cloud-based accounting platform with powerful expense-tracking capabilities.

It provides detailed reports and insights so you can quickly identify where money is being spent and the ability to set budgets and limits to stay within your spending goals.

12. Certify

Certify is a top-of-the-line expense management system that supports multi-company environments and custom integration with more than 300 partners.

It helps reduce costs by allowing users to scan receipts from any device and automatically populate them into an online expense report.

In addition, it offers advanced fraud detection tools to ensure compliance and accuracy.

13. YNAB (You Need a Budget)

YNAB is an excellent choice for those who want complete control over their finances.

It provides features such as automatic transaction importing and bank syncing, as well as mobile apps for on-the-go budgeting.

It also has a subscription-based pricing model and offers a free trial period for new users.

Conclusion

An effective expense management system is essential for small businesses.

Not only does it help keep track of finances, but it can also be used as a tool for budgeting and forecasting.

Having the right expense management software can make a huge difference in keeping your finances organized and streamlining the process of tracking and managing your expenses.

With so many great options available, evaluating which one is right for your business is essential.

We hope this list of the 13 best expense management software programs has given you some insight into the best solutions.

Utilizing one of these systems will ensure you get the most value out of your money and have the best experience tracking and managing your expenses.