Businesses run on finances, and keeping track of companies’ expenses is essential. Efficient business tracking and analyzing is a crucial point of every business. Your business will never grow without complete sales and spent budget information. But it is not a simple task to keep track of your expenditures, bills, and reports at all times. Expense management software can easily handle this gruesome task.
The expense calculation tool makes keeping track of all your expenses, bills, and other financial matters easier. Business holders use these types of software to perform various financial functions. They range from single-entry tasks like check writing and bookkeeping to keeping track of spending. Businesses are automating in every way. So it is no wonder there will be an efficient way of managing your business expenses.
An expense management tool provides control over your business’s financial aspects. If you are considering using this tool, look at our list of the 10 Best cost management software in 2023.
Is Expense Management Important?
Yes, of course, it is essential for your business. It enhances the employee experience and increases overall financial productivity. If you don’t keep track of your spending and your company’s earnings, you can never secure a profit. We all know a business’s primary goal is to make a profit. Managing expenses ensures you have an insight into the business’s financial condition. In addition, having an effective expenditure helps keep your business compliant with the Internal Revenue Service (IRS).
Expense Management Software
The cost management software application helps employees and business owners manage and report expenditures. First, it keeps a tab on the beauty of money and documents spending and income. Next, accounting teams use it to manage expense reports, reimbursements, and travel costs. Simply put, a cost management tool can help you manage many financial expenses of your establishment, whether big or small.
What are the advantages?
You might ask, “Why would I use an expense management solution?” Well, here is why you must use software to manage your expenses.
- Collecting and storing physical receipts and bills is a tedious task. The software makes the task easier. This software will save your workforce and time.
- Employers and financial support teams can customize and change their policies per their company’s needs. Using the software helps the team to record and import business financial findings.
- You can integrate most expense management tools with payment card systems, accounting software, and other financial programs. So it is easy to keep track of all the expenses under a single platform.
- Business owners can gain insight into the business’s spending trends by using an expense analysis report. This software gives them a good grasp of the funds of the business.
- Automated software for expense management keeps a lookout for policy violations and informs the respected owner.
- Every expense tracking software performs a digital audit trail on your expenses. It keeps the expenses ready for accounting and auditing.
- Users can customize the user fields of expense tracking software. This product allows the system to recognize the needs of the user and process data according to them. It helps process business claims.
Questions to answer before choosing an Expense Management Software
Here are 5 things you should check before selecting cost calculation tools for your business.
- Is the software user-friendly?
- How scalable is the tool? Is it able to adjust to your needs?
- Can you integrate it with other software?
- Does the software have a functioning mobile app?
- Is the software cost-effective?
These are the 5 questions you should ask before you choose an expense manager.
Best Expense Management Software
It is not a simple task to determine which software is the best. We have provided a list of the 10 best bill management software. It is up to you to decide which is best suited for your needs.
1. Expensify: #1 Expense Management Tool
Expensify brings cloud-based expense management solutions for every business. It provides valuable expense reports. Are you tired of preparing bills and readying documents for the audit? Expensify can make that work easy for you. Expensify is the fastest and most reliable way of maintaining your accounts. It can keep track of and document all the receipts. It is time to say goodbye to those envelopes and hectic paper works.
Expensify has innovative scan features to scan paper receipts too. So you are free from any paper documentation. A single app can now do all of your billings. In addition, the app can automatically import and present your bank transaction and credit card information. The app can also generate IRS-guaranteed e-receipt for you.
- Expensify has Approval Process Control,
- It also supports invoice and receipt management.
- It can scan and upload paper receipts.
- With Expensify, you can control your spending.
- It gives you weekly analyses and reports.
Price: $5.00 per user per month.
Free Trial: Expensify offers a free trial.
2. Sage Intacct
Sage Intacct is software that received the Highest Score in Core Financials. It is the number 1 choice of organizations outgrowing QuickBooks. They provide the best-in-class Cloud ERP for finance. The software is 100% focused on customer satisfaction. They prioritize what is suitable for the customer.
Thousands of organizations rely on Sage Intacct for their expense reimbursement management. It delivers practical insights and keeps your business on track with growth. Sage Intacct provides everything you need to increase productivity. It is a complete solution for your business’s financial tracking.
- Sage Intacct offers powerful automation of complex processes.
- It has advanced functionality to bring you the best-in-class experience.
- Sage Intacct provides a flexible platform, enabling you to work on cloud services.
- It gives you detailed analysis reports of your expenses.
Price: USD 425 per month/ user.
Free Trial: Yes, Sage Intacct offers a free trial.
3. Zoho Expense
Zoho expense management is another great application for managing your expenses. Zoho Expense gives you the best user experience with an intuitive dashboard and easy-to-use interface. It can present you with submitted and unsubmitted reports, monthly expense analyses, and fund analyses. You can manage the reimbursed amounts, expenses in different categories, etc. You can also integrate your bank and credit card with Zoho expenses to keep track of them.
The analytic feature of Zoho expense is worth mentioning. It provides you with an in-detail report of your monthly income and spending. It will also report if there are any policy violations. In addition, you can integrate it with the Zoho ecosystems containing Zoho CRM, Zoho Invoice, Zoho People, and Zoho Books.
- You can integrate Zoho expenses with other Zoho products.
- It has an intuitive dashboard.
- Zoho Expenses can help you with travel and expense management.
- They equipped Zoho expense with complete spend control and compliance.
Price: $2.50 / month.
Free trial: Zoho Expense offers a 30-day free trial.
FreshBooks is the best cost management tool for small businesses. It is an online invoicing and time-tracking application that saves time by tracking your finances. FreshBooks is a great help for freelancers, self-employed professionals, and businesses with employees.
FreshBooks makes invoicing easy. It can help you organize your expenses effortlessly. FreshBooks is a beautiful and well-designed app for invoicing and expense monitoring. It can integrate itself seamlessly to collaborate on projects. You can get paid through FreshBooks. Yes, it can be a payment gateway for your e-commerce websites too. The reports are easy to understand and well-detailed. We insist that you have a free trial for this product.
- FreshBooks has made invoicing on e-commerce sites easier.
- It can help you organize expenses effortlessly.
- It provides insightful time-tracking support.
- You can use FreshBooks as a payment gateway and get paid in whatever medium.
- It gives you an easy-to-understand monthly report.
Price: USD 15.00 per month. You will get 50% Off for 3 months if you purchase it now.
Free trial: Yes, FreshBooks offers a free version of the product.
5. InvoiceNinja: Best Free Expense Manager
InvoiceNinja is a free, open-source expense management software. It can store and manage your earnings, expenses, and vendors. You can integrate it with your e-commerce website. It is easy to connect it to other third-party apps. You can read your invoices with a single click of your mouse. The interface is simple and easy to maneuver. InvoiceNinja gives you an overview of your business in the simplest way possible.
- InvoiceNinja can help you create, import, and view your expenses.
- You can send invoices to your clients.
- It can auto-generate profit & loss reports.
- It allows you to differentiate between paid expenses.
- You can export vendors and expenses from other sources.
Price: InvoiceNinja is a free cost and invoice management app.
Fyle gives you complete insights into all of your costs and expenses. It is an excellent T&E software for individuals and businesses. Fyle has been pioneering the industry for many years and is best at expense management. It is the next-generation spend management tool that employees love to use. It is easy to operate and gives you all the features to keep track of gains and losses.
You can link Fyle to email management, other consumer apps, and invoice software. With Fyle, you can record and document your spending data easily. It is an intelligent application that will help you with bookkeeping. It also reports expenses in real time. So you can monitor the cash flow. You don’t have to wait for a monthly report.
- Fyle gives you the option for receipt tracking and expense tracking.
- You can connect your Gmail and Outlook accounts to Fyle and get regular updates.
- The Fyle’s expense form is a simple way to document your financial expenses.
- You can also track your travel expenses by connecting them with Google Maps.
Price: $4.49 per month/ user.
Free Trial: Yes, Fyle offers a free demo of their application.
7. Certify Expense Management Software
Certify is the best employee expense management tool for your business. It is an excellent software with solid OCR scanning for scanning paper receipts. It is a cheap product yet gives you all the functions of an expense manager. Certify can handle heavy expense management and workflows. It delivers an intuitive mobile application too. The mobile app is easy to use. Your employees can easily update the expanses with it.
Certify is easy to set up. It also comes with a 15-day free trial period. During this period, you can see if you like Certify or not.
- Certify supports OCR scanning of paper receipts.
- It has an easy-to-use mobile application.
- They offer competitive, flexible price packages.
- It comes with great auto-fill features.
Price: Certify’s starting price is USD 8 per month.
Free trial: Certify offers a 15-day free trial.
Rydoo is a fantastic travel and cost management tool for businesses. This product handles not only expanse tracking but also international workflows. It is capable of OCR scanning, which helps you to document your paper receipts. Rydoo has automated forms you can fill up to enter your data and calculate expenses. You can connect your bank and credit cards to Rydoo too.
Rydoo is a great help for small businesses. They offer attractive pricing that is very affordable. It combines price and features perfectly. They designed the dashboard to give the user’s best experience. You can integrate it with third-party accounting applications too.
- With Rydoo, you can stay in complete control of your finances.
- It gives you insights into your costs and spending.
- It offers a fully customizable interface.
- You can set it up to calculate mileage rates when you travel.
Pricing: Rydoo’s basic plans start from $7.00 per month.
Free plan: you can get a free demo of Rydoo.
9. Emburse Abacus
Emburse Abacus is one of the top business management tools. It has an easy-to-use interface and offers many valuable features. It has an automated bill management system built into it. With Abacus, you can submit your expenses immediately and do not have to wait for monthly reports. The Integrated text feature speeds up the reporting and reimbursement process. It enables you to handle multiple financial calculations easily. Overall, Abacus offers you the best in class at a reasonable price.
- Emburse Abacus provides real-time expense reporting.
- It can help you capture accurate expense data from employees.
- You can automate the expense policy and approval hierarchy of your company.
- Abacus is perfect for fast-growing businesses.
Pricing: The basic plans start from USD 9.00.
Free trial: You can get a free demo of Emburse Abacus.
10. Dext Management Software
Dext (Previously Receipt Bank) has made expense management more manageable. It is excellent business management software that minimizes data entry but gives you relevant results. With Dext, you can easily manage your accounts and bookkeeping. It also has a mobile app for easy access. You can integrate Dext with other accounting apps and banks. Another helpful feature of Dext is that you can reduce the use of paper with it. You can scan your paper receipts and convert them into digital data. Using Dext is also very easy. They offer different products at Dext. You can choose the one that suits you best.
- Dext helps you to manage your accounts and bookkeeping.
- It can scan your receipts and document them.
- It gives you monthly reports of your expenses.
- Dext has a mobile app for easy access.
Pricing: Their basic plan starts from £12.50 or $17.70.
Free trial: You can start a free trial or book a demo of Dext.
Business of today needs automated cost management tool. Keeping track of your expense by hand is quite hectic. When you can do it with software, then why take the burden and do it manually? Having an expense manager tool helps ease the process of expense reporting. It saves human resources, time, and money.
We have provided you with a list of the 10 Best business management software in 2023. We tested this software and then listed it. So be assured of quality and performance. Share this article if someone you know is looking for expense management software. Comment down below which one met your needs.