8 BEST Expense Management Software

Businesses turn to expense management software to handle, plan, and foresee expenditures. Yet, many platforms are inadequate for complex approval scenarios, depend on manual entries, and lack proper forecasting tools. Choosing an expense management system capable of supporting your business's size with features like employee card management, budgeting, automation, workflow management, and numerous integrations is advisable. Such tools are fundamental to managing business demands efficiently. Our specialists have thoughtfully selected eight of the best software programs for tracking expenses easily, judging them on their travel and expense management, budgeting tools, approval workflows, and pricing configurations.

Best Expense Management Software

1) Ramp

2) Expensify

3) Happay

4) Rydoo

5) DivvyPay

6) Airbase

7) Navan

8) Brex

1) Ramp

As a leading tool in expense management, Ramp effectively tracks every business transaction, big or small. Its adaptive algorithms are fine-tuned to user behavior, categorizing expenses instantaneously. AI-powered analytics are crucial for reducing waste and optimizing resource utilization.

Features:

• Receipt Matching: Advanced AI algorithms efficiently extract data from receipt images for immediate action.
• Autopilot: Automates receipt collection by extracting crucial details from third-party services like Lyft, Gmail, and Amazon.
• Login: Supports seamless login via SSO with platforms such as Okta, Google, and Azure, including options for two-factor authentication.
• Automation: Comprehensive tools streamline expense approvals, policy enforcement, and compliance, minimizing manual errors and saving time.
• Digitization: Promotes a paperless environment by digitizing invoice submissions from employees and affiliates.
• Onboarding Resources: Offers detailed training sessions and guides to help new users navigate and master the platform.
• Data Syncing: Ensures that all data related to vendors, customers, suppliers, and affiliates is consistently up-to-date through real-time syncing.
• Prevent Frauds: Robust control over cards to detect and prevent fraud swiftly.
• Pre-Approve Expenses: Facilitates financial support for employees by pre-approving essential expenses within set limits.

Pros:

• Facilitates quick reimbursement for employees, covering domestic and international out-of-pocket expenses.
• Features an intelligent AI-driven chatbot that handles tasks related to expense management, compliance, and bookkeeping.
• Offers seamless integration with a variety of third-party services, including FreshBooks, Sage, and XERO.

Cons:

• Customer support may be limited, with some delays in response times for critical inquiries.

Pricing:

• Free Trial: Offers a Lifetime Free Basic Plan.
• Price: Pricing details are available upon contact with customer support.

2) Expensify

With Expensify, businesses can manage expenses effectively through enhanced receipt tracking, rigorous auditing, and the prevention of duplicate entries. This platform ensures transaction accuracy and complies with GDPR to maintain high standards of data privacy and security.

Features:

• Receipt Scanning: Utilize the advanced receipt scanner to capture and upload receipts directly from mobile devices, where algorithms accurately extract and store data.
• Transactions Import: Seamlessly import and integrate financial transactions from both personal and business accounts to maintain precise records.
• Multiple Approvers: Set up complex approval workflows with custom parameters and logic, with automatic flagging of notable expenses.
• Two-Way Synchronization: Ensure data consistency with real-time synchronization between Expensify and other accounting or tax software.
• Tax Calculation: Configure tax calculations according to local regulations, including custom tax slabs, rates, and codes.
• Delegated Access: Grant controlled access to critical data for professionals like CAs and attorneys, allowing review but restricting unauthorized changes.
• PCI Compliance: Safeguard data with stringent security measures, adhering to PCI standards and GDPR compliance.
• Next-Day Expense Claims: Motivate timely expense reporting from employees with fast reimbursement processes.
• Emergency Medical Services: Access complimentary medical and security advice and emergency services during both domestic and international travels.

Pros:

• It easily integrates with general ledger codes for detailed expense tagging.
• Expensify cards streamline the management of rewards, reimbursements, and benefits.
• Administrators can set specific expense policies and limits across different categories.

Cons:

• Does not offer advanced bookkeeping tools or functionalities.

Pricing:

• Free Trial: Offers a lifetime-free Basic Plan.
• Paid Plans: Available business plans include Collect and Control, starting at $5 and $9 per user per month, respectively.

Link: https://use.expensify.com/expense-management

3) Happay

Happay streamlines the expense management process with automated workflows, allowing for easy configuration of approval hierarchies based on expense magnitude. Users can effortlessly configure settings for routine expenses, while larger expenditures require additional scrutiny.

Features:

• On-cloud smart audits examine all financial transactions to improve performance and recommend enhancements.
• Real-time notifications keep employees, vendors, and administrators informed during approval processes.
• Automated data capture via a mobile app enables AI-driven tools to swiftly process invoice data.
• Customizable approval workflows allow for complex, multi-variable setups based on various organizational parameters.
• Comprehensive data analytics offer deep visibility into expenses, evaluating transactions across different vectors.
• The dashboard presents live insights into business activities, tracking approvals, and monitoring budget adherence.
• Expense policies ensure adherence to financial guidelines, preventing out-of-policy employee reimbursements.
• Timely reminders through mobile, email, and web apps highlight urgent or overlooked tasks.
• Spending analysis tools help control budgets, optimize vendor relationships, and refine policy decisions.

Pros:

• Detailed audit trails provide thorough insights for financial oversight.
• Mobile applications for multiple platforms ensure continuous connectivity and updates.
• Seamless integration with major ERP systems like Oracle NetSuite, Tally, SAP, and Microsoft Dynamics 365.

Cons:

• Reporting features are somewhat limited in terms of customization and flexibility.

Pricing:

• For detailed pricing information, please contact Happay Customer Support directly.

Link: https://happay.com/expense-management-software/

4) Rydoo

Rydoo, a comprehensive expense management solution, effortlessly handles all aspects of expense management with its Easy Scan technology. Employees can quickly capture receipts via smartphones, ensuring details like date, amount, and currency are processed instantly. With over 100 integrations and bespoke business card options, Rydoo caters to diverse business needs.

Features:

• Real-time Data Insights: Gain a thorough understanding of your company’s expenditure patterns, enabling informed financial decision-making through comprehensive data aggregation.
• Paperless Operations: Experience enhanced efficiency and accuracy with completely paperless processes, which reduce manual errors and streamline operations.
• Per Diems Management: Easily set and adjust daily allowances according to regional standards, automatically applying them to employees when traveling.
• Automated Expense Approvals: Establish rules for routine expense approvals to minimize administrative oversight, allowing for smoother operational flow.
• Mitigate Out of Policy Expenses: Implement stringent guidelines to prevent unauthorized spending, automatically rejecting non-compliant expense submissions.
• Rich Insights: Utilize AI-driven analytics to derive critical insights on business performance, aiding strategic decision-making across various departments.
• Quick Onboarding: Benefit from Rydoo’s expert team, which facilitates a swift and tailored setup process, optimizing your initial experience with the platform.
• Snap: Securely store and easily retrieve digital copies of receipts from the cloud, ensuring they are available whenever needed.

Pros:

• Ensures compliance with tax regulations, streamlining the entire expense management process.
• It is designed with an intuitive interface, making it accessible for users of all skill levels.
• Offers predictive insights on future expenses, helping in effective budget planning.

Cons:

• Does not provide specific tools for niche requirements, such as reimbursement management and single sign-on capabilities.

Pricing:

• Free Trial: 14 days are available to evaluate the platform.
• Subscription Cost: Pricing starts at €8 per user per month, with an annual billing cycle.

Link: https://www.rydoo.com/expense/

5) DivvyPay

DivvyPay offers complimentary reimbursements, perfect for handling expenses not charged directly to cards, such as mileage or cash outlays. It effortlessly syncs with your accounting structure, reducing manual input and maintaining accuracy. Additionally, its robust expense reporting tools utilize receipt matching and categorization based on preset rules.?

Features:

• Budget Alignment: Customize your budget allocation across departments, teams, or projects to match your business's specific needs by setting distinct spending limits.
• Approvals: Enables administrators to remotely oversee, manage, and respond to funding requests via mobile or web applications.
• Expense Tracking: Provides capabilities to monitor business performance and expenses in real time, aiding in compliance with budget limits.
• Expense Reporting: Offers detailed reports with sorting and filtering options to evaluate performance by department, project, or individual.
• Budget Management: Features budgeting tools for setting preliminary budgets, comparing them with actual expenses, and forecasting future costs.
• Autonomy for Managers: Empowers managers and team leaders to establish and manage their financial plans and budgets.
• Predefined Approval Workflows: Streamlines daily expense approvals for routine expenditures like team lunches or coffee breaks.
• Enforceable Budgets: Ensures that all reimbursements are issued from designated budgets, preventing budget overruns.
• Receipt Uploading: Allows for direct upload of receipts via mobile apps, with intelligent analysis for extracting pertinent details.

Pros:

• Native Mobile Alerts: Sends notifications directly to mobile devices regarding invoice status updates.
• Real-Time Synchronization: Maintains a continuous two-way sync with accounting software, ensuring current data accuracy.
• Seamless Integration: Compatible with widely used platforms such as Slack, Oracle NetSuite, and Sage Intacct.

Cons:

• Complex Budgeting Tools: Some users find the budgeting and expense limit configuration tools to be overly complex.

Pricing:

• Free Trial: Offers a basic plan that is free for life.
• Subscription Cost: Pricing begins at $45 per user per month.

Link: https://getdivvy.com/expenses/

6) Airbase

With Airbase, companies gain a robust expense management system that automates receipt uploads and ensures compliance with corporate policies through sophisticated data processing and policy configuration tools. Employees can effortlessly upload receipts while the system extracts and stores data automatically, reinforcing adherence to company expense policies.

Features:

• Audit Trail: Airbase meticulously records every transaction detail for robust periodic auditing, including notes, receipts, and other documents.
• Receipt Management: Utilizes OCR technology to allow employees to quickly capture and submit expenses, enhancing the approval process.
• Mobile App: Available on both Android and iOS, this app provides remote access to business data and activity management.
• Real-time Spend Reporting: Offers capabilities to monitor spending as it happens, with options to approve or deny transactions individually.
• Forecasts: Analyzes historical data to identify spending patterns and predict future expenses, helping maintain budget compliance.
• Fraud Prevention: Employs advanced detection methods to identify and alert to suspicious transactions promptly.
• Virtual Credit Cards: This enables the creation and management of virtual credit cards with comprehensive administrative control over spending limits.
• Operations: Streamlines process management by routing approval requests efficiently via email and Slack, reducing delays.
• Categories and Tags: Facilitates easy retrieval of transactions by allowing expenses to be tagged and categorized.

Pros:

• Ensures stringent security and privacy in compliance with standards like SOC 2 Type II and SOC 1 Type II.
• Simplifies payroll processes with direct bank account payments to employees.
• Provides a user-friendly dashboard for employees to track reimbursements and payments.

Cons:

• The initial setup of automation workflows may be complex for novices.

Pricing:

• For detailed pricing information, please contact Airbase Customer Support.

Link: https://www.airbase.com/modules/expense-management

7) Navan

Opt for Navan for advanced expense management, where real-time reporting and automatic tax compliance are standard. With Navan, managing expenses and ensuring tax compliance becomes effortless, thanks to its real-time reporting system and automatic categorization of transactions.

Features:

• Scalability: Navan accommodates business growth with features like digital reconciliations, AI-driven receipt scanning, and automatic expense report generation, requiring minimal additional input.
• Real-time Analytics: Stay abreast of financial activities with tools that offer immediate insights into your business expenses.
• Control: Implement and enforce spending rules effortlessly, aligning with company policies across all employee transactions.
• Global Card Linkage: Employees can connect their Visa or Mastercard to Navan, merging expense tracking with existing card benefits.
• Unified Dashboard: A comprehensive dashboard supports expense management with features such as data filtering, search capabilities, and live map integration.
• Productivity: Enhance business efficiency by automating reconciliations and removing the need for manual expense reports.
• Analytics: robust analytics monitor and track business spending with AI-driven tools offering actionable business insights.
• Automated Expense Management: Transactions and expenses are automatically categorized, eliminating manual entry.
• MFA and SSO: Enhanced security is provided through multi-factor authentication, while single-sign-on offers user convenience.

Pros:

• Integrates seamlessly with third-party services such as QuickBooks, Oracle, and Google Suite, facilitating automated expense reporting.
• Streamline payments with virtual corporate cards linked to Navan for secure, hassle-free bookings for flights or hotels.
• Provides the option to issue both virtual and physical cards to employees for various payment needs, from one-time to recurring.

Cons:

• Adjusting entries or correcting errors in the database can be challenging due to the automated nature of the system.

Pricing:

• Free Trial: Offers a Lifetime Free Basic Plan.
• Price: Specific pricing details are available upon request from customer support.

Link: https://navan.com/expense-management

8) Brex

Brex revolutionizes expense management for global businesses with its fast international transaction support and OCR technology for multiple languages and currencies. Its OCR feature supports various languages and currencies, while its two-way syncing capability keeps accounting data consistent.

Features:

• Tax Collection: Brex efficiently gathers and securely stores all relevant tax information, such as VAT, facilitating easy tax filings with local authorities.
• Personalization: The software adapts over time, learning user preferences for airlines and hotels and enhancing future travel bookings.
• Itinerary Management: Brex supports unlimited changes to itineraries, accommodating diverse user needs smoothly.
• Policy Control: Offers tailored control options to set spending limits across various company facets, including cards, travel, and departments.
• Approval Hierarchy: Enables the establishment of an approval chain for transactions, streamlining manual approvals and handling of large-scale purchases.
• Expense Rules: Users can establish clear rules for expense approval or rejection, simplifying the expense management process.
• Stipends: Facilitates the issuance of one-time or recurring stipends based on predefined criteria for wellness, performance, and more.
• Import/Export Data: Features seamless integration for exporting transaction data to ERPs via CSV transfer.
• Automation: Complements leading automation platforms to boost productivity across expense management, bookkeeping, payroll, and HR.

Pros:

• Allows for unlimited reimbursements without transaction fees.
• Integrates seamlessly with major ERP systems such as NetSuite, Oracle, and QuickBooks.
• Enables the customization of policies to suit specific uses, levels, regions, and departments.

Cons:

• Provides limited options for generating reports and analyzing data insights.

Pricing:

• Essentials: ideal for startups and growing companies, available at no cost per user per month.
• Premium: Suited for mid-sized companies aiming to expand, priced at $12 per user per month.

Link: https://www.brex.com/product/spend-management

Verdict

"I have spent considerable time navigating through various expense management software, and I can confidently say that selecting the right tool is crucial for streamlining company finances. From personal experience, automation and integration capabilities stand out as pivotal for enhancing efficiency."