7 Best Expense Report Software of 2022 (Ultimate Guide)
Dealing with various business expenses can be a nightmare for any business owner.
The last thing you want to do is waste time sorting through paper receipts or keeping track of Excel spreadsheets.
To solve these issues invoicing software can help you manage client payments, while expense report software takes care of business spending and employee reimbursements.
The best expense report software makes it easy to track receipts, submit expenses, and get reimbursed quickly.
Using OCR software technology, many programs can automatically read and upload receipts, making the process even easier.
They also integrate with ERP software to streamline your financial operations.
In this article, I go through the best expense report software right now and explain how they can help your business save time and money while keeping track of expenses.
Let’s get right into it.
The following are the best expense report software in the market now.
Ramp is the best overall expense reporting software because it’s easy to use, features robust integrations, and offers a wide range of features.
If you want to save time and automate your expense reporting process, Ramp is a great choice.
You can also get insights into your business, ranging from capital expenditure to employee productivity.
This means you can get as much as 20x more capital and control spending by using Ramp.
Set the proper rules to keep your business compliant with tax laws, and use data to improve your bottom line.
- Receipt matching ensures that all receipts are accounted for and categorized correctly.
- Auto-verification of expenses reduces the chance of errors, and users can create their own rules for every expense category.
- Digitize your expense policy by setting the proper rules to keep your business compliant with tax laws while using the right data to improve your bottom line.
- Create your own rules for every expense category so the software can automatically categorize expenses.
- Empower employees by allowing them to track their expenses in real-time.
- Get a real-time pulse on trips to see where employees are spending the most money.
With an insights screen as soon as you log in, it’s easy to see where Ramp shines: its ability gives users an overview of their spending.
This is especially useful for businesses that want to handle their expenses and cut costs.
You can also see spending for the current month and the cash back you’ve earned.
The software is free to use.
- Easy to track the total cost of trips
- Excellent reporting and analysis of spending
- The ability to sync personal cards is yet available.
- Ramp Bill Pay ensures your payments go through in seconds, not hours.
- One-stop vendor management means you can keep track of all your business expenses in one place.
Emburse Tallie helps with automation in expense reporting.
The software offers many features that make it easy for users to track their expenses and get reimbursed quickly.
The right people can approve expenses from anywhere and export them to multiple accounting software.
Tallie also helps with business travel management, with the ability to book travel and track expenses in one place.
At the same time, the platform ensures that policies are observed, so there is no need to worry about compliance.
- One can set up an expense approval chain configuration to ensure that the right people approve all expenses.
- Issue your corporate cards to employees so they can easily track their expenses.
- The corporate expense policy rules engine ensures that all expenses are compliant with company policy.
- Dynamic expense generation means that employees can create new expense reports as needed, and powerful mobile applications make it easy to track expenses on the go.
Know which reports are unsubmitted and need your attention within the dashboard.
You can also see a calendar view of expenses to verify that all expenses are accounted for.
The software makes it easy to approve or reject expenses, and you can also add notes to each cost.
The following plans are on offer:
- Basic Accounting: $50 /month
- Cash Control: $95 /month
- Enterprise: $200 /month
- Its user-friendly interface makes it easy to navigate around the software.
- You can quickly see which reports are unsubmitted and need your attention.
- At times, it’s challenging to view and attach proper receipts so that they are compliant with the system
- Tallie Travel now includes flight disruption alerts and 24/7 in-house support to help manage trip changes.
- Turnkey implementation and admin training are now available to quickly get you up and running.
Zoho Expense is excellent for companies in which travel expenses are a big part of the business.
As such, this platform is a good choice if you’re looking to streamline the process of booking travel and managing expenses.
In addition, one can integrate the software with Zoho Books to manage all your finances in one place.
You can also create travel itineraries and track travel expenses in real-time, so you always know where your employees are and how much they spend.
This means that manual errors related to travel can become a thing of the past, and you can even set up travel profiles to make booking travel more accessible.
- Receipt management helps you keep track of all your expenses and ensure that they are correctly accounted for.
- Expense management allows you to track your employees’ expenses and see where they are spending the most money.
- Mileage tracking lets you track how much your employees drive and other key spend management areas.
- Corporate card reconciliation ensures that all corporate card expenses are correctly accounted for.
- Direct feed integration allows you to connect your accounting software directly to Zoho Expense so that you can manage all your finances in one place.
- Expense report management helps you keep track of all your employees’ expense reports and ensure that they are accurate.
- Expense report automation ensures that all expense reports are generated automatically, so you don’t have to worry about manual errors.
The user interface makes it easy to create new expenses, upload receipts, develop recent reports, and even invite users to the software.
You can also set up expense policies to ensure that all expenses are compliant with your company’s policy.
Start a 14-day free trial or request a demo to see the software in action.
- Easy to analyze and manage all expenses incurred for business travel
- Setup is smooth and straightforward so that you can get started quickly
- With multiple integrations you might use to accomplish various tasks, it can be confusing to understand how to use all the features/which is the right feature.
- Online reimbursement via HSBC has been added to streamline the reimbursement process for travel expenses.
- The vendor mapping option has been added to make mapping vendor invoices to expenses easier.
Emburse Certify Expense gives the power back to the business owner when it comes to expenses.
The software makes it easy to track employee spending, set budgets, and get approvals – all in one place.
Employees can automate their expense reports, so they don’t have to worry about manual errors.
Emburse Certify Expense is an excellent choice for businesses of all sizes, with personalized support whenever you need it.
If you want to maximize user adoption and increase your ROI, Emburse Certify Expense is a good choice.
- Seamless implementations ensure that everyone is using the software correctly from the start.
- Effortless onboarding and training mean you can get up and running quickly without spending hours on training.
- Unsurpassed, always-on support means that you can always get help when you need it.
- Recurring subscriptions ensure that you always have the latest version of the software.
With a single dashboard, you can get all the information you need.
The software is easy to use and navigate, so you can find what you’re looking for quickly.
You can do it all in one place by creating a new spend request, opening a new expense report, or syncing your accounting software.
Emburse Certify Expense starts at $ 9 per month per user.
- Emburse Analytics helps you understand your spending patterns and where you can save money
- New added enhancements make it even more user-friendly and easier to use
- Live assistance is sometimes lacking, so it can be difficult to get immediate help when needed.
- Both team and centralized spending can now be managed in one place.
Expensify can help with all aspects of your business expenses, from tracking and approving expenses to reimbursing employees.
Employees can automate their expense reports, so they don’t have to worry about manual errors.
You can even get a corporate credit card that integrates with Expensify to keep track of all your business expenses.
Moreover, you can earn money back when using the Expensify card for business expenses.
When it comes to expense tracking, the SmartScan feature helps you quickly and easily scan receipts, so you don’t have to worry about manual data entry.
Expensify is an excellent choice for businesses of all sizes who want to streamline their expense management process.
- One-click receipt scanning so you can quickly and easily scan receipts without worrying about manual data entry.
- Corporate card reconciliation ensures that all corporate card expenses are correctly accounted for.
- Accounting, HR, and Travel Integrations allow you to connect Expensify to your other business systems so that you can manage expenses as well as all your finances in one place.
- Audit and Compliance ensure that all your expenses are properly documented and compliant with company policy.
- Delegated access allows you to give other users access to your account, so they can help manage your expenses.
- Tailoring your travel preferences allows you to set your preferred travel vendors to get the best deals on travel expenses.
The ability to switch between all the cards you add to the system and track their expenses is excellent.
The software makes it easy to filter and search for specific expenses.
The software is also very user-friendly and easy to navigate, with a left-hand side menu that contains your inbox, expenses, reports, and admin options.
There are various plans available with Expensify:
- Free: $0
- Individuals & Self Employed Track & Submit: Free
- Collect: from $5 /user/month with Expensify Card
- Control: from $9 /user/month with Expensify Card
- Easy to use with an excellent user interface
- Lots of features and integrations
- Can convert currencies so you can see how much an expense costs in your home currency
- Scanning on the app is not as fast as on a computer
- Only active users now count for the paid plans.
- The expenses page recently got a makeover, making it more user-friendly.
If you’re finding that your team is spending more time managing expenses than working on their actual job, then Rydoo could be a good choice.
Rydoo helps boost team productivity by automating the expense management process.
With AI in place to extract data from receipts, employees can submit their expenses in just a few clicks.
Rydoo also makes it easy for managers to approve expenses, so reimbursement workflows are quick and efficient.
You can also use electronic receipts in this process, so even if employees forget their physical receipts, they can still submit their expenses.
There are also tons of integrations with some of the most commonly used business software so you can manage your finances in one place.
- Simplify your approval process and manage all your business finances while boosting productivity.
- Stay globally compliant by using software compliant with all major international accounting standards.
- Do your expenses in seconds, not minutes or hours, using AI to extract receipts and automate the expense management process.
- Get reimbursed even if an employee forgets their physical receipt using electronic receipts.
- Improve your employees’ experience by making it easy for them to submit expenses and get reimbursed quickly.
- Easy onboarding makes it simple for new employees to start the expense management process.
Rydoo offers three pricing plans:
- Essentials: $10 / mo / billed annually
- Pro: $12 / mo / billed annually
- Enterprise: talk to their team for a custom quote.
Expensepoint is an expense management software that makes it easy to track, manage, and report expenses.
The software is designed to work well on desktop and mobile devices, which are great for busy professionals who are always on the go.
Providing free setup, free training, and free support forever, you’ll be able to get started with the software quickly and easily and keep using it as your business grows.
With data integration being a fundamental part of the software, you can ensure that all your expense data will be accurate and up-to-date.
A handy security and compliance module will also help you keep up with all the latest regulations.
- Mileage tracking helps you track how much your employees spend on petrol or diesel.
- A receipt imaging system enables you to keep track of all the receipts and ensure they are all accounted for.
- Credit card integration makes it easy to track expenses on credit cards.
- A multi-currency system is great if your employees travel internationally and need to see how much their expenses cost in their home currency.
- Employee reimbursement through ACH is a quick and easy way to reimburse employees for their expenses.
All the features you’ll ever want are included for $8.50 per month.
Other expense report software not mentioned in this article include Quickbooks, Netsuite, Abacus, SAP, and Xero.
Expense reports are necessary for any business, but they can be time-consuming to create and manage.
As a result, an expense management solution helps businesses keep track of employee spending, identify areas where cost savings can be made, and improve the efficiency of the reimbursement process.
One can streamline the entire expense management process for organizations that use this software, from tracking expenses to issuing reimbursements.
While manual data entry is still an option for businesses, it is not the most efficient way to track employee spending.
Automatic expense report creation helps businesses save time and money.
Having automated expense report creation is also great for compliance.
With the right expense management solution, businesses can ensure that they comply with all relevant regulations.
An expense management solution can help businesses report these expenses accurately and on time.
Here are some of the top benefits of using business expense management software.
The process of managing expenses can be very time-consuming if businesses do not have the right software in place.
With an expense management solution, businesses can save time by automating the expense reporting process.
Expense tracking software can automatically create expense reports based on the data entered into the system.
This saves businesses a lot of time and ensures that all relevant information is included in the report.
With employee expense features built into the software, businesses can also track employee spending and identify areas where cost savings can be made.
Expense data can help you understand where your company is spending its money.
The best expense management software will give you deep visibility into your company’s spending to make informed decisions about where to cut costs.
An expense tracking system can help businesses streamline reimbursing employees for their expenses.
The software’s functionality will vary depending on your chosen solution, but some systems can even automate the reimbursement process.
The expense report process is also crucial for compliance with regulations governing business spending.
A business can automatically create reports that comply with all relevant regulations.
This can save businesses time and money in the long run.
Regarding this point, it is essential to ensure that the expense management solution you choose fits the specific needs of your business when it comes to compliance and spending regulations.
Thankfully, with most software being customizable for businesses, this is not usually an issue.
From small businesses just starting to large enterprises running for several years, an expense management solution can empower employees to take control of their spending.
Using a user-friendly interface, employees can easily submit expenses for approval and track the status of their reimbursement requests.
Expense reimbursement now only takes a few clicks, compared to the days or weeks it used to take with manual processes.
Bookkeeping is a process that business owners can significantly streamline by integrating their expense management software with their financial teams and systems.
An accounting system that integrates with your expense management software can save you time and money.
Credit card transactions and cash expenses can be imported into your accounting system, saving you the hassle of manually entering data.
Employee spending data can improve your company’s travel and expense policies.
A management platform with analytics features can help you identify areas where your company is spending too much money.
This data can then be used to change your travel and expense policies if needed.
Using a mobile device to optimize a process and get it done on the go can increase efficiency and productivity.
Most expense management solutions offer mobile apps that allow users to submit expenses, track the status of their reimbursement requests, and more.
Receipt capture can quickly be done with a standard phone camera, making travel expenses easy to track at any given time.
Using expense management system can be set up and used in a few steps:
- Step 1: Choose a system that works for you and your team. Researching and comparing different expense management systems is crucial to finding the right fit for your business.
- Step 2: Determine what you need from the system. Consider what features are most important to your business and ensure that the system you plan on choosing offers those features.
- Step 3: Consider ease of use and implementation. You’ll want to ensure that the system you choose is intuitive as well as easy to use and implement so that employees will use it.
- Step 4: Get buy-in from employees. Getting employees on board with a system is essential once you’ve chosen a system. Employees should understand how the system would work (even theoretically) and why it benefits the company.
- Step 5: Test the system. Before rolling out the plan to all employees, test it out with a small group to ensure it works as expected. What this looks like in practice will depend on your chosen system.
- Step 6: Roll out the system to employees. Once you’ve tested the system and gotten buy-in from employees, you’re ready to roll it out to all employees. Ensure to provide training on how to use the system so that employees can succeed.
- Step 7: Monitor usage and performance. After rolling out the system, take some time to monitor usage and performance. This will help you identify areas where employees are having trouble using the system or sites where the system could be improved.
- Step 8: Make changes as needed. As you monitor usage and performance, you may find some areas where changes need to be made. These changes could be made to the system or your company’s policies. Either way, it’s essential to be flexible and make changes as needed so that employees can succeed.
Expense management systems can save businesses time and money by automating the process of tracking and managing expenses.
Choosing the right system for your business ensures that your employees can use it successfully.
Considering the various features available in modern expense reporting software, any business can find a solution that meets its needs with the proper research.
Have you ever used an expense management system?
Let me know about your experience in the comments below.
In addition, these business credit cards for travel can help you save money on business expenses when you (or your employees) are on the road.