Best Expense Management Software for Small Business Shortlist
Here’s my pick of the 10 best software from the 22 tools reviewed.
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With so many different expense management software options available, figuring out which is right for your small business can take a lot of work. This software helps you track, categorize, and report expenses in one place. It saves time, reduces errors, and improves financial oversight. Finally, you can forget manual tracking, lost receipts, and inaccurate reporting.
You want to track and manage your business expenses better but need to figure out which tool best fits. I've got you! In this post, I make things simple. Based on my knowledge of expense management practices and leveraging my years of HR experience, I have put together this list of the best expense management software.
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Best Expense Management Software Summary
This comparison chart summarizes pricing details for my top expense management software selections to help you find the best software for your budget and business needs.
Tools | Price | |
---|---|---|
Airbase | Pricing upon request | Website |
Navan | Pricing upon request | Website |
BILL | From $45/user/month | Website |
Projectworks | From $33/user/month (billed annually) | Website |
SAP Concur Expense | Pricing upon request | Website |
Rydoo | From $9/user/month (billed annually) | Website |
Coupa | Pricing upon request | Website |
Brex | From $12/user/month (billed annually) | Website |
Expensify | From $5/user/month | Website |
NetSuite | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow To Choose Expense Management Software For A Small Business
As you work through your own unique software selection process, keep the following points in mind:
- Ease of Use: Selecting software that is user-friendly is crucial for ensuring that employees can easily adopt and use the system without extensive training. A complex interface can lead to errors and incomplete expense reports, which can frustrate employees and create additional work for the finance team. For example, a sales representative returning from a trip should be able to quickly and easily input their expenses and attach receipts without needing to navigate a complicated system.
- Integration Capabilities: The ability of the expense management software to integrate with your existing accounting and payroll systems is essential. This ensures that expense data can be transferred for reporting and tax purposes, reducing manual data entry and the potential for errors. For instance, if your business uses QuickBooks for accounting, choosing an expense management tool that integrates with QuickBooks will streamline the process of recording and reconciling expenses.
- Automation Features: Automation can significantly reduce the administrative burden on your finance team by handling repetitive tasks such as receipt capture, expense categorization, and report generation. Automated approval workflows can also ensure that expenses are reviewed and approved in a timely manner. For example, software that automatically flags duplicate receipts or out-of-policy expenses can help maintain compliance and prevent fraud.
- Scalability: As your business grows, your bookkeeping needs will evolve. Choosing software that can scale with your business ensures that you won't need to switch systems as you add more employees or freelancers, or expand into new markets. Look for an expense tracker that offers additional modules or features that can be activated as needed, such as travel management or advanced analytics. For example, a small business might start with basic expense tracking and later add features for managing international expenses as it expands globally.
- Cost and Pricing Structure: Understanding the cost and pricing structure of the expense tracking software is important for budgeting purposes. Some software may have a low upfront cost but charge additional fees for advanced features or additional users. It's important to consider both the initial cost and the long-term expenses associated with the software. For instance, a solution that charges per active user per month might be more cost-effective for a small business with a limited number of employees submitting expenses.
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Deel
This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.8 -
Rippling
This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.8 -
ClearCompany
This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.6
Best Expense Management Software For Small Business Reviews
This in-depth analysis provides overviews of various expense management software tailored for small businesses. It covers the pros and cons of each tool, their features, and their best use cases.
Airbase is an expense management software that automates and streamlines business expenses. It is best known for its AI-powered automation, which simplifies expense tracking and reporting.
Why I picked Airbase: I chose Airbase for its advanced AI capabilities that automate many aspects of expense management, making it stand out from other tools. Its AI-driven features, such as receipt scanning and data extraction, significantly reduce manual work and improve accuracy. This makes Airbase the best choice for AI-powered automation in expense management.
Standout Features & Integrations
Features include AI-based OCR for receipt scanning, automated approval workflows, and real-time spend analytics. These features ensure compliance with company policies and provide detailed insights into spending patterns.
Integrations include NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics 365, Jira, Ironclad, Docusign, Asana, Slack, and TravelPerk.
Pros and cons
Pros:
- Real-time analytics
- Automated workflows
- AI-based receipt scanning
Cons:
- Limited customization options
- Pricing upon request
Navan is a unified corporate card, expense management, and travel solution that offers real-time global visibility and financial accuracy. It is known for its international scalability and expense policy controls, making it a suitable choice for small businesses with international operations.
Why I picked Navan: I chose Navan for its extensive international scalability, which may be helpful to small businesses operating globally. Navan stands out due to its real-time visibility and financial accuracy, which are essential for managing expenses across different regions. Additionally, its advanced expense policy controls allow for detailed customization, making it adaptable to various business needs.
Standout Features & Integrations
Features include real-time global visibility, automated expense management, and advanced policy controls. Navan also offers bulk actions for transaction processing, custom segments for NetSuite integration, and batch records for efficient reconciliation.
Integrations include NetSuite, QuickBooks Online, SAP, Xero, Stripe, Oracle, Microsoft Dynamics 365, Salesforce, Workday, and Concur.
Pros and cons
Pros:
- Bulk transaction processing
- Advanced policy controls
- Real-time global visibility
Cons:
- Slight learning curve
- Higher starting price
BILL is an expense management software that offers real-time expense tracking for small and midsize businesses. It provides real-time visibility and control over business expenses, making it great for real-time expense tracking.
Why I picked BILL: I chose BILL for its real-time tracking capabilities, which set it apart from other expense management tools. BILL's ability to provide instant visibility into expenses helps businesses manage their finances more effectively. I included BILL for real-time expense tracking because it offers features like automatic receipt matching and rule-based auto-categorization, ensuring that all expenses are tracked and categorized as they happen.
Standout Features & Integrations
Features include real-time expense tracking, automatic receipt matching, rule-based auto-categorization, and virtual cards for fraud protection. These features help businesses manage and control their expenses efficiently.
Integrations include QuickBooks, Sage Intacct, Oracle NetSuite, Microsoft Dynamics 365, Xero, and Slack.
Pros and cons
Pros:
- Rule-based auto-categorization
- Automatic receipt matching
- Real-time expense tracking
Cons:
- Requires annual billing
- Limited customization options
Projectworks is a professional services software designed to streamline expense management and improve business margins. It is best for professional services integration, offering connectivity with various platforms to enhance operational efficiency.
Why I picked Projectworks: I chose Projectworks for its extensive integration capabilities tailored specifically for professional services firms. Unlike other tools, Projectworks stands out by providing a full ecosystem that connects all aspects of project management, from pricing to payment. This makes it particularly effective for businesses looking to integrate their professional services efficiently.
Standout Features & Integrations
Features include time tracking, expense management, resourcing, revenue forecasting, invoicing, and reporting. These features collectively help businesses gain meaningful insights into their operations, allowing for timely interventions to improve project performance and margins.
Integrations include Xero, QuickBooks, MYOB, HubSpot, 12d Synergy, Jira, Azure DevOps, Zapier, Direct Data Connection, and API Connection.
Pros and cons
Pros:
- Real-time insights
- Professional services focus
- Wide integrations capabilities
Cons:
- Annual billing only
- Limited to professional services
SAP Concur Expense is a software designed to support expense management processes for businesses of all sizes. It is best known for its integrated travel and expense management capabilities, making it a top choice for businesses looking to manage both travel and expenses in one platform.
Why I picked SAP Concur Expense: I chose SAP Concur Expense for this list because it offers a detailed solution that integrates both travel and expense management, which is a unique feature compared to other tools. This integration allows businesses to manage all employee-initiated expenses and travel costs in one connected system, providing a great overall user experience. I believe SAP Concur Expense is best for integrated travel and expense management because it simplifies the travel experience, increases compliance, and controls costs effectively.
Standout Features & Integrations
Features include automated expense tracking, faster reimbursement processes, and error reduction. The tool also offers mobile-friendly, cloud-based access, industry-leading security, and the latest AI technology to enhance user experience and compliance.
Integrations include SAP, NetSuite, QuickBooks, Xero, Salesforce, Microsoft Dynamics 365, Oracle, ADP, Workday, and Google Workspace.
Pros and cons
Pros:
- AI technology
- Mobile-friendly access
- Integrated travel and expense
Cons:
- Slightly complex setup
- Pricing upon request
Rydoo is best for AI-powered expense monitoring because its Smart Audit feature uses AI to automatically analyze expenses, detect non-compliant claims, and reduce manual checks.
Why I picked Rydoo: I chose Rydoo for its advanced AI capabilities that set it apart from other expense management tools. The Smart Audit feature, which automatically flags suspicious claims, makes it particularly effective for maintaining compliance and reducing manual oversight. This AI-powered monitoring ensures that businesses can maintain control over their expenses with minimal manual intervention.
Standout Features & Integrations
Features include Smart Audit for automatic expense analysis, automated approvals, a receipt scanner that populates data with reported 95%+ accuracy, and credit card reconciliation. These features collectively enhance the efficiency and accuracy of expense management.
Integrations include SAP, Oracle, QuickBooks, Xero, Microsoft Dynamics 365, NetSuite, Sage, Workday, Concur, and Expensify.
Pros and cons
Pros:
- High receipt scanner accuracy
- Automated approvals
- AI-powered monitoring
Cons:
- Requires annual billing
- Limited customization
Coupa is best for detailed spend visibility because it captures all travel and expense (T&E) spending, providing detailed insights and control over costs and spend leakages.
Why I picked Coupa: I chose Coupa for its unique capabilities in providing detailed spend visibility. Coupa stands out due to its ability to capture all T&E spend, both before and after expenses are incurred, which is crucial for controlling costs and reducing spend leakages. This makes it particularly effective for businesses looking to gain detailed insights into their spending patterns.
Standout Features & Integrations
Features include capturing all T&E spend to control costs, integrating end-to-end expense management processes to eliminate manual work, and providing actionable prescriptions based on community spend data to optimize expense management.
Integrations include NetSuite, SAP, Oracle, Workday, Microsoft Dynamics 365, Salesforce, QuickBooks, Xero, ADP, and Concur.
Pros and cons
Pros:
- Deep process integration
- Actionable spend insights
- End-to-end spend visibility
Cons:
- Potentially complex setup
- Pricing not publicly available
Brex is an expense management software designed for startups and small businesses, offering automation of manual expense work, control of global spend, and real-time book closing. It is best for AI-assisted expense reviews, allowing businesses to automate the review process and focus on transactions that need closer scrutiny.
Why I picked Brex: I chose Brex for its advanced AI capabilities that assist in expense reviews, making it stand out from other expense management tools. Brex's AI helps automate the review process, ensuring that only the necessary expenses are flagged for manual review, which is crucial for maintaining efficiency and accuracy in financial management.
Standout Features & Integrations
Features include customizable policies, automated expense reviews, and clear visibility of out-of-policy transactions. Brex also offers AI-powered automation, personalized assistance, and unlimited reimbursements with no per-transaction fees.
Integrations include QuickBooks, NetSuite, Slack, WhatsApp, Xero, Sage Intacct, Oracle, SAP, Microsoft Dynamics 365, and FreshBooks.
Pros and cons
Pros:
- Real-time spend reporting
- Customizable policies
- AI-assisted expense reviews
Cons:
- Limited to annual billing
- Higher starting price
Expensify is best known for its unlimited receipt tracking capabilities, which is useful for businesses that need to manage a high volume of receipts efficiently. The software's SmartScan technology allows users to capture receipt details automatically, reducing the potential for human error and speeding up the expense reporting process.
Why I picked Expensify: I chose Expensify for its modern receipt tracking capabilities, which stand out in the crowded field of expense management software. The ability to handle unlimited receipts with ease makes it particularly suitable for small businesses that deal with numerous transactions. Expensify's user-friendly interface and AI-powered features further enhance its appeal, making it a top choice for efficient expense management.
Standout Features & Integrations
Features include one-click receipt scanning, credit card import, customizable workflows, corporate card reconciliation, and advanced tax tracking. Expensify also offers multi-level GL coding, audit and compliance tools, and delegated access for streamlined expense management.
Integrations include QuickBooks, Xero, NetSuite, Sage Intacct, Microsoft Dynamics 365, Oracle, Salesforce, and Gusto.
Pros and cons
Pros:
- Customizable workflows
- AI-powered SmartScan
- Unlimited receipt tracking
Cons:
- Slight learning curve for new users
- Limited offline functionality
NetSuite is best for automated project accounting because it efficiently integrates expense tracking with project management, ensuring accurate and timely expense reporting and client billing.
Why I picked NetSuite: I chose NetSuite for its deep integration with project accounting, which is crucial for small businesses managing multiple projects. Its ability to automate the entire expense cycle, from reporting to approval, sets it apart from other tools. This integration ensures that expenses are accurately tracked and billed, making it the best choice for automated project accounting.
Standout Features & Integrations
Features include customizable workflows and approval processes, mobile support for expense submission, and credit card integration. These features enhance the accuracy and efficiency of expense management, allowing businesses to manage expenses from anywhere and integrate them into their accounting systems.
Integrations include Salesforce, Oracle, Microsoft Dynamics 365, QuickBooks, SAP, Google Workspace, Slack, Dropbox, Expensify, and American Express.
Pros and cons
Pros:
- Customizable workflows
- Mobile expense submission
- Detailed project accounting
Cons:
- Slight learning curve
- May require additional support for full feature utilization
Other Expense Management Software For Small Businesses
Below is a list of additional expense management software for small businesses that we shortlisted, but did not make it to the top list. Definitely worth checking them out.
- Ramp
Best for zero-touch expense management
- Medius
Best for OCR+ receipt data extraction
- SutiExpense
Best for customizable workflows
- Xero
Best for end-to-end accounting needs
- Zoho Expense
Best for multi-currency support
- BigTime
Best for time and expense tracking
- Paylocity
Best for payroll integration
- Sage Intacct
Best for advanced financial management
- FreshBooks
Best for small business invoicing
- Certify
Best for mobile receipt capture
- Pleo
Best for company card management
- Emburse
Best for automated expense reporting
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Expense Management Software For Small Business Selection Criteria
Selecting expense management software for small businesses requires a focus on functionality and meeting specific use cases that matter most. By carefully considering these criteria, I aim to identify software that not only meets standard requirements, but also provides additional value through innovative features, exceptional usability, and comprehensive support. Each criterion's score is tallied to determine a final star rating for each software tool, ensuring a comprehensive and fair evaluation.
Core Expense Management Software Functionality (25% of total score): To be considered for inclusion in this list, each solution had to fulfill these common use cases first:
- Expense Tracking
- Receipt Management
- Reporting and Analytics
- Integration with Accounting Software
- User Access Controls
Additional Standout Features (25% of total score): To help me find the best software out of numerous available options, I also kept a keen eye out for unique features, including the following:
- AI-Powered Receipt Scanning
- Real-Time Expense Reporting
- Mobile App Functionality
- Customizable Approval Workflows
- Integration with Travel Booking Systems
Usability (10% of total score): To evaluate the usability of each system, I considered the following:
- Intuitive User Interface
- Drag-and-Drop Functionality
- Customizable Dashboards
- Easy Navigation
- Minimal Learning Curve
Onboarding (10% of total score): To get a sense of each software provider's customer onboarding process, I considered the following factors:
- Availability of Training Videos
- Interactive Product Tours
- Pre-built Templates
- Chatbots for Assistance
- Webinars for In-Depth Training
Customer Support (10% of total score): To evaluate the level of customer support each vendor offered, I considered the following:
- 24/7 Support Availability
- Multiple Support Channels (Email, Phone, Chat)
- Dedicated Account Managers
- Comprehensive Knowledge Base
- Fast Response Times
Value for Price (10% of total score): To gauge the value of each software, I considered the following factors:
- Competitive Pricing
- Transparent Pricing Structure
- Free Trial Availability
- Flexible Subscription Plans
- Discounts for Annual Payments
Customer Reviews (10% of total score): Evaluating customer reviews is the final element of my selection process, which helps me understand how well a product performs in the hands of real users. Here are the factors I considered:
- Overall Satisfaction Ratings
- Feedback on Usability
- Comments on Customer Support
- Reviews on Feature Set
- Testimonials on Value for Money
Using this assessment framework helped me identify the software that goes beyond basic requirements to offer additional value through unique features, intuitive usability, smooth onboarding, effective support, and overall value for price.
Trends for Expense Management Software for Small Businesses
Expense management software is evolving rapidly. Here are some key trends to watch in the coming future.
- AI-Powered Expense Tracking: AI is being used to automate expense tracking. This reduces manual entry and errors. It also provides real-time insights.
- Mobile Integration: Mobile apps are becoming essential for expense management. They allow employees to submit expenses on the go. This increases efficiency and convenience.
- Blockchain for Security: Blockchain technology is being adopted for secure transactions. It ensures data integrity and transparency. This is crucial for preventing fraud.
- Real-Time Analytics: Real-time analytics tools are gaining popularity. They help businesses make informed decisions quickly. This is vital for maintaining financial health.
- Subscription-Based Models: Subscription-based pricing is becoming more common. It offers flexibility and scalability for small businesses. This makes advanced features more accessible.
These trends are shaping the future of expense management software tools for small businesses, from increasing subscription-based models to higher adoption rates for blockchain technology. Whether you are considering a new expense management software tool or looking to make a switch, keep these trends in mind when researching features as they will become more and more relevant to your business and operations.
What Is Expense Management Software for Small Businesses?
Expense management software is a tool designed to help small businesses track, manage, and control their expenses. Small business owners, finance teams, and employees use it to submit, approve, and reimburse expenses efficiently.
The software typically includes components like expense tracking, receipt capture, approval workflows, and reporting. These features help users maintain accurate financial records, streamline expense reporting, and ensure compliance with company policies.
Features of Expense Management Software for Small Businesses
Choosing the right expense management software is crucial for small businesses to keep track of their finances efficiently. Here are the most important features to look for:
- Automated Expense Tracking: This feature helps in automatically recording expenses, reducing manual entry errors and saving time.
- Receipt Scanning: Allows users to scan and store receipts digitally, ensuring that all expense records are easily accessible and organized.
- Integration with Accounting Software: Ensures faultless data transfer between the expense management software and your accounting system, simplifying financial reporting.
- Mobile Accessibility: Provides the ability to manage expenses on the go, which is essential for business owners and employees who travel frequently.
- Customizable Expense Categories: Enables businesses to create specific categories for expenses, making it easier to track and analyze spending patterns.
- Approval Workflow: Supports the process of approving expenses, ensuring that all expenditures are reviewed and authorized before being processed.
- Policy Compliance: Ensures that all expenses adhere to the company’s policies, reducing the risk of unauthorized spending.
- Reporting and Analytics: Offers detailed reports and analytics on spending, helping businesses make informed financial decisions.
- Multi-Currency Support: Essential for businesses that operate internationally, allowing them to manage expenses in different currencies.
- User Permissions: Allows administrators to set different access levels for users, ensuring that sensitive financial information is only accessible to authorized personnel.
Selecting expense management software with these features will help small businesses manage their finances more effectively, ensuring better control over their spending and financial health.
Benefits of Expense Management Software for Small Businesses
Expense management software offers a range of advantages for small businesses, organizing financial processes and enhancing overall efficiency. By automating and simplifying expense tracking, these tools can save time, reduce errors, and provide valuable insights into spending patterns. Here are five main benefits of using expense management software for small businesses:
- Time-Savings: Automating expense tracking and reporting reduces the time spent on manual data entry, allowing employees to focus on more strategic tasks.
- Cost Control: Real-time monitoring of expenses helps businesses identify and eliminate unnecessary spending, leading to better budget management and cost savings.
- Improved Accuracy: Automated systems minimize human errors in expense reporting, ensuring that financial records are accurate and reliable.
- Enhanced Compliance: Expense management software helps businesses adhere to internal policies and external regulations by providing a clear audit trail and ensuring that all expenses are properly documented.
- Better Financial Insights: Detailed reports and analytics provide valuable insights into spending patterns, helping businesses make informed financial decisions and plan for the future.
Implementing expense management software can significantly improve the efficiency and accuracy of financial processes in small businesses. By leveraging these tools, businesses can gain better control over their expenses, ensure compliance, and make more informed financial decisions.
Costs And Pricing of Expense Management Software for Small Businesses
This section provides an estimate of average expense management software plans and costs for small businesses. The data is based on common pricing tiers and features available in the market.
Plan Comparison Table for Expense Management Software
Plan Type | Average Price | Common Features |
Free Plan | $0 | Basic expense tracking, receipt scanning, mobile app access, and limited reporting features |
Personal Plan | $5 - $10 per user/month | Advanced expense tracking, integration with accounting software, multi-level approvals, and customizable policies and controls |
Business Plan | $15 - $30 per user/month | Everything in Personal Plan, corporate card reconciliation, advanced reporting and analytics, increased data storage, and greater security features |
Enterprise Plan | Custom pricing | Everything in Business Plan, VIP support, custom integrations and workflows, and a dedicated account management |
Expense Management Software for Small Businesses FAQs
Here are some answers to frequently asked questions you may have about expense management software for small businesses and how it works:
How can I integrate expense management software with my existing accounting system?
Most expense management software offers integration capabilities with popular accounting systems like QuickBooks, Xero, and FreshBooks. To integrate, you typically need to access the settings or integrations section of your expense management software and follow the prompts to connect your accounting system. Ensure you have the necessary permissions and API keys if required. Some software may also offer step-by-step guides or customer support to assist with the integration process.
What are the security measures in place to protect my financial data?
Expense management software usually employs several security measures to protect your financial data. These can include data encryption, secure socket layer (SSL) technology, two-factor authentication (2FA), and regular security audits. Additionally, many providers comply with industry standards and regulations such as GDPR and SOC 2. It’s important to review the security policies of the software provider to ensure they meet your business’s security requirements.
Can I customize expense categories and approval workflows?
Yes, most expense management software allows you to customize expense categories and approval workflows to fit your business needs. You can create specific categories that align with your business expenses and set up multi-level approval workflows to ensure proper oversight. Customization options may vary between software providers, so it’s advisable to check the specific capabilities of the software you are considering.
How do I handle multi-currency expenses in the software?
Many expense management software solutions support multi-currency expenses, allowing you to record and report expenses in different currencies. The software typically converts foreign currency expenses to your base currency using real-time exchange rates. You can also set default currencies for different users or departments and generate reports that reflect multi-currency transactions accurately.
Is it possible to track mileage and other travel-related expenses?
Yes, most expense management software includes features to track mileage and other travel-related expenses. Users can log their mileage manually or use GPS tracking to record distances traveled. The software can then calculate reimbursement amounts based on predefined rates. Additionally, you can categorize travel-related expenses such as lodging, meals, and transportation for comprehensive tracking and reporting.
What kind of reporting and analytics capabilities are available?
Expense management software typically offers robust reporting and analytics capabilities. You can generate various reports, such as expense summaries, spending by category, and employee expense reports. Advanced analytics features may include trend analysis, budget vs. actual comparisons, and custom report generation. These tools help you gain insights into spending patterns and make informed financial decisions.
How do I manage receipts and other documentation within the software?
Most expense management software allows you to manage receipts and other documentation digitally. Users can upload receipts by taking photos with their mobile devices or scanning documents. The software often includes OCR (Optical Character Recognition) technology to extract relevant information from receipts automatically. You can also attach receipts to specific expense entries and store them securely within the software for easy retrieval and compliance purposes.
What support options are available if I encounter issues with the software?
Support options for expense management software typically include a combination of resources such as online help centers, user guides, video tutorials, and community forums. Additionally, many providers offer direct support through email, live chat, or phone. Some software may also provide dedicated account managers or premium support plans for more personalized assistance. It’s important to review the support options available to ensure they meet your business’s needs.
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