Top 8 Corporate Expense Management Software Providers in India

An enterprise can maintain a positive cash flow without managing expense payments and expense reimbursements efficiently. In addition to paying business expenses on time, decision-makers must focus on reimbursing employee-initiated expenses without any errors and delays. Both companies and startups these days simplify and streamline expense management by automating the multistep process.

They invest in corporate expense management software to automate tracking, approval, and payment of employees-initiated expenses. The software solutions make it easier for employees to file expense claims and for the finance team to speed up expense processing. Also, they come with built-in features to ensure expense policy compliance, prevent expense fraud, and facilitate expense audits.

As an entrepreneur or decision-maker, you have the option to choose expense management software provided by many companies. Some of these providers have developed software specifically for Indian businesses, while others customize their software according to the precise needs of an Indian enterprise. Hence, you can choose the best corporate expense management software for your organization only by comparing the leading providers.

Comparing 8 Widely-Used Corporate Expense Management Software in India

1. ITILITE

The expense management software provided by ITILITE is currently used by enterprises across regions. It automates the entire expense management process, be it filing, approvals, or reimbursements.

Employees can use the software to scan expense receipts effortlessly and generate expense reports automatically. At the same time, the finance team can use the customizable expense management software to configure complex policy checks, automate expense approval, and one-click reimbursements. Also, the software helps organizations automate expense audits, prevent expense frauds, and analyze employee expense data without using additional software solutions.

2. HRMantra

As the name suggests, HRMantra is developed as an HR and payroll software solution. It has features and tools to automate multiple HR activities, including expense management. Employees can use the online form provided by the software to file petrol, medical bill, and other expense claims.

The software evaluates the expense claim according to preset limits and then includes the expense claims in the employee payroll. It allows the HR team to set limits and tax rates for various types of expense claims. However, the software does not come with specific features to prevent expense fraud and facilitate expense audits.

3. ExpenseOut

The corporate expense management software's features are divided into four categories – Expense, Approval, Policy Compliance, and Analytics. ExpenseOut creates opportunities for employees to pay expenses using the employer’s funds by getting cash advances. Also, it supports expense categorization and paperless expense tracking.

At the same time, the software speeds up expense reimbursement through approval automation, escalating policy violations, and tracking overspending. The analytics used by the expense management solution helps decision-makers get actionable insights by visualizing and analyzing expense data in the form of reports.

4. Expensify

Expensify is used widely by companies and startups in many developed and developing countries. The corporate expense management software is designed as a unified app. It features a receipt scanner that generates expense reports automatically by capturing important information from scanned receipts.

At the same time, it allows the finance team to implement customized expense policy rules. Expensify facilitates expense audits and prevents policy violations by detecting duplicate receipts and ensuring exchange rate accuracy automatically. It is one of the expense management solutions that allow employees to create and submit expense reports on behalf of their coworkers.

5. Vyapar

Vyapar is one of the most popular expense management solutions in India. It comes with features to meet the billing, accounting, and inventory management needs of small businesses. Vyapar makes it easier for entrepreneurs to track and record various types of expenses.

Entrepreneurs can use the mobile version of Vyapar to track and record business expenses on the go. But the multiplatform solution lacks most features provided by other business corporate expense management software. It does not provide features or options to speed up employee reimbursements, prevent expense fraud, and ensure expense policy compliance.

6. Payent

Payent simplifies reimbursement of employee-initiated expenses by eliminating paper-based receipts and data entry from the expense management process. It enables users to track, manage, and fund various business expenses on a single platform using the desktop or mobile version of the software. Payent enables employees to digitalize paper receipts and keeps the digital receipts accessible by storing the files in the cloud.

Also, it generates expense reports automatically by capturing data from the digital receipts. At the same time, Payent enables the finance team to implement multilevel approvals, track cash advances, and prevent policy violations. Decision-makers can compare estimated and actual business expenses by generating reports based on real-time data.  

7. Sutisoft

Sutisoft has launched a new-generation corporate expense management software driven by artificial intelligence (AI) and machine learning (ML) technologies. SutiExpense makes it easier for employees to create, submit, and manage expense reports by providing a mobile app. The software uses AI to ensure policy compliance and route expense reports to the relevant approver. 

It enables the finance team to reimburse employee-initiated expenses with a single click by supporting a slew of payment gateways. At the same time, decision-makers have the option to track expense processing and analyze employee expense data by generating a variety of reports.

8. ExpenseIn

ExpenseIn comes with features and tools to enable users to create, approve, and report expenses without using multiple software solutions. Employees can create and submit expense reports on the go using the software’s real-time receipt scanning and automatic mileage calculation features.

At the same time, ExpenseIn automates the expense approval process by enforcing expense policies, verifying expense reports, and sending notifications automatically. The decision-makers can make data-driven financial decisions by generating real-time reports that convey important information like big-time spenders.

Conclusion

The corporate expense management software solutions developed by individual providers differ from each other in many aspects, including features, tools, and pricing. Many expense management software providers in India outperform competitors by providing superior customer service and high-quality solutions. Hence, you should compare the expertise and reputation of providers as a key parameter to choose the best corporate expense management software.