5 Best Expense Management Software & Tools
Take the tedium out of doing your business expenses with these automated expense management tools.
“Expenses” and “fun” are rarely in the same sentence for me. It’s the chore of business ownership. A necessary evil for sure to keep abreast of where all the money is disappearing to. At the same time, manual expense reporting is something I dread doing every month.
That was until I switched to automatic expense management software. When you have trusty accounting software on your side to wade through the receipt screenshots and papers, you just feel lighter. Trust me on this.
These are our favorite online expense managers on the market.
Here’s What We’ll Cover:
FreshBooks - Best in Show
Pricing: All of our plans include the full expense management suite as standard. Plans start from $6 per month
We have to talk ourselves up every so often. Luckily our expense management system is highly rated among our clients.
With our intuitive system, you can track expenses without lifting a finger. Simply integrate our software with your bank account or credit card. Watch your business expenses appear magically on the screen to be categorized and collated.
The categories are straightforward and user-friendly. To save your receipts, just take a photo or screenshot. They are safely kept for tax time.
You can also mark expenses as billable to your client and add them to their invoice automatically.
Our expense management solution is ideal for busy entrepreneurs like you.
Expensify - Best for Cloud-Based Receipt Management
Pricing: from $5 per month
Expensify is a pure expense management system that truly excels. Expense reporting is fast and easy with their intelligent tools.
The system seamlessly integrates with your accounting system. This makes it easier to transfer information across to your bookkeeper. The SmartScan feature saves your time painstakingly entering expense details. The clever system reads everything it needs to know from the receipt image and stores it automatically.
You can save expenses in different currencies if you work overseas often. Reimbursement management is also a breeze.
Expensify is pretty powerful for those wanting top-tier expenses.
Zoho Expense - Best for Expense Reporting
Pricing: Free with limited receipt storage. Paid plans start from $5 per month
Zoho Expense has all the basic features you want from expense reporting software. Receipt collection. Tax-friendly categories. Spend control settings. The works!
The best part of Zoho Expense is its analytics and insights. As soon as you log in, you can see vital expense metrics at a glance. Things like unreported expenses and overdue reimbursements are clearly in view.
Diving into the expense analytics section itself is a feast for categorization buffs like me! The expense reporting process is stress-free. Reports on reports on reports. Every possible expense report you could think to print will be here.
If taking a deep dive into your business sounds like fun, Zoho Expense is the one for you.
Rydoo - Best for Business Travel Expenses
Pricing: from $7 per month
Rydoo is an intuitive expense management app for teams. Where it shines is in the reimbursement space.
Whenever you or your employees go on a business trip, Rydoo is there to help quantify the expenses.
As a manager, you can approve employee expenses at a click of a button. Every expense claim is easy to handle on any device.
We recommend this one to small business teams who travel frequently.
Fyle - Best for Intelligent Expense Organization
Pricing: from $6.99 per month
So remember when I said that expenses don’t tend to be fun for me? Fyle is the only system that could make me change my mind.
Its intelligent plugins connect to multiple systems to draw in receipt information. Gmail. WhatsApp. Slack. Even texts!
Fyle then runs the reimbursable expenses through a filter to see if they align with company policy. It will flag any suspicious transactions your employees may be trying to claim reimbursement on. Company policy compliance automated!
Expense reports are automated and simple to read. Expenses appear in real-time so you always have control of daily allowances. Fyle puts you in control of your business finances in a simplified way.
Choosing a reliable expense management system depends on what you need it for. For all-around expense reporting for taxes and reimbursements, our system is a fantastic place to start. You can test it out for free along with the rest of our accounting software tools by signing up here.
For more guides on expenses and accounting, head to our resource hub!