Top 10 Employee Expense Management Tools Reviewed – A Decisive Guide

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Top 10 Employee Expense Management Tools Reviewed

Employee expense management is an organized methodology for efficiently implementing an organization’s expense policy. It includes processing and approving expenses as well as reimbursable expenses submitted by employees.

A well-functioning expense management program is of utmost importance to initiate the reimbursement process. It ensures employees receive their payments timely in an efficient manner.

Renowned organizations are well aware of the importance of reimbursing employees effectively. They also invest in employee expense management tools to efficiently manage the process.

The expense management process is for capturing and reviewing data to reimburse the employees. Any delay in this process can result in dissatisfaction among workers. It will directly hit their morale and productivity.

Employee expense management tools ease the process of reimbursement. These tools help register, process, and initiate payment in an automated mood.

However, despite huge investments in such tools, the expense management process remains complicated and cumbersome. It means you need to select the tools carefully to avoid any issues.

We will discuss the benefits of employee expense management tools and how to select the best in this post. We have also compiled a list of the Top reviewed tools for your reference.

Common Mistakes Found in Expense Management Process:

Before we talk about expense management tools, it is crucial to know why we need these tools. The prime reason for using these tools is to avoid errors. The three most common mistakes in expense management processing include:

Inaccurate Reimbursements:

According to the Travel and Expense Management Trends, many organizations manually manage expense reporting. This trend makes room for significant error. Manually processed reimbursements have a high chance of inaccuracy. It severely impacts employee motivation and productivity.

Unclear Corporate Compliance Policy:

If the corporate travel policy is not specific, there are chances of submitting incorrect expenses. It leads to rejection or inaccurate reimbursement. This mismanagement may also result in loss of corporate revenue.

Delay In Paying Reimbursements:

Several reasons can cause a delay in reimbursement. It includes improperly filled out expense reports by an employee or the unavailability of team managing expense reports. Finance and HR managers should use an automated and integrated process to avoid these issues.

Benefits of Employee Expense Management Tools

With an effective expense management tool, you can efficiently manage and execute the reimbursement needs of employees. It will save your time and protect the productivity and morale of the employees.
Here are five key benefits of employee expense management tools:

Faster employee onboarding:

HR managers spend a significant amount of time with employees, especially the new joiners. Within this time period, they must work to arrange access to expense reporting for the new employees.

Managers can shorten the onboarding time by automating the expense management process. Further, they can integrate it with HCM. This way, employees will get access to the expense management platform from the beginning.

Increased trust between employer and employee:

A transparent and efficient expense management process helps strengthen the bond between employers and employees.

Employees develop good faith in their employers if they get the reimbursement on time. On the other hand, employers will enjoy cost-benefit as employees do self-service for the expense management process.

Increased productivity of HR & finance manager:

With automated expense reporting processes, employees can submit expense reports themselves. Not only this, it will help them solve any issues and exceptions arising from these reports on their own.

This facility appears as a big favor for HR and finance teams. Otherwise, they have to step in and help solve the issues. As a result, both teams can save time to spend on other critical tasks.

Increased employee motivation:

An automated expense reporting process, integrated with related systems, leads to faster reimbursement timelines. It results in employee satisfaction turning them more productive. So they will be able to concentrate on critical work projects.

The expense reporting process is not a prioritized task. But any negligence in this process can cause organizational loss. So it is wise to manage the process with care from the earliest.

Improved personal financial planning:

Timing and predictions are a crucial part of managing finances. if you can make good predictions at a personal level, you can take a good decision on financing.

Similarly, with an automated expense management process, we can make more accurate predictions about receiving the reimbursement. This accuracy helps us do better financial planning. To know more, you can read Benefits of Expense Management Software..

Top 10 Employee Expense Management Tools

An expense management tool is an application or software where employees can submit their business expenses. Similarly, finance teams use it to process expense reports, travel requests, and reimbursements.

Employee expense management tools ease the process of reimbursement. These tools help register, process, and initiate payment in an automated mood. However, the best expense management tool must possess the below criterion:

  • Allow data entry
  • Have an automated system for tracking, controlling, and reporting expenses
  • Integrate with existing accounting and administrative systems
  • Review expenses before submission

Here are our top-reviewed employee expense management tools.

  1. Certify
  2. Zoho Expense
  3. Rydoo Expense
  4. Expensify
  5. FreshBooks
  6. Sage Intacct
  7. Fyle
  8. Chrome River Expense
  9. QuickBooks
  10. ExpensePoint


Certify

certify

Certify is one of the top expense management tools available in the market. It comes with a variety of features. Moreover, the tool is customizable according to the needs of organizations of any size and type.

Certify provides a great user experience and award-winning customer support. Some of the renowned users of Certify are Century 21, Garmin, and the National Hockey League Players’ Association.

It offers a fully integrated expense management solution allowing you better control over your company expenses. So you can save time and money to spend on other productive areas. The full set of features of Certify is also available on its mobile application.

Certify is easy to use, and you can navigate the system without prior tech knowledge.

Price

Certify is available in 3 types of plans. The basic plan is available at $8 per user per month. For professional and enterprise plans, you need to request quotes. The company provides 14-day free trials and demos.

Our View:

ZohoExpense

zohoexpense

It is an expense management software designed to deal with a specific set of tasks and features. This tool is easily customizable to fit businesses of any type. Like other Zoho software, this expense tracker is also ideal for mid-sized businesses.

Some of the renowned users of Zoho Expense are FoodPanda, Exotel, and Plivo. Zoho Expense is also available on its mobile application. Besides, you can integrate Zoho Book with your existing accounting processes.

Zoho Expense is easy to use, and they provide a great user interface and customer service.

Price

Zoho has a free plan for start-ups that covers up to 3 users and has all the basic features. It includes multi-currency and mileage expenses, project tracking, rules, and email support.

The premium plan is available for a minimum of 10 users. It starts at $2.70 per user per month. For enterprise plans, you need to request quotes. The company provides 14-day free trials and demos.

Our View:

  • Easy to use
  • Detailed reporting
  • Affordable

Rydoo Expense

rydoo

Rydoo is one of the best expense management tools that come with a variety of features. Moreover, the tool is customizable and fits organizations of any size and type.

Rydoo provides a great user experience and customer support. Some of the renowned users of Certify are Deloitte, Sodexo, Renault, Burger King, Miele, Jaguar, etc.

What makes Rydoo different is its OCR scanning option. It simplifies the reporting process and lets your employees focus on other productive tasks. So you can save time and money to spend on other productive areas.

The useful set of features of Rydoo is also available on its mobile application. Rydoo is easy to use, and you can navigate through the system without prior tech knowledge.

Price

Rydoo is available with 3 types of plans. The starter plan is available at $7 per user per month. The growth plan starts at $9 per user per month. The company provides 14-day free trials and demos.

Our View:

  • Easy to use
  • Good customer support
  • Detailed finance features

Expensify

expensify

Expensify is a popular expense management software that simplifies the expense management process for any kind of business. it offers a few other crucial features like multi-level approvals and corporate card integration. You can synchronize it with different accounting software like QuickBooks, Sage, Oracle, etc.

Apart from 24/7 help desk support, Expensify offers a library of training videos to help you get familiar with the system. Some of the renowned users of Expensify are Tribeca Film Fest, Xero, Pinterest, and GitHub.

Price

Expensify offers two types of plans for individuals and two for enterprises. The plan starts at $5 per user for both groups and provides different features.

Our view:

  • Big set of features
  • Extensive automating capabilities
  • Simplified approval workflow

FreshBooks

freshbooks

This accounting software can reduce your expense management effort. You can track bills, send invoices, and collect online payments through this platform. It is a simple expense management software suitable for small businesses.

You can use Freshbooks’ mobile module on both iOS and Android phones. You can integrate the software with other apps like Shopify, Stripe, PayPal, and G Suite.
FreshBooks offers an easy and simple interface with a library of learning materials.

Price

FreshBooks provides several plans. The Lite plan is available at $6 per user per month. It is best for businesses with up to 5 users. This plan includes online payments, unlimited customizable invoices, tax reports, bank transfers, estimates, etc.

The Plus plan is appropriate for up to 50 users and comes at $10 per user per month. The Premium plan is for up to 500 users and costs $20 per user per month.
The company provides a 30-days money-back guarantee.

Our view:

  • Useful accounting features
  • Great knowledge base
  • Integrations are easy to add

Sage Intacct

sage

It is a finance and accounting software ideal for mid-sized organizations. It is a popular platform providing reporting, real-time inventory management, and multi-currency support.

Sage Intacct provides a great user experience and customer support. Some of the renowned users of Sage Intacct are Burger King, Cameo Global, Yardstick., etc.

Price

There is no pre-defined plan available. The price is available on request.

Our view:

  • Easy to customize
  • Detailed reporting
  • Integrates with multiple third-party apps

Fyle

fyle

It is one of the most reliable software for managing expenses. You can integrate it with G-Suite and other top accounting solutions. Some of the renowned users of Sage Fyle are Royal Enfield, Prime Group, FreshWorks, Laguna, etc.

Fyle provides a simple interface. Apart from 24/7 customer support, Fyle offers FAQs and Tutorials for the users.

Price

Fyle offers 4 plans. The plus plan is available at $10 per user per month. It is best for businesses with up to 50 users.

The plus plan is available at $20 per user per month. It is best for businesses with up to 500 users.

The standard plan is available at $4.99 per user per month. It is best for businesses with up to 20 to 200 users

The Business subscription plan is available at $8.99 per user per month. It is best for businesses with 25 to 200 users.

The Enterprise plan quote is available on request.

Our view:

  • Excellent UI
  • Feature-rich
  • Accurate receipt tracking

Chrome River Expense

chromeriver

It is a cloud-based expense management tool ideal for all business sizes. It provides a variety of features. Moreover, the tool is customizable according to the needs of organizations of any size and type. You can integrate it with SAP, Oracle, People Soft, and Ellucian.

Chrome River Expense provides a great user experience and award-winning customer support. They also provide videos, webinars, etc. to help the users with better information.

It offers a fully integrated expense management solution allowing you better control over your company expenses. So you can save time and money to spend on other productive areas. The set of features of Chrome River Expense is also available on its mobile application.

Chrome River Expense is easy to use, and you can navigate the system without prior tech knowledge.

Price

There is no pre-defined plan available. The price is available on request.

Our view:

  • User-friendly
  • Flexible workflows
  • Rules setting is

QuickBooks

Quickbooks

It is a popular business accounting software that can reduce your expense management effort. You can track bills, send invoices, and collect online payments through this platform. It is a simple expense management software suitable for small businesses.

You can use QuickBooks mobile module on both iOS and Android phones. You can integrate the software with other apps like PayPal, Shopify, Fathom, Method CRM, and BigTime.

QuickBooks offers an easy and simple interface with blogs, webinars, and other learning materials.

Price

QuickBooks offers 4 plans. The smart start is available at $8 per user per month.
The essential package is available at $12 per user per month.
The plus plan is available at $24 per user per month.
The advanced plan is available at $45 per user per month.

Our view:

  • Intuitive interface
  • Numerous accounting features
  • Reliable reporting functions

ExpensePoint

ExpensePoint

It is a cloud-based expense management tool ideal for all sizes of business. It provides a variety of features. Moreover, the tool is customizable according to the needs of organizations of any size and type. You can integrate it with Master Card, Sage, and QuickBooks.

ExpensePoint provides a friendly user experience and the best customer support. They also provide blogs, webinars, etc.

Price:

ExpensePoint comes at a reasonable price of $7.50 per user per month.

Our view:

  • Excellent automation
  • Helpful customer support
  • Very customizable

Common Questions Answered For You

What is an expense management tool?

An expense management tool is an application or online platform where employees can report their business expenses. Similarly, finance teams use it to process expense reports, travel requests, and reimbursements.

What is an employee expense management system?

Expense management refers to the process of reporting, reviewing, approving, auditing, and reimbursing employee-initiated business expenses.

The expense management system help analyzes business audits. It provides a detailed report of incoming and outgoing funds of your business.

Why is expense management important for your business?

As a business owner, you need to check expenses carefully. It ensures that your business complies with regulations. It is also crucial to confirm that employees are spending on things related to office work.

The expense management process can help analyze business audits. It provides insight into incoming and outgoing funds of your business.

How does the expense management tool work?

Expense management tools track employee spending behavior. It determines how the organization will reimburse these expenses. In the traditional expense management process, companies use a paper- and spreadsheet-based system to audit and pay their employees’ expenses.

What is expense tracking software?

Expense tracking software helps organizations in keeping track of their business and travel expenses. Employees submit records of their expenditures through expense management systems. Small businesses, rely on spreadsheet-generating software to create reports that allow better budgeting.

Conclusion:

With an effective expense management tool, you can efficiently manage and execute the reimbursement needs of employees. These tools provide comprehensive reports on expenses, trips, policy violations, reimbursements, etc. It will save your time and protect the productivity and morale of the employees.

On the other hand, Manually processed reimbursements have a high chance of inaccuracy. It impacts employee motivation and productivity.



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