In the ever-evolving realm of financial management, the tools we use play a pivotal role in shaping our efficiency, accuracy, and overall success. One such tool that has become indispensable in recent times is expense management software.
This article explores why this software is a game-changer, the key features you should look for, and a detailed analysis of five prominent solutions: Fyle, Certify, SAP Concur, Expensify, and Zoho Expense. Let’s dive in!
Your Checklist: Must-Have Features in Expense Management Software
Before we dive into the nitty-gritty of each software solution, let's outline the features you should be on the lookout for:
- User-Friendly Interface: You're busy; there's no time for a steep learning curve. Thus, it’s best you pick an expense software that is intuitive and user-friendly for a seamless onboarding experience.
- Effortless Receipt Collection: Simplify your accountant's workflow with innovative receipt collection methods. Look for software that streamlines receipt collection. Be it through apps, Gmail, Outlook, or even just submitting receipts through text messages.
- Real-Time Credit Card Reconciliations: Opt for a solution that streamlines credit card reconciliation without necessitating card changes. The ideal software automates this process in real time, ensuring efficiency and convenience.
- Reporting and Analytics: Numbers tell a story, and you need to understand that story. Seek software that simplifies report submission and offers in-depth analyses. The chosen solution should facilitate easy reporting while extracting detailed insights to inform strategic decision-making.
- Policy Compliance: Customization is key. The ideal software should allow you to tailor expense policies and send alerts for policy violations. This keeps your ship sailing smoothly with compliance at the helm.
- Robust Integrations: Ensure seamless connectivity by choosing expense platforms with robust integrations. Look for solutions that effortlessly integrate with accounting software like Quickbooks, Xero, NetSuite, Sage Intacct, and popular everyday applications like Gmail, Outlook, Slack, or Teams.
- Responsive Customer Support: Round-the-clock customer support is non-negotiable. Look for expense management software that provides 24/7 support via email or chat, ensuring prompt assistance whenever needed.
- Value for money: We prioritized pricing considerations for optimal expense management software selection. Evaluate software based on return on investment (ROI) relative to the pricing structure, ensuring the chosen solution aligns with budgetary requirements.
Top 5 expense management software for 2024
Let’s take a closer look at Fyle, Certify, SAP Concur, Expensify, and Zoho Expense and see how these solutions measure up.
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Fyle
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Expensify
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Concur
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Certify
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Zoho
Expense
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Receipt submission via text message
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Yes
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No
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No
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No
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No
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Instant spend notifications on credit cards
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Yes
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Yes*(only with Expensify Card)
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No
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No
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No
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Real-time feeds on your existing Visa & Mastercard
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Yes
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No
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No
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No
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No
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Accounting software integrations
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NetSuite, Sage Intacct, QuickBooks, Xero
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NetSuite, Sage Intacct, QuickBooks, Xero
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NetSuite, Sage Intacct, QuickBooks, Xero
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NetSuite, Sage, QuickBooks
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NetSuite, Sage Intacct, QuickBooks, Xero
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Multi-level approval workflows
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Yes
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Yes
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Yes
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Yes
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Yes
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Travel Bookings
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No
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Yes
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Yes
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Yes
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Yes
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24/7 Customer support
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Yes
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No
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No
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No
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No
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Pricing
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Starts at $6.99 per active user*/month, billed annually
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Starts at $10 per user/month billed annually
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Contact for pricing
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Starts at $12 per user/month
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Starts at $3 per active user/month billed annually
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Fyle
Fyle revolutionizes expense management by offering easy expense management on all your existing credit cards. It directly integrates with Visa and Mastercard to instantly import transaction details into the expense management system, providing accountants with immediate insights for tracking spending, reconciling expenses, monitoring budgets, and detecting unauthorized charges.
Key Features:
- Employees can submit receipts via text messages, and Fyle automatically matches them for you! Employees can also use other popular apps like Slack, Gmail, Outlook, and Microsoft Teams to submit expense receipts.
- Multiple expense tracking options, including mileage, per diems, and cash advances.
- Seamless integrations with accounting software, including NetSuite, QuickBooks, Sage Intacct, and Xero.
- No lock-in contracts or hidden fees.
Pricing:
- Standard Plan: Starts at $6.99 per active user* monthly, billed annually.
- Business Plan: Begins at $11.99 per active user* monthly, billed annually.
(*An active user creates at least one expense report in a month)
Trusted Ratings and Reviews:
Certify
Certify facilitates seamless tracking, analysis, and reporting of business travel spending. With its user-friendly mobile app, users can effortlessly create and submit reports. They primarily take care of expense management, travel management, invoice automation, payments, insights and analytics, and compliance and audits.
Key Features:
- Automates the process by scanning and auto-filling reports, eliminating the need for manual expense management and spreadsheets.
- Certify further streamlines approval processes with a user-friendly mobile app for easy report creation and submission.
- Integrated Certify booking tool simplifies business travel arrangements.
- ACH reimbursement and credit card integration for card transactions.
Pricing:
- The standard plan starts at $12 per user per month for 25 users.
- Enterprise pricing is tailored to the organization's specific needs.
Trusted Ratings and Reviews:
SAP Concur
Concur Expense helps automate, connect, and simplify expense, travel, and AP processes. It captures receipts, processes expense reports, enforces business rules, and helps make more informed business decisions.
Key Features:
- Expense reports created with Concur automatically populate credit card charges, vendor details, and receipt images.
- Approvers can swiftly review and approve team reports, enhancing transaction data capture and expense report submission efficiency.
- Facilitates on-the-go travel booking, adding vehicle mileage to expense reports, and streamlined vendor/supplier payments.
- Seamless integration with ERP and accounting platforms and an intuitive approval process ensure efficient expense management.
Pricing:
Contact for pricing.
Trusted Ratings and Reviews:
Expensify
Expensify streamlines expense tracking, receipt management, and travel booking for employees. It also automates report generation and approval submission. They also issue credit cards with their online expense management software.
Key features of Expensify:
- Expensify manages company spending comprehensively, including expense tracking, bill payments, and travel arrangements.
- Users can book flights, hotels, and cars through the integrated travel concierge.
- It handles spend reports, vendor bills, and budget assignments.
- It also integrates with accounting, HR, payroll, and travel software, providing centralized control over business expenditures.
Pricing:
- Collect Plan: Starts at $5/user/month, billed annually.
- Control Plan: Starts at $9/user/month, billed annually.
Trusted Ratings and Reviews:
Zoho Expense
Zoho Expense simplifies the entire expense management journey, seamlessly automating the process from receipt submission to reimbursement. This not only minimizes manual errors but also frees up valuable time for accountants and employees.
Key features of Zoho Expense:
- The platform offers user-friendly features such as hassle-free bookings, secure fare lock-ins, streamlined visa requests, and timely flight alerts—all per company policies.
- Zoho Expense's AI-driven fraud detection engine helps you audit your business expenses better and prepares you for tax season.
- It facilitates budget setup, policy enforcement, configurable purchase approvals, and safeguarding against unauthorized expenses or purchases.
- The software also provides robust features, including multi-level approval hierarchies, credit card receipt tracking, effortless mobile receipt uploads, multi-currency capabilities, workflow management, and detailed analytics.
Pricing:
- The premium plan starts at $6/active user /month, billed annually.
- It also offers a free plan with basic expense-tracking features.
Trusted Ratings & Reviews:
Closing Thoughts: Investing in Financial Success
As you navigate the complexities of modern finance, choosing the right expense management software is a strategic move toward achieving operational control and visibility, automated compliance, and overall financial success.
Remember, the best software is the one that fits your specific needs and budget. Take your time, explore the options, and choose the best expense software to banish the spreadsheet blues, tame the expense beast, and finally achieve accounting nirvana. So go forth, brave accountants and CPAs, and conquer the financial frontier!
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*The pricing reflected is accurate as of the date of article publication.