Keeping track of finances can be a huge undertaking. But it doesn’t have to be—you can take the fuss out of tracking expenses and ditch the complicated spreadsheets. Thanks to top-notch expense management software, keeping tabs on spending, sticking to budgets, and analyzing costs no longer have to be tedious tasks.
The right tools do more than just simplify the expense tracking process. They also give you insights for smarter financial decisions. That’s why it’s so important to find expense software tailored to your needs. In this article, we’ll walk you through some of the best automated expense management products on the market, so you can find the right, stress-free solution for your business.
Key features to look for in expense software
It’s important that before choosing the best software, you understand the latest first-class features you can expect to find:
Automated expense tracking
Forgo tedious manual data entry and minimize the risk of human error with expense software that tracks your expenses on the spot. By automating your transactions, they’ll be instantly captured and organized, allowing you to monitor your spending.
With features like receipt scanning and expense categorization, you can skip the hassle of storing and organizing physical receipts that could get lost or misplaced. Automatically import receipts using your smartphone with software that intelligently extracts and sorts relevant information, such as dates, vendor names, and amounts.
Some expense software has the capability to connect your corporate cards, so you pull in tax information—making it the easiest way to balance your books. And with automated settings in place, you can stop out-of-policy spending as it happens.
Tracking and sorting dollars in real time while streamlining your transactions is easy with the right help. Stay on top of your expenses, ensure accurate record-keeping, and have more control over your finances with automated expense tracking.
Account reconciliation
Close your books faster. Seamless reconciliation between platforms eliminates excess data entry and reduces errors—making it a top feature for boosting efficiency and accuracy.
Being able to streamline your expense management software into your accounting system will also make it easier to access all your info at once, so you can always have a clear view of your organization's financial health.
Automatic receipt scanning and expense categorization
Skip the hassle of storing and organizing physical receipts that could get lost or misplaced. Easily capture and automatically digitize receipts using your smartphone or scanner with software that intelligently extracts and automatically categorizes relevant information, such as dates, vendor names, and amounts.
This feature makes tracking and organizing expenses way easier, saving you valuable time. With receipt scanning and expense categorization, you can stay on top of your expenses, ensure accurate record-keeping, and have more control over your finances.
How we chose this list
As of the date of this article as published, there were 8 standout expense management software solutions that could help make balancing your books easier.
We determined “best” based on a blend of external G2 rankings and reviews, plus our internal expert assessments that assessed each software's features, usability, and security—aiming to identify products that suit diverse business needs.
We've listed these solutions in random order since each one excels in different areas, and the best choice for your business will depend on your specific needs and workflows. Each software mentioned offers a unique mix of features designed to help improve the efficiency and accuracy of your finances.
The 8 best expense management software solutions
Navan
Navan is an integrated application for booking travel, consolidating expenses, and analyzing financials. Focused on companies with large amounts of corporate travel, Navan’s software streamlines the business trip expense process for its administrators and end-users. Additionally, Navan has integration capabilities as well as advanced security and compliance measures such as data encryption and secure cloud storage to protect sensitive financial information.
BILL Spend and Expense
BILL Spend & Expense is an all-in-one expense management solution that combines free software with access to the BILL Divvy Card1. That’s right. BILL world-class spend management software is free—making it a budget-friendly option for those looking to get all the right tools without breaking the bank.
BILL’s suite of tools are designed to automate company expenses and take the guesswork out of managing finances. Because it has both an expense card and automated tracking, you’re able to streamline the entire expense cycle—from creating cards and initiating payments to capturing receipts and closing the books.
Its intuitive interface, mobile app, and robust integrations also make it easy to manage card spending, get the info you need from employees, and view real-time insights about your finances.
Whether you're a small business owner or finance professional, BILL provides best-in-class tools, compliance, security, and customer support with no hidden fees or contracts—making it the only expense management software that does so.
Hear what customers have to say about their experience with BILL Spend and Expense.
“Once clients get rolling on BILL, it is so much better. They stop duplicating expenses, they stop overpaying. Everything comes into BILL. Clients can see it. And we can put together a really nice review process for them so they can approve all the invoices before they get paid.”
- Creative Planning Business Services Supervisor, Outsourced Business Accounting Rebecca Williams
“I don't have to dig through files of papers with BILL Spend & Expense. Once I had to find a receipt from a whole year ago, and now, this is so easy.”
- Emergency Plumbing Heating & Air Office Administrator Sandra Helton
Success stories like these speak volumes about the value that BILL brings to businesses. In fact, 94% of surveyed users would recommend BILL to a friend.2
Concur
Concur, an SAP company, is a comprehensive expense management platform that's enterprise-focused. It offers features like receipt scanning, automatic expense categorization, and policy enforcement to ensure compliance with varied policies. With Concur, you can capture, submit, and approve expense reports through desktop or mobile. Plus, it also integrates with popular accounting software for data synchronization.
Airbase by paylocity
Airbase is a spend management platform that offers a way to tackle company expenses, approvals, and payments through a procurement-to-pay model–focusing on servicing the entire procurement process. It helps with expense policies, provides visibility into spending, and automates tasks such as reconciliation and reporting. In addition, it offers virtual credit cards, automated invoice workflows, and advanced analytics tools to help businesses through different phases of their finance cycle.
Zoho Expense
Zoho Expense is an online reporting software that enables employees to log expenses, scan receipts, and submit reports while ensuring policy compliance. It aims to make business travel and expense reporting an automated, smooth process by offering simplified travel booking. The platform also offers integrations with popular accounting software (including Zoho Books), to better ensure secure data transfer.
Ramp
Ramp offers comprehensive expense management software designed to streamline corporate spending and improve operational efficiency. The platform provides businesses with tools like automated expense categorization, real-time spend tracking, security automated deployment, and integrated approval workflows. It also has virtual cards, spend analysis, and customizable policies. Ramp has pricing levels for their offerings, so some of these features might not be available through a free trial.
Brex
Brex provides expense management software particularly suited for businesses with elaborate accounting systems and international dealings. Their platform also combines corporate cards with expense management tools, offering features such as automated receipt matching, expense tracking, and spend controls. Brix can also integrate with accounting software for easier reconciliation and financial reporting.
Emburse
Emburse is a cloud-based platform crafted for travel and budget management. With features like real-time policy checks, automated receipt processing, and fast reimbursements, it aims at delivering financial transparency across departments. Emburse also offers virtual corporate cards and integration with accountancy systems for reconciliation. Plus, it has tools for proactive expense control, allowing organizations to track and manage budgets and approvals in real time.
So, how do you choose the best software for your business?
Now that you’ve explored the best expense solutions, it’s time to choose the right fit for you. It's crucial you consider several key factors to ensure you have support as you scale. Here are some important questions to ask yourself:
Is this product cost-effective for my business?
Finding software that fits your budget should be top of mind. Not all expense management systems offer quality tools at the right price. Software like BILL Spend and Expense, offer a powerful company card with stellar expense software–all for free. Consider what offerings can streamline reporting and give you more control over spend without breaking the bank.
Does this product have scalability and customization options?
Look for expense management software that can grow with your business. Software that can scale is essential. As your organization expands, ensure the programs you’re relying on can handle increased transaction volumes and accommodate additional users. Additionally, consider software that has customization options available for changes as you grow. Ensure it has the ability to create custom categories for your accounting settings, enforce expense policies, and define approval workflows based on your needs.
Does the product have reliable customer support and a user-friendly interface?
Reliable customer support always comes in handy. Make sure the program you choose can assist you in case any issues or questions arise. Great, responsive customer support can make a significant difference in your user experience and overall satisfaction with the software. Additionally, prioritize a user-friendly interface that is intuitive and easy to navigate, minimizing the learning curve for both administrators and users.
Does this product have integration capabilities?
Seamless integration can help streamline data flow, eliminate manual data entry, and enhance overall efficiency. Consider the software's integration capabilities with other systems and tools your business relies on, such as accounting software, payroll support, or travel booking platforms.
Does this product have reliable security and compliance features?
No one wants a security breach. Protect your sensitive financial data with expense management software that prioritizes robust security measures. Look for features such as data encryption, secure cloud storage, and compliance with industry regulations like GDPR or HIPAA (depending on your business requirements).
By factoring in these considerations, it’ll be way easier to choose expense management software that aligns with your business needs and improves your finances.
Streamline your expense management with the right tools
In closing, every business should have automated tools that alleviate speed bumps in order to create an agile, efficient expense management process. BILL Spend & Expense is the perfect example of what can happen when great software gets put to use. In fact, BILL users reported saving an average of 12 hours and $10,630 monthly2–protecting valuable time and money for businesses of all sizes.
And while some other vendors on the list may offer a free plan, they’ll typically charge for premium features or additional users. BILL is the only vendor that’s entirely free, regardless of the number of users, so you can gain powerhouse expense management software that fits perfectly in your budget.
Why wait to start? Join the growing community of businesses that have reshaped their accounts expense process with BILL. Request a demo today.
Disclaimer:
The information provided on this page does not, and is not intended to constitute legal or financial advice and is for general informational purposes only. The content is provided "as-is"; no representations are made that the content is error free.
1 BILL Divvy Card is issued by Cross River Bank, Member FDIC, and is not a deposit product.
2Based on a survey of 127 BILL Spend & Expense users conducted by UserEvidence in March 2022.
