Top 10 Best Expense Management Software In 2023

Here we explore and compare various Expense Management Tools to help you select the best Expense Management Software as per your need:

Everybody knows a business runs on monetary capital. An organization burns money to run its daily operations, similar to how a car burns fuel to run smoothly. Capital acts as the fuel that powers a business. The amount of capital spent on running an array of operational and administrative functions regularly is what we commonly acknowledge as expenses.

Keeping track of these expenses, with regards to where money is spent, how much is spent and the frequency of these spending is integral to the smooth functioning of an enterprise. Alas! It is easier said than done.

There are simply too many moving parts and too much financial data to juggle with on a regular basis. Managing an organization’s expenses can be extremely challenging. However, managers can’t ignore this task either. They need to have proper insight and control over their expenses if they hope to boost profits and scale their business.

Fortunately, what manual forces fail to accomplish, expense management tools achieve with incredible efficiency.

Expense Management Software

The market today is crowded with a slew of intuitive expense management solutions that perform several vital functions. These include, but are not limited to invoice management, tracking of expenses, receipt management, spend and approval process control, and workflow management.

An organization needs robust expense management software to ensure reduced expenditure, accurately created expense reports, and dues that are cleared on time.

In this article, we will look at some of the best expense management solutions available in the market today. The below list was curated after our own experiences with the tools. After a thorough vetting of the tools for their features, pricing, and ease of use, we can confidently recommend the below names to you.

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Frequently Asked Questions

Q #1) What is an Expense Management Software?

Answer: This software works to simplify and automate a company’s expense management system. It eliminates paperwork, decimates administrative burden, tracks expenses, and streamlines the approval process for quality handling of company spending.

Q #2) What are the most commonly found features in expense management software?

Answer: Features that facilitate recording expenses, invoice management, expense merging, receipt management, software integrations, and approval process control are some of the most fundamental features found in such software.

Q #3) How much does an expense management software cost?

Answer: Most companies providing these solutions offer a custom pricing plan tailored to the requirements of a business. On average, the expense management tool’s price can start from $4.99 per month for a single user. Software providers do provide their clients with a free trial or demo to test the tool before spending money on it.

List of Best Expense Management Software

Here is a list of the top expense management solutions

1. Paramount WorkPlace (Recommended)
2. Nanonets
3. Payhawk
4. Zoho Expense
5. Precoro
6. DivvyPay
7. Emburse Spend
8. Airbase
9. Emburse Certify
10. Expense OnDemand
11. Expensify
12. SAP Concur
13. Emburse Chromeriver
14. Fyle
15. Rydoo
16. ExpensePoint

Comparison of Business Expense Management Tools

Let us review the software below.

#1) Paramount WorkPlace (Recommended)

Best for businesses of all sizes.

Paramount WorkPlace with its sleek UI and seamless ERP integrations is one of the finest expense management solutions available today. It can help users create expense reports easily by capturing accurate information from scanned receipts, thanks to its powerful OCR technology.

Paramount Workplace allows seamless real-time integration with ERP applications like Microsoft Dynamics, Acumatica, Blackbaud, Sage-ERP, Sage Intacct, and Netsuite among many others for an enhanced user experience.

The software also has real-time integration with banks that support OFX. This enables companies to automatically import credit card transactions for use on expense reports. The overall process of creating expense reports in Paramount WorkPlace is also easy and fast.

Paramount WorkPlace allows its users to set up a well-defined and adequately enforced approval process that successfully manages corporate expenditure. Organizations can establish any approval rule they desire throughout the whole procurement process.

Paramount WorkPlace users also benefit from its intuitive mobile app that enables easy expense sheet entry and management of approvals from any Apple or Android device.

Furthermore, Paramount WorkPlace also features a useful Google Maps Mileage tracking system.

The software seamlessly integrates with Google Maps to allow companies to enforce mileage policy and make it simple for employees to report their work-related mileage. Employees are simply required to click on the Google Map icon within WorkPlace Expense and highlight the waypoint that represents the legs of their route, and the tool will calculate mileage automatically.

Thanks to the software’s ability to track budget and spend, Paramount Workplace allows organizations to stick to their established budgets, eliminate unnecessary spending, and as a result, boost their savings.

It also has robust multi-currency and Multilanguage capabilities. The solution can set policies, make travel plans, set approval requests, and generate expense reports pertaining to business trips in a hassle-free manner.

Features:

• Mobile Entry and Approvals
• Sophisticated OCR for receipt capture
• Seamless Real-Time ERP Integrations.
• Real-time integration with banks supporting OFX
• Set travel plans and workflow for easy approval of requests
• Multi-currency and Multi-language support

Verdict: Paramount provides an easy solution to create instant expense reports from captured receipts, credit card transactions. It doesn’t require any special skills to operate and can be implemented easily to manage, monitor, and gain insight into your company’s day-to-day expenses.

Price: Contact for pricing

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#2) Nanonets

Best for small to large businesses.

Nanonets is an AI-driven expense management software that allows you to gain complete control and visibility into all your business spends. Track and stay ahead of all your vendor expenses, subscriptions, other business spends, and even reimbursement in one place.

Automate expense reporting – employees simply click a picture of a receipt or invoice. Set up automated approval workflows with Nanonets so that expenses or reimbursement are routed to the correct team-member. And sync data with your accounting software to automate reconciliation and accounting workflows.

Features:

• Consolidate all company spends in one dashboard
• Automated capture of data from invoices and receipts
• End-to-end expense reporting automation
• Stay ahead of upcoming payments with custom alerts.
• Automated reconciliations (banks, credit cards etc.)
• Reimbursements and payments handled instantly/seamlessly
• Custom business rules or approval workflows to suit your spend policy
• Maintain a clear audit trail
• Integrate with accounting systems
• Analytics that provide crucial insights on spend

Verdict: Nanonets is the perfect expense management software for organisations that want to minimise manual data entry, prevent unauthorised spending, and modernise their expense workflows while getting a comprehensive overview of every business expense.

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#3) Payhawk

Best for Mid-sized to large businesses.

Payhawk is an expense management software that CFO’s and finance teams can use to track their company’s expenses in real-time. The best aspect about this tool are the actionable reports you get. With the help of this reports, your team can have better visibility and control over your company’s spend.

You can set spend limits on an individual or group level. This limits can be adjusted whenever you like. Once set, the budget owner will receive transaction notification in real-time for approval. You can also create spend policies based on advanced workflows. You’ll be able to easily handle card controls on elements like ATM withdrawals, recurring limits, etc.

Features:

• Define spend policies
• Set spend limit
• Customize approval chain
• Actionable reporting

Verdict: With Payhawk, you get an intelligent expense management software that can help you set spend limits, build approval workflows, and keep track of expenses in real-time.

Price: The All-in-One Spend plan costs $299/month. The Premium Cards plan will cost you $199/month. A custom enterprise suite plan is also available.

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#4) Zoho Expense

Best for small businesses.

Powered by one of the most intuitive dashboards on this list, Zoho Expense provides an experience that is unparalleled when it comes to expense management. Zoho is popularly considered a fantastic management tool, delivering solutions that simplify various aspects of a business’s operations. It’s the best expense management software for small businesses.

You get comprehensive insights into various aspects of all submitted and pending reports, the reimbursement amount, and details pertaining to expenses that go undetected. The analytics section of this tool is perhaps its most endearing selling point. It gives you a detailed outlook of the company’s spending across its various departments.

Moreover, you can automatically set policy guidelines that expedite the approval process and easily integrate the tool with a variety of other useful management software. These integrations include Zoho CRM, Zoho Books, Zoho People, and QuickBooks.

Features:

• Supports multiple currencies
• Receipt upload and management
• Spend control
• Reimbursement management

Verdict: Zoho’s simple UI and affordable price make it an ideal choice for small businesses with little to no resources. It performs all of its functions impeccably to offer a satisfying expense management experience to its many clients.

Price: Free plan available, starting at $5/month.

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#5) Precoro

Best for Real-time dashboard and visual analytics.

Precoro is a cloud-based procurement and expense management software that can enhance the efficiency of the above mentioned processes with excellent automation. The software can be used to instantly automate approval workflows, thus saving a lot of time. You can raise and approve purchase orders via this tool in just a single click.

You can also use the tool to track your budget by department and project. You can set rules to ensure cost centers never cross a certain limit. Furthermore, you get to visualize your company’s spend across all purchase orders in real-time, thanks to the visual analytics presented to you on the centralized dashboard.

Features:

• Create and Automate custom approval workflow
• Create and Track Budget by department and projects
• Visual analytics
• Track and assess receipts, invoices, and reimbursements requests.

Verdict: Precoro is a software that optimizes the entire expense management process by automating certain time-consuming tasks and eliminating certain human-based errors. The in-depth reporting and real-time dashboard make it a one-of-a-kind solution for managing spend and procurement out there.

Price: Starts at $35/month for 20 users and less. A 14 day free trial and a free demo are also available.

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#6) DivvyPay

Best for Small to Large Businesses.

With Divvy, you get a platform that allows you to track your expenses across multiple systems in a single, centralized dashboard. The platform provides you with tools that let you track, manage and control your business spend without breaking a sweat. Divvy facilitates instant reconciliation. As such, you are immediately notified when employees spend.

You can then instantly capture expense data that interests you, review transactions, and approve them with just a few clicks on your mobile device. The best aspect of Divvy is the virtual card it issues. Through this, you get a real-time view of your employee’s expenses. You are instantly alerted of overspend or fraud. You also have the ability to instantly freeze this virtual card.

Features:

• Monitor expenses in real-time
• Categorize transactions automatically
• Reimburse employees easily
• Review expenses
• Integrate with accounting software

Verdict: Divvy is an expense management platform we recommend to all businesses who wish to keep their employee’s spend in check 24/7. Added to that the fact that Divvy integrates seamlessly with most third-party accounting applications, making it a software that signifies convenience when it comes to monitoring and managing expenses.

Price: Contact for Quote

#7) Emburse Spend

Best for Real-time expense tracking.

With Emburse Spend, you basically get a smart, comprehensive centralized platform that allows you to easily manage your employee’s spend. The platform affords you complete real-time oversight over your team’s expenses. You get to review and approve spend requests. 

For instance, you get to set a max budget for recurring expenses, which automatically allows you to control over-spend. Emburse Spend also facilitates quick, automatic reconciliation by allowing you to capture expense details directly at the point of transaction. 

Features:

• Get complete spending insights in real-time.
• Streamline bookkeeping by auto-reconciling receipts.
• Automatic reconciliation.
• Create one-time, restricted virtual cards.
• Control spend by location, customizable spending limits, and location.

Verdict: Emburse Spend serves as the ideal alternative to outdated ad-hoc payment methods and technologies. This is one of the best corporate card and spend management solutions you can try to control and monitor your team’s spend. 

Price: Contact for quote, Free demo available. 

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#8) Airbase

Best for Small to large businesses.

With Airbase, you get a cloud-based expense management software that is ideal for gaining total visibility into your workforce’s spend. The software was designed to help organizations control their expenses. It is able to accomplish this goal via tools like real-time reporting, corporate virtual cards, and bill payment automation.

Speaking of cards, Airbase offers virtual and corporate cards. Both of these cards can be used by employees to make purchases in a manner that is compliant with company-dictated policies. You are notified of every action pertaining to spending made by employees and can take measures to control spend, which would lead to preventing excess costs.

Features:

• Corporate and Virtual Cards
• Automate workflow approval processes
• Real-time reporting
• Integrates with third-party platforms like Xero, NetSuite, etc.

Verdict: Airbase is a great expense management software that any organization can rely on to streamline their expense-related activities in a bid to control spend and protect themselves against fraud.

Price: Contact for a quote

#9) Emburse Certify

Best for small and mid-sized enterprises.

Emburse Certify is an all-in-one business and personal expense management software that focuses on delivering greater control and visibility to companies over their expenditure. The software can help employees create expense reports faster and without any errors. It streamlines the entire approval process and considerably reduces reimbursement times.

Using the software is extremely simple, thanks to its mobile-friendly app. It is very easy to snap a photo of receipts and send them via email for easy approvals. Plus! The software also allows managers to set pre-approval guidelines that expedite the process of approvals and control business spending.

It facilitates smart budget decision-making by providing deep and valuable insight into a company’s day-to-day expenses. Moreover, the solution today can support over 140 currencies and enable processing in 64 languages.

Features:

• Create expense reports automatically
• Pre-set compliance policy for fast approvals
• Integration with various supporting software
• Support 140 currencies and 64 languages

Verdict: Emburse scores some major brownie points because of its user-friendly mobile app, and an overall comprehensive process that simplifies and automates the process of expense management. It can be deemed as a fine global product that is ideal for small enterprises because of its affordable price and advanced features.

Price: Starting $8 per user/month

Website: Emburse Certify

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#10) Expense OnDemand

Best for businesses of all sizes.

Expense OnDemand is a provider you go to for software tailored to cater to your specific business requirements. As such, you get software that manages your expenses in a way that complements your particular business demands. It is very easy to create expense reports out of recently snapped receipts, thanks to its robust mobile app.

The solution also grants you the ability to integrate credit cards in a bid to better reconcile and manage your company spend. It effectively automates the entire process by streamlining the extraction and recording of vital financial data. So you can rest assured there will be no room for errors in your reports.

The software also facilitates automatic reading of report details, calculation of taxes, and download of expense reports to get better clarity over one’s spending. The insights you get from Expense OnDemand, arm you with the tools necessary to control your expenses efficiently.

Features:

• User-friendly mobile app
• Instantly scan receipts to create expense reports
• Streamline extraction and recording of vital data
• Integrate credit cards

Verdict: Expense OnDemand is interesting software as it engages in simplifying and automating the expense management solution. Its ability to capture receipts and instantly create expense reports without any errors is enough to earn it a high recommendation on our list.

Price: 30-day free trial. Contact for pricing.

Website: Expense OnDemand

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#11) Expensify

Best for small and mid-sized enterprises.

Expensify emphasizes speed and simplicity to deliver a solution that helps companies manage their expenses in a faster and easier way. Creating reports is very easy with Expensify, as you only need to snap a quick photo of the receipt with its mobile-friendly app. Its Smart Scan feature perfectly captures all the necessary information to create error-free expense reports in a heartbeat.

The tool is also capable of importing expenses directly for banks and credit cards to create reports instantly. The software assists with expense management with the help of several advanced features. It empowers managers with effective approval process control to facilitate speedy approvals and better control of a company’s spending.

Expensify also provides features such as receipt and invoice management, time tracking, workflow management, and reimbursement management among much more in order to effectively manage one’s expenses.

Features:

• Receipt and invoice management
• Approval process control
• Reimbursement management
• Time tracking

Verdict: Expensify solves a great number of issues pertaining to expense management. It does so with incredible speed and simplicity. Managers can rest easy as integral aspects of expense management like receipt management and report creation are reliably shouldered by Expensify’s smart desktop and mobile app.

Price: Starting $5/month/user

Website: Expensify

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#12) Sap Concur

Best for mid-sized and large enterprises.

Sap Concur is a software service provider that tailors solutions based on the specific needs and requirements of a company. It arms a business with a tool that effectively automates and simplifies the process of managing expenses for everyone involved. Its mobile app makes it considerably simpler for employees to review, submit, and approve expense reports on the move.

It uses captured data from receipts pertaining to travel, hotel, or rentals to populate expense reports with accurate information. The information can further be referenced to help control spend. Sap’s expense solution can be seamlessly integrated with a company’s ERP system to get a better picture of a business’s financial health.

Apart from the above, the software can also be used to consolidate expense data, monitor all of your business’s spending from one platform, and track expense reports across the entire organization.

Features:

• Reconcile and manage expense data
• Submit and approve expense reports
• Accurate capture and processing of electronic receipts
• Track expense reports

Verdict: Sap Concur is who you contact for an expense management solution that uniquely caters to the whims of your organization. The software itself is extremely advanced and intuitive, especially as a mobile app. Additionally, the service is only elevated by the phenomenal customer support offered by its team.

Price: Contact for pricing

Website: Sap Concur

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#13) Emburse Chromeriver

Best for large businesses.

Emburse Chromeriver caters to global organizations in the creations, submission, and eventual approval of expense reports from around the world. It implements a real-time policy compliance mechanism to ensure faster approval of reports.

The software is blessed with a relatively fast and fluid interface that is easy and fun to operate. Managers can get instant insights into their company’s expenditure with comprehensive analytical reports. The tool is designed as a mobile web app that facilitates automated spend control and approval routing.

It is especially useful because of its ability to support multiple languages and currencies. The app can be used to view expense data in different languages. Chromeriver also works exceptionally well when managing a company’s travel-related expenses. Its unique pre-approval feature allows you to visualize a company’s travel expenditure against defined budgets to better implement compliance policies.

Features:

• Automated approval routing
• Automated spend control
• Supports multiple languages and currencies
• Credit card integration

Verdict: Emburse Chromeriver is best suited for companies with global operations. Its capability to visualize financial data in multiple languages and currencies makes it an ideal tool for MNC’s and other large international organizations. Apart from this, the tool offers several advanced features to promote efficient management of expenses.

Price: Contact for pricing

Website: Emburse Chromeriver

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#14) Fyle

Best for small and mid-sized businesses.

Fyle takes a rather unique approach to expense management. It positions itself as a next-generation platform that enables the processing of expenses in an extremely simple manner. Fyle links itself to email, consumer apps, and other relevant software to simplify the process of recording, sharing, and ultimately management of important expense data.

Similarly, it also simplifies the process of invoice management, with efficient capture and recording of receipts. Fyle users can instantly capture data as soon as the transaction is fulfilled with just a few clicks.

Apart from this, the software provides an intuitive platform to streamline the approval process and make sure employees are reimbursed on time. Managers also get an important insight into a company’s expenses, which can be used to implement a reliable budget strategy that helps control spend.

Features:

• Multi-currency support
• Invoice management
• Reimbursement management
• Spend control

Verdict: Fyle emphasizes simplicity over everything else in a bid to shoulder the responsibility of expense management. Its sleek UI and intuitive dashboard make it very easy for users to settle in with the software. It is an ideal software for those who want to automate the entire expense management process to the fullest extent.

Price: Contact for pricing

Website: Fyle

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#15) Rydoo

Best for small businesses.

Rydoo offers an intelligent expense managing solution to businesses that seek to grow exponentially over a short period of time. It effectively consolidates expense data from all across the organization under one dashboard, thus promoting greater control and visibility over fundamental expense data.

Powered by sophisticated OCR technology, the app provides a useful alternative to paper receipts. It accurately captures all the necessary information required from receipts with a single snap. These receipts can be used to create expense reports that can be submitted over email for approval.

You also get complete analytical reports into a company’s spending in the form of comprehensive stats. This information can be used to design budget strategies that help businesses save money and control expenses in the future.

Features:

• Automated capture of receipts
• Instant creation and submission of expense reports
• Streamlined approval process
• Insightful analytical reports

Verdict: Rydoo is automated expense management at its best. The tool is easy on the eyes and very simple to use. It efficiently captures all the necessary details from receipts to create expense reports within no time. It is also reasonably priced and ideal for businesses hungry for quick growth.

Price: Starting $7/month per user

Website: Rydoo

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#16) ExpensePoint

Best for mid-sized and large enterprises.

ExpensePoint scores extra points in our books, due to its offering of free setup, training, and support to their clients. Apart from this, the software arms business entities with all the tools they will ever need to manage their expenses effectively.

It reconciles and manages expense data from all over the organization into a single dashboard. From here, the company is privy to how their funds are being spent by employees. It features a smart receipt imaging system that captures accurate data from receipts to create expense reports.

It also helps employees read financial data in multiple currencies and ensures proper reimbursement management. The tool also produces valuable stats and figures that can assist managers in controlling expenditure and saving money to boost profits.

Features:

• Receipt imaging system
• Multi-currency support
• Credit card integration
• Data integration

Verdict: ExpensePoint delivers an app that facilitates expense management for large companies with a heavy global presence. It offers all the features that make an expense management solution click with users. Clients can rest assured with the tool, as the support provided by ExpensePoint’s team is utterly satisfying and perpetual.

Price: Contact for pricing

Website: ExpensePoint

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Conclusion

A company must have a clear picture of where its funds are being utilized and by whom. Inadequate data at a firm’s own expense can lead them into a state of devastating turmoil. This is where expense management software comes into play.

These solutions exist solely to simplify and automate the otherwise complex and arduous process of expense management. From receipt management and expense report submission to streamlining workflows and gaining complete analytical reports, expense report software is a must for businesses if they hope to succeed and thrive in today’s cut-throat environment.

As for our recommendations, if you are looking for an end-to-end solution to your expense-related issues, then Paramount Workplace is the tool for you. For software that promotes limitless integrations with other solutions, you can opt for the services of Zoho Expense.

Research Process:

• We spent 11 hours researching and writing this article so you can have summarized and insightful information on which Expense Software will best suit you.
• Total Expense Software Researched – 25
• Total Expense Report Software Shortlisted – 10