Buyer's Guide for Top Expense Management Software

Found our list of Expense Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

Buyers Guide Content

  1. What is Expense Management Software?
  2. Expense Management Software Features
  3. Modules Of Expense Management Solutions
  4. Who needs an Expense management system?
  5. Why you need expense management software for small businesses?
  6. Advantages of Expense Software
  7. Follow Steps Before Buying Expense Management Software Online

What is Expense Management Software?

Expense management software is a bundled information system that allows companies to manage and regulate their expenses effectively. The best expense management software has been designed to let users submit, process, regulate and reimburse both employee and company expenses. Users can also use it to invoice billable hours and/or reimbursable project expenses. The best expense manager allows employees to enter their expense details for approval through a browser or phone app. Expense software automates a company’s expense entry, streamlines reporting, eliminates paper trail, and significantly reduces administrative effort.

Expense report software is also known as expense manager software, expense tracker, expenditure manager, travel expense management software and even, employee expense software among some circles.

Expense Management Software Features

Comprehensive Expense Records

The expense tracker helps users keep a detailed track of their expenses. The best expense manager tracks and regulates expenses stores them in a database with in-built search filters and allows you to access them from any electronic device.

Receipt Management

Manage and store receipts effortlessly with this feature. Receipt manager automates receipt storage and eliminates the need to import data manually.

Invoice Management

Much like receipt management, the invoice management feature stores and manages invoices for vendors, customers, and employees. With this feature, companies can perform timely payments, strengthen compliance and reduce risks.

Merging Expenses

Eliminate the risk of duplicate entries and expense errors with the expense merging feature. The best expense tracker can merge multiple expenses into one, categorize them, and perform all necessary calculations.

Approval Process Control

Best expense management software allows multiple users to get admin access and role permissions. With this feature, the hierarchical approval process can be regulated and curbed, when needed. The access to approval is highly controlled, and only the admin can approve the data being inserted in the system.

Travel Expense Manager

If your company reimburses for employee travel (for work-related purpose) then this is an excellent feature to have. With travel expense management software, users can set up a customized approval hierarchy for trip requests and manage approvals effortlessly.

Mileage of Expense Tracking

Mileage expense tracking software is a unique feature that lets users keep track of their employees' travel. Integrated with Google Maps API, the automated expense reporting feature of travel expense management software lets users get real-time access to an employee’s time spent on travel. Accordingly, users can reduce the time spent on each claim and eliminate fraud effortlessly.

Card, E-Wallet & Meal Card Integrated Payments

With this feature of business expense management software, you can make payments using cards, e-wallets and meal cards for effortless transactions. It eliminates the need for cash-based transactions or to make cheque payments.

Per Diem Expense Setup

If your organization has a daily allowance sanctioned to employees, you can regulate and manage those using this feature. You can also use it to set up guidelines and policies related to per diem expenses, as well as define actions in case of non-compliance with rules.

Automate Expense Recording

Top expense management tools let users turn receipts into expense entries automatically. Its auto-scan feature scans receipt extracts important details and compiles them into a digital file. Users can process multiple receipts together and submit expense reports online with a single click.

Import Card Transaction

Capture transactions made from credit or debit cards and turn them into expense entries automatically with expense management software.

Modules Of Expense Management Solutions

Expense Manager

The expense manager module is at the heart and soul of any top expense management solutions. With this module, organizations can collect expense details of employees to regulate and manage them. The expense manager module provides a user-friendly interface where the finance team can view expense information, broken down to all the variables. Using the expense manager module, all-expense regulation takes place in accordance with internal (company) & external (government and judicial) regulations. Any policy & compliances pertaining to the processing and analyzing data of the employee is also considered when regulating expenses. Companies can govern, authorize, manage expense claims, audit and perform reimbursements with this module. You can also create and customize your company’s expense reimbursement policies as per the type of expense incurred. For each type of expense, you can use this module to define categories for easy recordkeeping. For example, you could set up an expense category for the employee’s city-wide travel. You can mandate employees to furnish a scanned copy of the travel receipt/invoice, for making claims. Further, you can define daily employee allowances or per diem rules, policy limits, and rules for when a receipt is needed, using an expense management system. 

Expense Reporting & Analytics Solution

You can’t run a robust expense management department unless you know where expenses are being made. The reporting & analytics module of expense tracker software works on two-level. Using the reporting module, you can generate comprehensive MIS reports outlining the expenses made by employees. The reporting module can be customized to reflect the variables that you wish to take a look at. For example, if the finance team wants to see the expenses performed by employees made during a specific period, they can willfully do so with an expense report software. The second aspect of this, the analytics module, helps with data comparison and analysis of expense information gained from MIS reports. Using the analytics module, companies get a detailed understanding of expenses occurred, reimbursements & payables made, employee expense breakdown, per diem breakdown, etc. Additionally, companies can also use expense report software to identify excess spending and formulate rules to counter and reduce this expense.

Receipt Inbox

When your employees input their expense information along with bills and invoices for verification into the top expense management tools, the receipt inbox houses these bills. It works in the same way as your email inbox- each receipt submitted by employees reflects as an individual entry on the receipt inbox. The finance team of a company can access each employee’s expense invoices with the receipt inbox. They can also customize the inbox and add folders for categorization. Categories can be created department-wise, function-wise, hierarchy-basis, etc.

Expense Reimbursement Approval

With the expense reimbursement software module finance team receives employee expense information, they must verify the claims to ensure its legitimacy. The approval management module of the expense approval system allows users to check invoices and ensure if the expense claim is compliant with the company’s reimbursement policy. The approval management module is a subset of the expense approval system and allows claim approval and payment initiation through a single platform.

Employee Benefit Manager

The employee benefit manager of top expense management tools is used to set up employee benefits guidelines and assign details of expenses allocated to each employee. From travel expenses to telecommunications, daily expenses to internet charges, expenses of each employee can be easily set up with the expense benefit manager. If your company has a meal card policy (like Sodexo, Zeta, etc.), you can assign an amount to each card and easily manage them. Additionally, the employee benefits module can be used to define an approval hierarchy for employees based on grade, department or job titles.

Receipt Scanner

When employees wish to upload their physical invoices onto the top expense management software, the receipt scanner scans the document and saves it in the software’s database. Additionally, by the power of robust technology, the software itself identifies key details from the invoice and uploads that information to the expense manager and approval modules respectively. Due to this, your finance team doesn’t need to waste valuable time reading invoices and segregating the required information. It also removes the chances of manual errors and all that your employees have to do is verify that the information uploaded on the receipt and the database are the same.

Who needs an Expense management system?

Any company, big or small, can benefit from using the best expense management software. Businesses with growing pains can use an expense solution for robust reporting & reduced administrative work. The best expense manager allows companies to gain better control over their front-end functions and minimizes the risk of overspending and fraud.

Why you need expense management software for small businesses?

Organizations can use expenditure manager software for reducing and preventing accidental errors caused by manual input. Additionally, companies can use an expense approval system to allocate employee and company spending amounts, create expense reports, perform analytics and do a whole lot more. Employees can fill out expense and reimbursement forms easily, using expense management software. These forms can be accessed by the HR, who can access employee expense details directly from scanned receipts. Companies can also approve employee expenses easily, using the expense management software’s expense manager and approval module. Reimbursements can be easily initiated with expense tracker, and in some cases, automatically initiated (depending on the software’s compatibility).

Using an expense manager is a more secure option than manually managing the same, as this solution digitizes your data and keeps a back-up of the same. If you use a cloud-based expense solution, you can rest assured knowing that come hail or high water, your data is securely saved on a remote backup server.

Advantages of Expense Software

Make Smarter Expense Decisions

You can consolidate and manage different verticals of expense processing, reporting, and analytics through the best expense tracker. The centralized data, gained via best expense management software, helps managers analyze relevant expense reports, and formulate informed decisions. Expense Tracker allows companies to easily develop expense policies, calculate expense-related costs, in adherence to compliance requirements.

Comply with Internal/External Regulations

Adhering to compliance, both internal (company) & external (government & judicial) is mandatory when managing expenses. Neglecting/bypassing regulations leads to penalty & reputation damage. The best expense tracker helps you circumnavigate this problem by keeping a track of legislative changes. The software is updated at regular intervals to reflect changes. At the same time, all concerned parties are notified of the changes in regulations and compliance.

Consistent Expense Management

The risk of performing expense management manually cannot be emphasized enough. If you’re performing expense management manually, you risk wrong calculations, incorrect allotment of per diem, and a whole bunch of other problems. It’s human nature to make mistakes sometimes, but it could end up costing your company a lot more financially. Online expense manager software ensures that the process is centralized, with error-free calculations and timely policy compliance checks. The need for human intervention is minimized to the basics, ensuring consistent expense management.

Tax Risk Mitigation

A business expense management system is crucial in ensuring the accuracy of your data, as it significantly reduces the chances of mistake. An expense manager can be used to distinguish between legitimate and illegitimate expense claims. The software runs every claim through compliance checks, verifies its authenticity, organizes it into its relevant category and processes the claim further. Business expense management software also ensures that organizations meet their tax-compliance, decreasing the chances of wrong tax report generation or filing.

Easy Fraud Reduction

If employees upload fake or doctored invoices and claims, the software can flag it easily. It analyses watermarks, barcodes and other identifiable features that help with the authentication process. It saves your company big bucks and helps in identifying non-compliant employees.

Data Security

Your expense data is confidential and the expenditure manager software understands that. To that end, online expense management software has been designed with the latest in data security and encryption technology. Owing to this, your data is secure and out of prying eyes!

Follow Steps Before Buying Expense Management Software Online

What’s Your Need: While managing expenses is a common function across businesses, every company’s expectation from the best expense tracker is different. Some companies look for a solution that can manage both employee and company expense, while others are looking for solutions that only caters to company expense calculations. Similarly, your expectations from an expense manager will be unique to you. Are you looking to automate the expense report generation process? Is auto-reimbursement your main priority from an expense tracker? Understanding your software need places you in a better position to understand how an expense management software benefits your business.

Define Your Budget: Defining budget is key to making a large purchase such as a business expense management software. Fixing the budget will ease the process of filtering from the different expense solutions available to find the one best suited to your company. As per your budget, you can opt for either an on-premise solution or a cloud-based expense management software. An on-premise software is recommended for businesses with the ability to maintain in-house servers along with a capable IT team. Cloud-based software doesn’t require you to maintain a server, and is the preferred of the two, especially if your budget is low.

Ease of Access: Unless you love a challenge, any expense management software you pick should be easy to use for you and your employees! If your expense tracker is difficult to use, it will be a massive strain on budget and resources, eventually affecting your bottom line. In short, an expense management software should help you increase your business’s profitability and stay ahead of the competition.

Support System: How quick is the response time from vendors in case of problems? If you face problems while using expense management software, you will require immediate support from the vendor. Delay in support, can take a serious toll on your workflow. Ensure that whatever vendor you choose, their response time is quick, effective and supportive.

Expense Software Demo: Before making a purchase, ask the vendor/software provider for a free demo/trial version of the software. Demos/trial versions are great as they allow users to get familiarised and acclimatized with software. Don’t forget to ask, as most vendors will be happy to oblige.

Author: Kalpana Arya

Best Expense Management Software in 2022

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By Astral Management Consulting

Starting Price


Inclusive of all taxes

eXBA is a travel & expense management software that is used by both small and large enterprises to track and manage... Read More About eXBA

Zoho Expense

By Zoho by Target Integration

4.7 (4 reviews)

Starting Price


Inclusive of all taxes

Zoho Expense is an online expense management solutions, featuring a GST-compliant user interface. Users can automatical... Read More About Zoho Expense

Finly - Expense Management

By Finly

4.8 (3 reviews)

Starting Price


Inclusive of all taxes

Finly is a payment automated application platform that enables automatic settlement of accounts payable. Finly expense... Read More About Finly - Expense Management


By SutiSoft

4.2 (3 reviews)

Price On Request

SutiExpense is a top of the class expense management system for Indian companies. It has an artificial intelligence en... Read More About SutiExpense

No, you don’t have to purchase new IT infrastructure to use an expense management software. Cloud-based expense software works on any Windows or Mac powered computing device as well as, on tablets and smartphones.

Zoho Expense EasyForm Expense Management Concur Travel & Expense Management Webexpenses Expense Management Rydoo Expense Management Finly - Expense Management Expensify Happay Expense Management Expenzing Travel Expense Management

It depends on your business requirement. If you prefer keeping your sensitive expense data secure within your premise, opt for the on-premise solution. Cloud-based software stores your data on a remotely located server which is completely secure and encrypted. Cloud service is easier to maintain and you can opt for a license-based model without the added cost of infrastructure procurement, with a cloud solution.

Expense manager can be easily accessed on other devices. By extension, expense reports can be viewed on your phone or tablet.

EasyForm Expense Management

By Sky Productivity

4.5 (3 reviews)

Price On Request

This expense management app enables employees, field workers and other staff to manage their work-related expenses bett... Read More About EasyForm Expense Management

Journyx Project Time Tracking

By Journyx

Price On Request

Journyx Project Time Trackingis a complete Expense Management Software designed to serve Startups, SMBs, SMEs and Agenci... Read More About Journyx Project Time Tracking

Aarvi Expense Manager

By Aarvi Technology

Price On Request

Aarvi Expense Manager is a complete Expense Management Software designed to serve Startups, SMBs, SMEs and Agencies. Thi... Read More About Aarvi Expense Manager

Travel & Expense Management System

By Botmatic

Price On Request

What is VYAY : The expense Management solution powered by Botmatic. It gives end to end solution for expense management.... Read More About Travel & Expense Management System

BizHRS Expense Claim management


Price On Request

BizHRS Expense Claim management is a complete Expense Management Software designed to serve Startups, SMBs, SMEs and Age... Read More About BizHRS Expense Claim management

Happay Expense Management

By Happay

4.5 (4 reviews)

Price On Request

Happay Expense Management is a business spend automation software designed to cater to the needs of the Indian and glob... Read More About Happay Expense Management

Expenzing Travel Expense Management

By Expenzing

Price On Request

Users get to view the actual spend patterns of their business and plan out company policies based on them. The thoughtf... Read More About Expenzing Travel Expense Management


By Expensify

Starting Price


Inclusive of all taxes

Expensify is an advanced expenses software. It provides comprehensive expenditure reporting solution for businesses to... Read More About Expensify


By Rydoo

Price On Request

Rydoo Expense is an expense management system designed to help its users with the process of automating their business... Read More About Rydoo

Roka Expense Management Software

By Roka

Price On Request

Roka Expense Management Software is a cloud-based corporate payment management platform. The makers of the software sol... Read More About Roka Expense Management Software

SAP Concur Expense

By Concur Technologies

Price On Request

Concur Travel and Expense Management software offers a range of benefits like the accurate calculation of credit card c... Read More About SAP Concur Expense

Vega HR

By Workforce

Price On Request

VEGA-HR is complete end-to-end recruitment management software for hiring managers, recruiters and candidates. It is des... Read More About Vega HR


By Shoeboxed

Price On Request

Shoeboxed is a receipt scanning & expense tracking software. Users can clear their desks and drawers of the enormou... Read More About Shoeboxed


By ExpenseBit

Price On Request

ExpenseBit is one of the best expense management system. You can use this to personally manage your money matters. This... Read More About Expensebit


By Advaiya

Price On Request

Advaiya is a comprehensive expense management solutions. The expense management software solution is powered by a tailo... Read More About Advaiya

Track Every Coin

By Track Every Coin

Price On Request

Track Every Coin is a complete Expense Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Exp... Read More About Track Every Coin

Last Updated on : 05 Dec, 2022

What is Expense Management Software?

Expense management software is a bundled information system that allows companies to manage and regulate their expenses effectively. The best expense management software has been designed to let users submit, process, regulate and reimburse both employee and company expenses.

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Expense Management Software Reviews



review for Zoho Expense


"A great consolidation of all the options available to our organization. The representative was very casual yet proficient in advice and the approach"

See All Zoho Expense Reviews


Vitthal Lamkhade

review for Finly - Expense Management


"extremely helpful team who did everything they could to help solve our issues"

See All Finly - Expense Management Reviews


Ayush Seth

review for EasyForm Expense Management


"This site is very helpful, but be prepared to be contacted immediately!"

See All EasyForm Expense Management Reviews


Vinod Bhatia

review for Happay Expense Management


"Happay is a wonderful expense management solution. It is easy to use, simple and makes our processes more streamlined."

See All Happay Expense Management Reviews

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FAQs About Expense Management Software

Yes integrating expense management software with other third-party software is easy and can be done.

The receipt scanner scans an invoice to create a digital copy for recordkeeping. The expense manager can isolate and pick data from invoices with a barcode or RFID tag. This helps in distinguishing each submitted invoice and helps in tracking and verifying employee expense claim.

Yes, you can purchase an expense management system customised with just the features you require for your business.

There are no specific number of employees required to effectively use a business expense management solution

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