Articles

Best Expense Management Software for Small Business

by It Lite ITILITE
Digital technologies create opportunities for small businesses to compete with large businesses. But no small business can sustain profitable growth without managing various types of expenses efficiently. They must implement expense management policies to track business expenses, speed up expense reimbursements, and improve spend visibility.

Many small businesses and startups these days exercise better control over upfront and recurring expenses by implementing cloud-based expense management software. They curtail infrastructural costs by accessing the expense management solution based on the Software as a Service (SaaS) distribution model.

Also, providers make it easier for small businesses to configure, customize, and integrate the expense management software by offering SaaS implementing services. But the leading SaaS spend management solutions differ from each other primarily in the category of features. You can automate the expense management process successfully only by comparing the leading expense management software solutions.

7 Best-Suited Expense Management Software Solutions for Small Business    

1. ITILITE

In addition to facilitating expense management automation, ITILITE expense management software offers advanced controls to prevent expense policy violations and fraud. The expense management software allows employees to file expense claims in various ways.

Also, it generates automated expense reports based on expense receipts scanned by an employee using the OCR technology. Your organization can automate expense approvals by implementing multi-level policy checks, and customized approval flows.

You can use ITILITE to conduct expense audits regularly as it tracks comment logs along with approvals. The software further sends automated notifications each time expense fraud or policy violations are detected.

The dashboard provided by ITILITE helps you track expenses reimbursements in real-time. Also, you can schedule analytics reports to track expenses related to a particular team, department, or project.

2. Zoho Expense

The features provided by Zoho Expense help your business automate the expense management process end-to-end. Employees can use the expense management software to file expense claims on the go simply by scanning receipts.

Also, you can automate expense approvals by configuring multi-level approval flows based on distinct criteria. The software will route the expense report submitted by an employee to the appropriate approver based on the preset approval flow.

At the same time, Zoho Expense facilitates on-demand expense audits by storing scanned receipts along with audit trials. You can further track expense policy violations by generating analytics reports. Likewise, you can speed up reimbursements by integrating expense management software with your accounting solution.

3. Expensify

Expensify comes with features to simplify the management of business expenses and personal expenses. You can use the unified app to automate common expense processing activities. Employees can use this app to generate expense reports automatically by scanning receipts.

At the same time, you can automate expense approvals by creating multi-level approval workflows according to your organizational expense policies. Expensify eliminates recurring errors in expense processing by validating every transaction, detecting duplicate receipts, and ensuring exchange rate accuracy.

It automates expense audits using artificial intelligence (AI). The AI technologies verify receipt accuracy, send suspicious transactions for review, and prevent expense fraud. Expensify is one expense management solution that allows employees to submit expense reports on behalf of their coworkers.

4. Ramp

Ramp drives expense management automation using intelligence technologies. It allows you to automate your organization’s expense guidelines and approval policies. Based on the preconfigured guidelines, the expense management software pre-approves expenses and issues benefits to employees.

At the same time, Ramp reviews every expense instantly and automatically based on your expense policies. It sends the out-of-policy expenses incurred by employees for review. Hence, it becomes easier for your business to ensure policy compliance and prevent expense fraud.

You can use a dashboard to track pending and cleared transactions in seconds. Ramp beats the competition by developing an AI-powered receipt matching solution. The solution ensures transaction accuracy by matching blurred and crumbled receipts.

5. Certify

Certify helps small businesses save both time and resources by automating the expense management process. Unlike other travel management software, Certify does not generate expense reports automatically.

Instead, it categorizes expense data based on receipts scanned by employees using a patented receipt technology. It ensures expense policy compliance automatically based on the policy controls configured by you.

The software tracks expenses and makes sure that every expense is paid accurately and quickly. You can use the dashboard provided by the expense management software to track and analyze expenses. Also, you can speed up reimbursements by integrating Certify with your existing business or accounting system. 

6. Pleo

Pleo simplifies expense tracking and processing by making businesses provide employees and vendors with smart company cards. After making payments using company cards, employees or vendors can upload the invoices using the invoicing solutions provided by the software.

They can use Pleo to generate digital receipts for online transactions. The finance team can track and process these expenses using a dashboard. Pleo enables your business to track and process expenses in a different way. But you lack the option to implement expense policy checks and verify expense accuracy while using the expense management software.

7. Brex

Brex comes with digital tools for expense tracking and spend management. It allows you to issue virtual cards with specific limits to both employees and vendors. After incurring expenses, an employee or vendor will share the information by emailing or texting digital receipts.

The software will match each receipt to appropriate expenses, synchronize the data across systems, and perform reconciliations automatically. You can track business expenses using several options provided by Brex, including issuing virtual cards or searching transactions.

The virtual cards make Brex different from leading expense management software. Also, you can use virtual cards as a tool to ensure that vendors and employees spend business money on approved expenses and according to preset expense guidelines.

Conclusion

The cloud-based expense management software helps a small business or startup to automate expense tracking, processing, and management. But some expense management software solutions by standing out from the crowd by providing innovative features or leveraging new-generation technologies. Hence, you should use a variety of parameters to choose expense management software that meets your business’s current and emerging needs.


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About It Lite Freshman   ITILITE

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Joined APSense since, July 26th, 2022, From Claymont, United States.

Created on Oct 3rd 2022 01:25. Viewed 78 times.

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