3 Best Expense Report Software with Buyers Guide

FreshBooks

Cloud based accounting designed exclusively for the self employed, Spend less time on frustrating paperwork, Created with tax time in mind, Easy to be handled for user or accountant to file. At tax time, Get information needed without any of the complexity. 

SAP Concur

Customers range from small businesses to the Fortune 500 Spend management solutions to grow with business Beyond automation Completely connected Spend Management Solution to grow with the business requirements of the future

Wave Accounting

100% free Real double-entry accounting Small businesses Cloud-based software, Allows to access data from anywhere Add unlimited collaborators Work from a single login Eliminates data-entry Puts financial reports at the fingers tips

Expense Report Software

Expense report software is a tool to automate recording and reviewing expenses and reimbursements to employees. It provides employees to create expense reports by uploading screenshots of receipts. It routes the reports to the concerned team or managers pre- defined in the job flow. When the reports get approved, the tool remits the expenses mentioned therein. When they get rejected, the tool might send them back to the employees for alterations or discard them for no in use.

Advantages of Expense Report Software

Decreased turnaround time: The tool removes the time consuming scanning, printing, or sharing expense in a physically stated reports for approval. It offers to automate the approval workflow and provides to simplify uploading and sending expenditure receipts, to speed up the procedure.

Manage finances more effectively: Businesses can report and analyze expense by reporting to identify the biggest expenses and the key details. They can utilize the data to negotiate volume-based discounts and service providers.

Enforcing expense policy: A business  organization can have various expense policy for every team at hierarchy level, project, etc. An expense report software helps in automating all the policies and offers to avoid compliance issues by highlighting any digressions.

Features of Expense Report Software

Approval process control: Allowing managers to create the approval process based on the type of expense and various factors.

Receipt management: Allowing employees to add cash expenses to expense reports by uploading snapshots of the receipts.

Corporate card management: Fetching data from corporate credit cards and matching them with the receipts submitted for generating accurate expense reports.

Reimbursement management: After approval of expenses, reimbursing the approved amount into the employee’s bank account.

Price of Expense Report Software

Most products in the market are priced on per user, per month basis and can be divided into three pricing tiers based on their starting price. A premium product, is priced higher having additional features like multi-currency support and global tax law compliance.

Considerations while Buying Expense Report Software

Checking for currency and compliance support: Checking that the vendor supports multiple currencies and complying with global tax laws when the business has a global presence.

Checking for third-party integrations: Checking whether the tool supports third-party integrations. Help to integrate the tool with accounting software for making it easier to input expense data and supporting documents into books of accounts. Similarly, integrating the tool with financial reporting software can help in offering the data needed to create financial reports.

Expense Report Software Trends

AI for faster expense entry and review: Artificial intelligence (AI) can provide for entering expenses automatically. Employees can offer to upload expense receipts, and AI can automatically fetch travel details from the booking websites, emails, or corporate cards. It can learn how to approve and reject expenses by studying approvals and rejections.

ICR for faster data extraction: Intelligent character recognition help in extracting data from the image of an expense receipt and automatically converting it into a line item. The technology can help to extract information from handwritten receipts and offer in learning what data to input into which category.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More