Best expense management software list in 2023
Corporate travel remains one of the most critical operational functions that enables businesses to find lucrative new opportunities, build relationships, and strengthen their market standing.
While many companies engaging in innovative T&E solutions continue to strive, others using old-school spreadsheet-based processes are overwhelmed with complexities, inefficiencies, and limitations at every juncture. In an effort to make the best out of these dated processes, such businesses are opting to use separate software and tools to manage their travel bookings, expense reporting, and other travel-related aspects.
Unfortunately, no number of additional tools can fix a fundamentally broken system. In most cases, additional tools only create more problems resulting in process delays and expenses spiraling out of control. To make things worse, the poor data visibility of these rudimentary systems is fostering a corporate travel ecosystem prone to expense mismanagement and fraud.
On the other hand, automated expense management software enhances the travel management process every step of the way, from receipts to reimbursement, like never before.
It has become the best way to streamline approvals, manage travel bookings, automate expense reports, speed up reimbursements, and track travel expense claims in real time. Through these solutions, improving the overall experience of travelers, finance teams, and other stakeholders has never been simpler.
These innovative solutions pave the way for an optimally efficient, manageable, and cheaper future for corporate travel. To help businesses find the perfect solution, we have compiled a list of the five best expense management software of 2023 and their unique offerings.
Our Picks For The Best Expense Management Software in 2023
With business travel returning to normal since the pandemic struck, it is the best time to find the right software with all the tools you require to manage your travel expenses effectively. After an in-depth analysis of the numerous software currently available, here are our top picks for 2023:
- Zoho Expense
- Paramount Workplace
Although these tools have undeniable benefits, their offerings vary from one another. To get a better understanding of these solutions, let us dive deep into their capabilities, the tools offered, and what makes them market-leading T&E management solutions.
Tripeur is an integrated travel & expense management platform that streamlines the three critical aspects of corporate travel; travel bookings, expense management, and reconciliation. It allows users to seamlessly assign optimal department-wise T&E Budgets with real-time trackability, internal controls, spend trend analytics, and detailed expense report generation.
Tripeurs expense reconciliation feature provides users with a trip-wise breakdown of expenses in terms of their department, GST, and expense categories. All expense information is visible to stakeholders within a single MIS, which ensures more straightforward accounting and compliance.
The platform’s expense module offers an integrated interface that captures all expenses, including managing and paying out travel & non-travel-related expenses, maintaining digital records, tagging expenses to the appropriate designated travel approvals, and compliance management.
This robust expense management software and its travel management, booking, reporting, and support engines eliminate dependency on travel agents and other third-party services and tools. Through its integrated travel booking engine, employees can secure flight tickets, ground transportation, accommodations, and other travel-related bookings directly through the software.
Employees can seek approvals for these transactions internally through the software. Once the traveler secures the booking, the software sends the corresponding invoices directly to the relevant stakeholders’ preferred communication channels and mobile devices.
Tripeur provides increased process efficiency, complete policy compliance, flexible workflow management, and round-the-clock customer support.
It allows businesses to take granular control of expenses, budgets, and bookings. Its most integral features include travel budget management, GST compliance & reconciliation, multi-vendor integration & management, travel policy implementation, mobile alerts & notifications, omnichannel smart approval engine, integrated invoice management, single window reconciliation, and transactional & behavioral analytics. And yes, Tripeur offers a free trial to users upon request.
2. Zoho Expense
Zoho expense is a user-friendly expense management software with many features, including expense reporting, e-receipts, and multi-level approvals. It generates high-quality dashboards that offer users an in-depth view of their travel budget utilization.
It is an excellent expense management software that can effectively monitor and track travel expenditures while allowing businesses to impose appropriate spending limitations on travelers.
The software’s expense reporting feature will enable employees to automate receipt uploading and approval management. It also helps with compliance audits to detect expense fraud and tax compliance. They offer customers a free trial or a demo of their services upon request.
Airbase is a capable cloud-based expense management and reporting software that provides its customers with corporate cards to control employee expenditure and policy compliance on a higher level. Several businesses successfully leverage Airbase to set controls on T&E expenses to limit, monitor, and track expenses to prevent fraud.
Its most notable features include physical and virtual corporate cards, real-time expense reporting, and automated invoice payments. It integrates with third-party platforms such as Oracle NetSuite and Zero.
Its product is centered around improving approval workflows, accounting automation, real-time reporting, and multi-subsidiary support. They don’t offer a trial of their software but provide a live demo.
Divvy is a travel expense management platform that provides its users with a corporate card (physical or virtual) with predefined limits to ensure that employees remain compliant and within their time limits. Its user-friendly UI offers dashboards and excellent internal controls that allow quick reconciliation and mobile app support that notifies stakeholders in the event of employee travel transactions.
The platform enables businesses to detect fraudulent and excessive spending swiftly. Other notable features include monitoring expenses in real-time, categorizing transactions automatically, simplifying employee reimbursement employees, and reviewing expenses. It integrates with accounting platforms such as Intuit Quickbooks, Oracle Netsuite, and Sage Intacct.
While this expense management software focuses on spending management, expense management, and AP automation, its main focus is its business credit functionality. It is a free-to-use platform that draws its earnings from fees paid by merchants on every user transaction using their Divvy card.
5. Paramount Workplace
Paramount Workplace is an expense management solution with a user-friendly UI that allows businesses to track travel budgets and expenditures accurately. Users can leverage this software to set custom rules and streamline approvals.
It also supports the scanning and instant uploading of travel requests. Although it does not issue its own credit cards, Paramount Workplace can import credit card data from customers of banks that support Open Financial Exchange (OFX) to generate expense reports.
This expense management software’s workflow follows four stages policy setting, travel planning, approvals management, and expense reporting. It integrates well with software such as Netsuite, Microsoft Dynamics, and Sage ERP. Other notable functionalities include integration with google maps and mobile functionality. They offer a software demo upon request.
In conclusion, the benefits offered by such service providers are precisely why an increasing number of SMEs and large businesses are stepping away from spreadsheet-based expense management systems to more robust automated expense management software.
Remember, achieving the best outcomes depends on selecting the right software that suits your unique corporate travel requirements. So choose wisely.
Simplify Expense Management with Tripeur
Tripeur’s platform is one such solution that offers a full-scale T&E expense module that addresses, solves, and simplifies all challenges facing T&E reconciliation once and for all. Our T&E management platform keeps the CFO, Admins, and finance department in the loop through expenditure alerts and reports all the stages of the travel booking experience.
Our user-friendly software can perpetually fix your corporate travel inefficiencies and simplify T&E expense management and reconciliation like never before while significantly lowering costs. Contact us to find out more.