Introduction
As a growing business, managing expenses can be a challenge with paper receipts and Excel spreadsheets. You need a systematic way to track spending, get reimbursements and gain valuable insights. Expense management software streamlines the process for both employees and finance teams. In this blog post, we evaluate 15 top solutions based on key criteria to help you select the right fit.
Methods of Evaluation
We evaluated each software based on features, pricing, ease of use and customer reviews. Additionally, we looked at more quantitative metrics like number of backlinks, monthly organic traffic and keyword trends to determine market standing and leadership. A good expense management solution needs to balance outright functionality with user experience.
1. QuickBooks Expenses
QuickBooks Expenses is an expense management software developed by Intuit, the makers of QuickBooks and other financial software solutions. It provides small businesses with a simple and effective way to track employee and company expenses.
Pros: Some key advantages of QuickBooks Expenses include:
– Seamlessly integrated with QuickBooks for automatic syncing of expense data to accounting records
– Automatic data sync allows real-time access to expense records from any device
– Supports receipts entry and configurable approval workflows for reimbursements
– Simple and easy to use interface that is perfect for small teams with limited accounting expertise
Cons: A potential disadvantage is that the software may have more features than needed for very small teams or freelancers with minimal expense tracking needs.
Pricing: QuickBooks Expenses pricing starts at $15 per user per month for the basic plan when added as an add-on to a QuickBooks subscription. It is also available as a standalone solution starting at $25 per user per month.
Some key stats about QuickBooks Expenses include:
– Used by over 5 million customers worldwide
– Integrates seamlessly with QuickBooks accounting software
– Supports uploading of receipts and expense entries from mobile devices
– Available as a standalone solution or as an add-on to QuickBooks subscriptions
2. Xero Expenses
Xero Expenses is an expense management software developed by Xero, an online accounting software platform for small businesses. As part of Xero’s complete small business accounting solution, Xero Expenses allows users to easily track, submit and get expense reports approved on any device.
Pros: Some key advantages of Xero Expenses include:
– Tight integration with the Xero accounting platform for bookkeeping and financial reporting
– Simple yet full-featured mobile and web apps for capturing basic expenses on the go
– Affordable pricing whether as a standalone product or add-on for Xero subscriptions
– Well-suited for small teams and projects with custom approval workflows
Cons: A potential disadvantage is that the feature set may not be as robust as some specialized or enterprise-grade expense management alternatives, making it more suitable for basic expense tracking needs of small businesses and freelancers.
Pricing: Xero Expenses pricing starts from $15 per user per month for the basic plan when added to a Xero subscription. It offers all core features for capturing, submitting and approving expenses. Advanced features like custom fields and connectors require higher premium plan pricings.
Some key stats about Xero Expenses include:
– Used by over 2.5 million subscribers worldwide
– Integrates seamlessly with the Xero accounting platform
– Supports capturing expenses from receipts via mobile apps
– Allows customization of approval workflows and expense policies
– Offers integration with over 300 apps like Concur and Expensify
3. Workday Expense
Workday Expense is an expense management software offered as part of the Workday Human Capital Management (HCM) platform. As one of the leading HCM solutions, Workday offers integrated applications that allow employees and managers to easily manage expenses from within the main Workday portal.
Pros: Some key advantages of Workday Expense include: It is part of the Workday HCM platform allowing for integrated employee applications and workflows. Automated receipt processing using machine learning technology that extracts data from images. Advanced approval workflows with Configurable deadlines and escalation rules.
Cons: A potential disadvantage is that Workday Expense requires use of the full Workday HCM platform which adds to implementation and licensing costs compared to standalone expense management solutions.
Pricing: Workday Expense pricing varies depending on the number of users and modules within the Workday platform. It is generally available through annual subscription licensing starting at $100 per user per month for the Professional or Elite ERP SKUs within Workday.
Some key stats about Workday Expense include: Used by over 7,000 organizations worldwide, Making it one of the top 3 expense management solutions. Integrated with the core Workday HCM platform that manages payroll, benefits, and other HR functions for over 50 million users globally.
4. Concur
Concur is one of the leading expense management software providers, helping organizations control costs and streamline finance processes. Founded in 1993, Concur offers a comprehensive suite of travel, expense, and invoice management solutions to optimize spending for SMBs and enterprises alike.
Pros: Key advantages of Concur include:
– Wide range of expense management and travel booking functionality from a single vendor
– Robust reporting and analytics capabilities for spend visibility and compliance
– Large ecosystem of third-party apps and integrations for enhanced flexibility
– Large customer base and brand recognition as a leader in the space
Cons: One potential disadvantage is the higher pricing compared to some other expense management software options, which may not be suitable for very small businesses or tighter budgets.
Pricing: Concur pricing varies based on the selected plan but generally starts at around $7-10 per user per month for basic expense management and goes up to $30 or more per user per month for premium travel and spend management functionality.
Some key stats about Concur include:
– Over 60,000 customers in over 170 countries
– Processes over $1 billion in expenses daily
– Over 40 million travel booking transactions annually
5. Rezdy
Rezdy is an online booking software designed for tour and experience providers. Founded in 2007 and headquartered in Sydney, Australia, Rezdy provides a complete online booking solution through its website and integrated booking widgets.
Pros: Some key advantages of Rezdy include:
– Especially strong for group travel planning and management
– Robust online booking tools integrated directly into venues’ websites
– Good option for hotels, venues, and transport operators to also take bookings
– Powerful analytics on bookings, spending, customers and more
– Slick mobile and web interfaces optimized for booking tours and activities
Cons: A potential disadvantage is that the setup and customization process can be complex and require dedicated resources to implement fully.
Pricing: Rezdy offers various pricing plans depending on requirements. Basic plans start at around $50/month but most operators opt for a custom quote based on features, users, and volume of bookings needed.
Some key stats about Rezdy include:
– Processes over $2 billion in booked tours and activities annually
– Serves over 5,000 customers globally
– Integrates with over 300 channel managers for distribution
– Available in 12 languages
6. Insperity
Insperity is an HR services and business solutions provider that also offers an expense management software as part of its wider HR platform. In operation since 1986, Insperity helps businesses of all sizes take care of tasks like payroll processing, benefits administration, time and attendance tracking, as well as expense reporting. Its holistic suite of tools aim to simplify HR tasks and compliance.
Pros: Key advantages of Insperity’s expense management software include: it is part of a more comprehensive HR platform so allows integrated user and data management across tools; robust payroll and tax calculation features reduce risks and compliance issues; advanced time and attendance features streamline time tracking; suitable for small to medium size businesses due to pricing and scalability.
Cons: As Insperity’s expense solution is really aimed at businesses also using its wider HR platform, it may not be as full-featured or competitively priced as standalone expense management software options for companies with only expense tracking needs.
Pricing: Pricing for Insperity’s expense management software starts from $49 per employee per month when purchased as part of the company’s HR administration packages.
Some key stats about Insperity’s expense management solution include: supports over 100,000 businesses; processes over $60 billion in payroll each year; handles benefits enrollment and administration for over 600,000 employees.
7. TravelPerk Expense
TravelPerk Expense is an expense management solution from TravelPerk that streamlines booking and reimbursement within a single platform. As part of TravelPerk’s full travel and expense solution, TravelPerk Expense integrates seamlessly to provide tight workflows for managing travel and expenses.
Pros: Key advantages of TravelPerk Expense include:
– Integrated into TravelPerk’s full solution for seamless travel and expense management
– Streamlines booking and reimbursement processes for faster reimbursements
– Offers tight travel and expense workflows for greater visibility and control
– Features a straightforward online platform that is easy for travelers and approvers to use
Cons: One potential disadvantage is that being fully integrated into TravelPerk’s platform means it only works well as part of their overall travel and expense solution rather than as a standalone expense management tool.
Pricing: TravelPerk Expense pricing starts at $7/user per month for the basic Premium plan, rising to $12/user per month for the Premier plan which includes additional features like invoice management and purchase order integration.
Some key stats about TravelPerk Expense include:
– Used by over 4,000 companies globally
– Processes over $1 billion in travel bookings per year
– Integrates with over 200+ travel suppliers and partners
8. Deskera Expenses
Deskera Expenses is an expense management software aimed at streamlining and simplifying expense tracking and reimbursement processes for businesses. Founded in 2013, Deskera Expenses serves over 6,000 customers globally across various industries including IT, manufacturing, consulting and more.
Pros: Some key advantages of Deskera Expenses include:
– Seamless accounting links that eliminate double data entry.
– Powerful analytics and reporting for expense insights and policy monitoring.
– Support for custom workflows and approval chains to streamline reimbursements.
– Intuitive mobile app for convenient capture and submission of expenses on the go.
Cons: One potential disadvantage is that the basic or starter plan has limitations on the number of users, expenses and invoices. However, there are affordable upgrades available for growing expense needs.
Pricing: Deskera Expenses offers flexible pricing plans starting from $10 per user per month for the starter plan up to customized enterprise plans for larger teams. It also offers a free 30 day trial to explore all features.
Some key stats about Deskera Expenses include:
– Supports over 30 expense categories including travel, transportation, meals, mileage etc.
– Integrates with accounting systems like Xero, QuickBooks, Sage etc for automated expense syncing.
– Over 130 built-in and customizable reports for expense analysis.
– Supports multi-currency expense tracking in over 160 currencies.
9. Spendesk
Spendesk is an all-in-one spend management platform for modern finance teams. Based in Paris and London, Spendesk aims to simplify the process of managing company cards and expenses for small to medium sized businesses. With over 10,000 customers worldwide, Spendesk streamlines spending, approvals and reporting into a single cloud-based solution.
Pros: Key advantages of Spendesk include:
– Simple platform tailored for SMB needs
– Affordable pricing tiers starting from $10/user per month
– Automates accounts payable processes with direct integrations
– Easy to track receipts and attach files to expenses for approval
Cons: One potential disadvantage is that the platform may not be as fully-featured as some more expensive enterprise solutions, however, it aims to provide a simple yet powerful solution tailored for SMBs.
Pricing: Spendesk offers affordable monthly pricing plans tailored to company size starting from $10 per user per month for the Essentials plan. They also offer Professional ($20/user/month) and Enterprise (custom pricing) plans with additional features like custom budgets, advanced reporting and more tailored support.
Some key stats about Spendesk include:
– Over 10,000 customers globally
– Manage over $5B in transactions annually
– 99%+ payment acceptance rate
– Integrates with over 200 ERP/accounting systems
10. Replicon
Replicon is a leading provider of time and expense management software. Founded in 1997, Replicon offers a complete suite of time tracking and timesheet solutions for project time tracking, time attendance, and professional services automation. With over 1,000 customers in 40 countries, Replicon helps organizations of all sizes improve operational efficiency and financial control.
Pros: Some key advantages of Replicon include:
– Robust time and attendance as well as project time tracking functionality
– Advanced multi-level approval chains for timesheets and expenses
– Sophisticated analytics for utilization, project performance, and time spent by resource
– Ability to integrate finance, HR, and project management data for end-to-end visibility
Cons: One potential disadvantage is the subscription pricing model which can result in higher long-term costs compared to an perpetual license model. However, this is common for modern SaaS solutions.
Pricing: Replicon offers flexible pricing based on the required functionality and number of users. It has the following pricing tiers:
– Standard Edition – Starts at $10/user per month and includes core time tracking functionality.
– Professional Edition – Starts at $15/user per month and adds advanced analytics and approvals.
– Premium Edition – Custom pricing and includes all features along with priority support.
Some key stats about Replicon include:
– More than 1,000 customers worldwide in over 40 countries
– Customers across multiple industries including technology, consulting, media, and manufacturing
– Over 20 years of experience in time tracking and timesheet software
– Robust approval chains, project accounting integrations, and analytics
11. Pleo
Pleo is an all-in-one business card and expense management platform designed for small entrepreneurial businesses and teams. Founded in 2014 and based in Copenhagen, Denmark, Pleo has quickly become one of the leading players in the expense management space with over 10,000 companies using their product globally.
Pros: Some of the key advantages of Pleo include:
– All-in-one business card with expense functionality built-in
– Easy and quick setup process that gets new teams up and running within minutes
– Attractive and intuitive interface designed specifically for small teams
– Automatic receipt OCR automatically scans and populates receipt data
Cons: One potential disadvantage is that Pleo is primarily targeted towards small entrepreneurial businesses and teams. Some larger enterprises may need more sophisticated options for high volumes of expenses and customizations.
Pricing: Pleo offers simple and transparent pricing plans starting from free for individuals up to $9/user per month for teams of 3-9 users. Pricing increases incrementally up to $29/user per month for teams of 100+ users. All plans include the Pleo business card, expense functionality, and automatic receipt OCR capabilities.
Some key stats about Pleo include:
– Over 10,000 companies use Pleo globally
– Average time to onboard a new team is under 15 minutes
– Automatic receipt OCR processes over 1 million receipts per year
– Pleo card can be used in over 40 currencies worldwide
12. Avidxchange ExpenseTrack
Avidxchange ExpenseTrack is an expense management software created by AvidXchange to help businesses streamline their expense reporting process. Founded in 2000, AvidXchange is a leading provider of accounts payable (AP) automation solutions for middle-market businesses. With over 20 years of experience, they have helped thousands of companies simplify their AP workflows.
Pros: Some key advantages of Avidxchange ExpenseTrack include:
– Specializing in the construction industry with features tailored for contractors
– Advanced receipt imaging and workflow approval processes
– Tight integration with common accounting software like Sage 50c
– Robust reporting and insights into spending patterns and compliance
Cons: A potential disadvantage is that the pricing may be higher than some other expense management software options depending on the number of users and premium features required.
Pricing: Avidxchange ExpenseTrack pricing starts at $10 per user per month for the basic plan with discounts available for annual subscriptions and larger deployments. Additional premium features like receipt recognition, custom workflows and approvals can increase the monthly cost.
Some key stats about Avidxchange ExpenseTrack include:
– Used by over 7,500 companies worldwide
– Processes over $1 trillion in payment transactions annually
– Integrates with over 45 ERP/accounting systems like Sage Intacct and NetSuite
– Manages the full AP process from invoice receipt to payment for hundreds of the largest brands
13. Basware
Basware is a leading provider of cloud-based expense management and procurement solutions. Founded in 1992 and headquartered in Helsinki, Finland, Basware has over 3000 customers in more than 60 countries. Basware provides purchase-to-pay automation as well as e-invoicing solutions that enable businesses to reduce costs, streamline processes and gain strategic spend insights.
Pros: Key advantages of Basware expense management software include:
– Strategic supplier for multinational companies due to its global footprint
– Robust spend management and procurement functionality including contract management, supplier info, catalogs etc.
– Advanced reporting and business intelligence tools to analyze spend
– Strong AP automation capabilities for invoice processing, approval workflows etc.
Cons: One potential disadvantage is that as a large enterprise solution, Basware may be overkill for very small businesses with limited spend volumes or users.
Pricing: Basware offers a variety of pricing plans depending on the modules and requirements. Basic spend management starts from $50-$100 per user per month. Advanced procurement solutions range between $100-$250 per user. There are also volume-based transaction pricing options for very large organizations.
Some key stats about Basware include:
– Over 3000 customers worldwide including large multinational brands like Cisco, Nestle and Swarovski
– Processes over 1 billion transactions annually worth over $550 billion
– Supported in over 60 countries and compliant with local e-invoicing regulations
14. Emburse
Emburse is an expense management software provider that helps businesses streamline and automate expense reporting, approval workflows, and payment processes. Founded in 1998, Emburse is based in Boston and has over 10,000 customers worldwide across industries like technology, professional services, manufacturing and more.
Pros: Some of the key advantages of Emburse include:
– Seamless ERP and accounting integrations
– Advanced receipt recognition and OCR tools for easy data capture
– Robust analytics and reporting capabilities
– Excellent customer support and services
– Dedicated to ongoing product innovation
Cons: A potential disadvantage is that Emburse is a paid solution and pricing can be higher for larger organizations compared to some other expense management tools.
Pricing: Emburse offers flexible pricing plans based on the number of users and additional features/services required. Pricing starts from $7 per user per month for basic expense management functionality.
Some key stats about Emburse include:
– Processes over $60 billion in expenses annually
– Integrates with over 250 accounting and ERP systems like SAP, Oracle, NetSuite, Sage Intacct
– Supports 160+ currencies and various payment types
– Over 500 employees globally
15. TripActions
TripActions, formerly known as Navan, is an innovative cloud-based travel and expense management solution. With over 2,000 customers worldwide across all industries, TripActions helps businesses of all sizes automate travel booking and streamline expense reporting. Founded in 2013 and headquartered in San Francisco, TripActions aims to take the hassle out of business travel and expense management through an integrated software-as-a-service platform.
Pros: Some key advantages of TripActions include:
– Powerful travel booking engine that integrates with major travel partners
– Seamless booking and expense workflows that eliminate duplicate data entry
– Robust analytics and reporting on travel spending, savings, and compliance
– Flexible travel policies that can be customized to any business needs
Cons: One potential disadvantage is that TripActions may have a somewhat steeper learning curve compared to simpler expense management solutions. Fully utilizing all of its advanced features requires training and could take time to scale for very large and complex enterprise organizations.
Pricing: TripActions offers flexible pricing plans tailored to businesses of different sizes and needs. Basic package starts at $7 per user per month for small teams. Larger enterprises can request a customized quote that factors in volumes, features, and support needed.
Some key stats about TripActions include:
– Processes over $30 billion in travel bookings annually
– Has over 350,000 monthly active users
– Integrates with over 500 airline, hotel, and rail partners globally
– Saves customers an average of 20% on total travel costs
Conclusion
Whether you’re a small startup or established enterprise, there is an ideal expense management software suited to your unique requirements. Consider your budget, integrated accounting needs, team size and reporting goals. Many provide free trials to help you test workflows before committing. Proper expense tracking is crucial for visibility and compliance – choose a platform that simplifies the process without compromising on control or insights.