Expense management software is one of the best ways to ensure that you’re spending your money wisely. You can decrease the likelihood of overspending, track your purchases, categorize them for analysis and reimburse yourself later with a press of a button. Below is our list of best expense management software for small businesses and personal use.
Are you looking for free expense management software for your small business? There are numerous options out there that offer great features, reporting, and payment management. If you are interested in getting started with a good solution, this list of my favorite Free Expense Management Software will point you in the right direction. In a competitive market, every company is on the lookout to increase their profit as well as revenue. Small business learns how to reduce their expenses but in the process, they forget that managing their travel and expense efficiently is also very important. In this post, you will read about some of the best expense management software. Best Expense Management Software for Small Business in the United States, often abbreviated as the US, is a collection of 50 states. These states are further grouped into different regions. For example, Minnesota is categorized under the North Central Region. The country has its own unique traditions, holidays and way to eat food. It also has over 3 million small businesses that are actively running in the country. All this makes the United States an interesting place to explore.
With the advent of technology, it is important for a business to access its data where ever it is, be it in an office or on the move. This has made cloud-based software the ideal choice for managing the travel and expense (T&E) expenses of small businesses. Cloud-based T&E software are easily accessible, secure, expedient and most importantly help you save time and money. While working on your small business, it is important to manage expenses. Various program is available with Windows and Mac operating system. TopExpenseManager.com provide the best expense management software for small business. The world’s most popular and advanced Expense Reporting Software program is small business-friendly. It has many features that can help you manage day-to-day Expenses in a professional way. It also allows you to fund receipt images and creates reports to keep track of your organization’s finances. The software also tracks mileage expenses as well as per diem costs when traveling for work. Small Businesses need good solutions for the best expense management software and services to be successful. Expense reports and approval is the most important part of budget control which is the basis of small business expenses. Running a small business is hard work and while companies are willing to pay big bucks for cloud computing and office apps, they seem to forget the little guys. Small businesses need a way to efficiently track costs and expenses but not necessarily a complex system that has a huge learning curve. That’s where expense management software comes in. By taking advantage of this free software you can quickly create expense reports right out of your accounting software and submit them with reimbursement requests.
The best expense management software for small businesses is one that helps to solve top problems that are present in today’s organizations. Some of these solutions have already been defined in this article, which is not just limited to personal expenses management but can be used to manage your team members’ expenses as well. The best expense management software for your small business can make your life a lot easier. You’ll spend less time on paperwork and more time on what’s really important: running your business. Here are some of the top options to consider when shopping around for expensive software.
What The Ascent looks for in a great expense management software
Remember those big, bulky expense reports with pages and pages of receipts, handwritten expenses, and sometimes notes explaining why there is no receipt attached for a specific expense? Remember what fun it was to reconcile all of your credit card transactions to the expenses on the expense report?
Today’s expense management applications say goodbye to all that. Expense reports are streamlined, and receipt images match nicely with credit card transactions. Reports are automatically funneled to the correct parties for approval and then submitted for reimbursement, which usually takes only days, instead of weeks.
These expense apps allow you to snap a photo of a receipt, eliminating the need to carry it around for eternity. Receipts are then scanned, and using OCR technology, are automatically matched with transactions uploaded from your financial institution or credit card company.
Expense tracker apps are also easy to use, with most including a powerful mobile app for recording business expenses from anywhere in the world. They make your employees’ lives a lot easier, which means your life is a lot easier.
Most expense management software applications are loaded with features, but some are more important than others. Let’s have a look at some of them.
Optical Character Recognition
Optical Character Recognition (OCR) works with receipt scanning software to read the details on a scanned receipt and auto populate the appropriate fields with the data. Designed to eliminate much of the data entry needed to record expense details such as a merchant, transaction date, amount, and item, OCR technology is included in all-expense management applications reviewed by The Ascent.
Robust mobile app
Unless you’re doing a ton of online shopping, the majority of your business expenses occur while you’re out. That’s why a robust mobile app with the same features found in the online expense management application is so important.
And yes, being able to use a receipt tracker app to snap a photo of a receipt is important, but it’s just as important to be able to submit an expense for approval, complete an expense report, or approve an employee’s expenses using your mobile app.
Expense policy rules
It’s great having expense management software to track and categorize your expenses. But as with anything, with no rules in place, chaos may ensue. Specifying parameters your employees need to follow is helpful, but even more helpful is that you can warn them before they violate rules. Rules and policies serve as the backbone of every good expense management application. Take advantage of them.
Credit card transaction feeds
Similar to the credit card feeds available in many accounting software applications, this feature can save you time. Once transactions are imported, they are usually automatically matched with receipts that have been uploaded, without any data entry required. You can then investigate any transactions unmatched to an expense.
Zoho Expense is a free expense tracker with a mobile app, so you can easily track your expenses wherever you are. Zoho Expense integrates with other Zoho apps such as Mail and Docs, so if you use these programs, they will be available in your expense reports. If you don’t want to use the mobile app, you can always log in through the desktop version of Zoho Expense.
This software is best for businesses that need to track multiple employees’ expenses at once or those who travel frequently for work or leisure trips. You can add categories like “mileage,” “travel,” and others to organize each expense item within an organized spreadsheet. It also allows users to attach receipts from their computer or phone directly into the spreadsheet by snapping photos of them with their camera lens!
Nexonia is an online expense management solution that is easy to use, has a low cost, and comes with multiple features. The software can be used on any device with internet access. It also supports mobile apps for both Android and iOS.
One of the best things about Nexonia is that it offers a free plan for up to five users where you can store up to 1GB of data per month at no cost. If your company wants more storage space or employees than that, there are plans starting at $20 per month for 10 users (up to 100GB total) all the way up to $500 per month if you have over 2,000 employees (up to 500GB total).
QuickBooks Online is cloud-based accounting software that offers expense management. It’s a good choice for small businesses, with an easy-to-use interface and some useful features like automatic invoicing and the ability to set billable rates for clients. It also offers a free trial, so you can try it out before committing!
You can choose between three different versions: QuickBooks Online Essentials, QuickBooks Online Plus, and QuickBooks Online Advanced (which has more features than the other two). Each one comes with unlimited access to customer support via live chat or phone call within 24 hours of your purchase. If you want to use more advanced features such as inventory tracking or payroll processing then you’ll need to pay more money each month—$12/month for Essentials; $20/month for Plus; $30/month for Advanced—but the vast majority of small businesses will find everything they need in their included subscription plans which cost just $5 per user per month!
Xero is cloud-based accounting software that lets you access your financial information from anywhere. It’s ideal for small business owners, who need a tool that they can use to manage all aspects of their company’s finances.
Xero is one of the most popular choices among small businesses because it’s easy to use and free. Here are some reasons why you should consider Xero as your primary expense management software:
- Xero offers a comprehensive reporting system, with automatic updates and customizable reports so you always have access to up-to-date data about your financial health. And since there are no hidden fees or contracts, there’s no need for an accountant service that takes over all reporting responsibilities just so you can pay someone else instead of doing it yourself.
- You can access all of your data in real-time—and share it with anyone who needs access—without worrying about privacy issues because everything is stored on secure servers in the cloud where no one but authorized users will ever see them (which means no chance of getting hacked).
Concur Expense is a cloud-based expense management software that allows you to track and record your business expenses. It’s perfect for small businesses who want to streamline their payment processing and manage travel and employee reimbursements.
Concur Expense is easy to use. All you have to do is connect your bank account or credit card, enter the expense details and submit it for approval. If your company has an account with Concur, users can book travel directly through the software or via their mobile device as well as view approved expenses on their phone in real-time.
FreshBooks Expenses is a great solution for small businesses that need an easy-to-use expense management system. This app integrates with other apps, has mobile support, and offers multi-user capabilities. It can also be used to track expenses in multiple currencies and locations.
Sage Business Cloud Accounting
Sage Business Cloud Accounting is a popular choice for small businesses. For those who have been around the block with their accounting software, you know that there are some things that can’t be done with other systems. Sage Business Cloud Accounting offers a free trial so you can test out its features and see whether or not it’s right for your business.
Sage Business Cloud Accounting is easy to use and has a mobile app that syncs up with your desktop version seamlessly (even if it’s running on another computer). This means no more having to take notes by hand or having multiple tabs open in different browsers—everything is consolidated into one program! The company has also been working hard to keep up with changing trends in technology, so they’re always adding new features and staying on top of industry standards like cloud computing.
The best thing about this software? Its robust set of features: invoicing, credit card processing capabilities (on top of PayPal), expense tracking through either manual entry or scan-and-upload methods using mobile devices equipped with cameras—the list goes on!
When choosing an expense management software, the top factors to consider are ease of use, integration with other apps, and mobile support.
As a small business owner, you want to find software that’s easy to use, integrates with other apps and services, and provides mobile support.
Ease of use is the most important factor when choosing expense management software. You want something that gets out of your way so you can spend more time working than managing your expenses. Integration with other apps is also important since it allows you to easily transfer data from one app into another for analysis or reporting purposes. Mobile support ensures that employees are able to record expenses on the go when they’re away from their desktops or laptops.
Another thing to keep in mind when considering expense management software are its features: does it have integrations with other apps? Does it have monthly limits for tracking costs? What kind of security does it offer (if any)? How much does it cost per user per month? Do they offer customer support via phone or chat? These are just some of the questions you should ask yourself before signing up for any particular service.
It is now a necessity for small businesses to track their expenses every month. It helps to keep an eye on the cash flow, identify patterns in expenditure and make smart decisions. But the task becomes time-consuming if everything is not managed effectively. Expense management software is designed to remove all the hassle by tracking your data and providing financial reports of income and expenditure.
Expense management software is a corporate tool that helps people track and correct their expenses. It’s necessary for both small and large businesses. If you are looking for free expense management software or an expense management app, you have come to the right place.