top-business-expense-management-softwares

Top 4 business expense management software for modern finance teams

Finding the best business expense management software can be a daunting task. With the rise in technology, leading companies are actively making the switch. An automated business expense management software is known to increase compliance and employee productivity. It is also known to curb fraudulent behavior.

With the wide range of options available in the market, it could get difficult to make the right pick. It is essential to select the one that best suits your company requirements. At the same time, ensure you pick one that doesn’t burn a hole in your pocket.

In this article, we take you through the top 4 expense management softwares. Additionally, we list out their features to help you make your pick.

PS. In this blog, we let the features, reviews, and ratings help you decide the best pick. The listed expense management softwares are arranged in no particular order.

Let’s dive in!

SUGGESTED READ: 

How to choose the best expense management solution for your business

How user reviews help pick an expense management software

Top 4 business expense management software

1. Expensify

expensify-business-expense-management-software

Capterra Rating: 4.5/5

G2C Rating: 4.3/5

Founded in 2008, Expensify tends to both individuals and businesses. It facilitates expense management on-the-go and helps finance teams of all types and sizes. 

As per the latest on Capterra,

Starting Price$9 or $18/month/user for a monthly subscription
Free TrialYes
PlatformCloud, SaaS, Web, Mobile – iOS Native, Mobile – Android Native
TrainingLive-online, webinars, and documentation
SupportBusiness Hours and Online support

Features

  • GL code mapping
  • SAML SSO
  • Advanced tax tracking
  • PCI-compliant security
  • Custom business logic
  • Direct deposit reimbursement
  • Custom report exports
  • Candidate reimbursement
  • Multi-level tagging
  • Automatic approvals
  • Guided review
  • Vacation delegate

Features for expense reporting:

Expense Report FeaturesExpensify
Approval Process ControlYes
Multi-CurrencyYes
Receipt ManagementYes
Reimbursement ManagementYes
Spend ControlYes
Time & Expense TrackingNo
Workflow ManagementNo

Would you like to compare Fyle with Expensify? 

FeaturesFyleExpensify
Unlimited receipt scansYesYes
GPS mileage trackingYesYes
Duplicate detectionYesYes
Receipt scan in emailYesNo
Scan multiple receipts at a timeYesNo
Run analytical reportsYesNo
Policy checks before submissionYesNo
Delegate accessYesYes
Approval workflowsYesYes
Corporate card reconciliationOn all plansSelect plans
Multi-layer approvalOn all plansSelect plans
Custom approvalsOn all plansSelect plans
Custom fieldsOn all plansSelect plans
Accounting codesOn all plansSelect plans
Custom export optionsOn all plansSelect plans
Guided reviewYesYes
Quickbooks online integrationYesYes
NetSuite integrationOn all plansSelect plans

The pros and cons of using Expensify

Pros:

  1. Commonly used
  2. Suited for small-scale companies and startups

Cons:

  1. Doesn’t offer a separate payment platform
  2. Poor customer support

2. Certify

certify-business-expense-management-software

Capterra Rating: 4.5/5

G2C Rating: 4.3/5

Certify is a well-known travel and expense report management software which helps businesses manage their expenses and invoices. 

As per the latest on Capterra,

Starting Price$8 per user/month
Free TrialYes
PlatformCloud, SaaS, web, Mobile – iOS Native, Mobile – Android Native
TrainingIn-Person, live-online, webinars, documentation
Support24/7 (Live Rep), Business Hours, and Online

Features

  • Mobile receipt scanning
  • Auto-generation of expense reports
  • Mileage tracking via Google maps
  • Live agent support
  • PCI DSS compliant
  • GPS integration
  • SMS integration
  • Offline access
  • Invoice processing and management
  • Multiple ERP integration
  • Training camp website
  • Multi-location access

Features for expense reporting:

Expense Reporting featuresCertify
Approval Process ControlYes
Multi-CurrencyYes
Receipt ManagementYes
Reimbursement ManagementYes
Spend ControlYes
Time & Expense TrackingNo
Workflow ManagementYes

Would you like to compare Fyle with Certify?

FeaturesFyleCertify
Auto-extraction from receiptsYesNo
Create report from mobileYesNo
Auto-extraction on emailYesNo
Complete digital auditYesNo
Policy checks before submissionYesNo
Bulk FyleYesNo
Approve Trips from MobileYesNo
Approve reports from MobileYesYes
Accounting integrationsYesNo
Direct bank feed for cardsYesNo
Automate recurring spends from vendorsYesNo
Report when offlineYesNo
24X7 SupportYesNo

The pros and cons of using Certify

Pros:

  1. Receipts can be stored without internet
  2. In-person training and on-boarding

Cons:

  1. User-interface is not as friendly as other softwares
  2. Although in-person support is available, reviews suggest the agents may not be thorough with the software

3. SAP Concur

sap-concur-business-expense-management-software

Capterra Rating: 4/5

G2C Rating: 4/5

SAP Concur caters to Fortune 500 corporations as well as small and emerging businesses. It helps manage invoices and business expenses.

As per the latest on Capterra,

Starting Price$8 per user/month
Free TrialYes
PlatformCloud, SaaS, web, Mobile – iOS Native, Mobile – Android Native
TrainingLive-online, webinars, documentation
Support24/7 (Live Rep), Business Hours, and Online

Features

Features for expense reporting:

Expense Reporting featuresConcur
Approval Process ControlYes
Multi-CurrencyYes
Receipt ManagementYes
Reimbursement ManagementYes
Spend ControlYes
Time & Expense TrackingNo
Workflow ManagementYes

Would you like to compare Fyle with Concur?

FeaturesFyleConcur
Real-time extraction from receiptsYesNo
Auto-extraction on emailYesNo
Self-serve policy setupYesNo
Real-time duplicate detectionYesNo
Direct bank feeds for corporate cardsYesYes
Real-time extraction with bulk uploadYesNo
Delegate access to usersYesNo
Advance requests and workflowsYesYes
Accounting integrationsYesYes
Complete digital Audit trailYesNo
PDF exports for reports (with receipts)YesNo
Track expenses when offlineYesNo
24X7 SupportAll plansSelect plans

The pros and cons of using Concur

Pros:

  • The mobile app is simple to use
  • Compatible with a large variety of vendors

Cons:

  • Documentation is not widely available
  • Sometimes, the system becomes slow

4. Fyle

fyle-business-expense-management-software

Capterra Rating: 4.5/5

G2C Rating: 4.6/5

Launched in 2016, Fyle is an emerging software which is known for its versatility and diverse functions. It has many features that are actively reimagining how businesses perceive expense management.

As per the latest on Capterra,

Starting Price$4.99/month/user
PlatformCloud, SaaS, web, Mobile – iOS Native, Mobile – Android Native
TrainingLive-online, webinars, documentation
Support24/7 (Live Rep), business hours, online

Features

  • Cash advance management
  • Custom policies and reinforcement
  • Expense Analytics to track turnaround time and policy violators
  • Pre-submission policy checks
  • Instafyle feature to submit receipts directly from smartphones
  • Chrome extension and Gmail add-on to report expenses directly from an email account
  • Digital audit trail for all business expenses and expense reports
  • Custom automated reminders and notifications
  • Real-time dashboard to track spending

Features for expense reporting:

Expense Reporting featuresFyle
Approval Process ControlYes
Multi-CurrencyYes
Receipt ManagementYes
Reimbursement ManagementYes
Spend ControlYes
Time & Expense TrackingNo
Workflow ManagementYes

The pros and cons of using Fyle

Pros:

  • Easily adaptable with a user-friendly interface
  • Email plug-in and Gmail Add-ons for seamless expense reporting

Cons:

  • The desktop application is more flexible than the mobile app
  • No in-person training or onboarding

There are many softwares available to finance teams for managing employee business expenses. Almost all major softwares are compatible with accounting softwares for the ease of processing. Depending on their necessities, finance teams can choose the ideal software for them and their employees.

(Please note that these are purely the author’s views and may not reflect the company’s position.)

automate-expense-management-organization-fyle


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