Businesses depend on software providers for prompt inquiry resolutions and customer service when required. As a mid-sized business, you are bound to process a large amount of expenses in short time periods requiring quick help and service in case of errors or downtime. Ensure the expense management provider offers robust customer service and uptime guarantee.
Enhances accuracy and compliance
Expense management refers to the processes and systems that businesses use to track, control, and report on employee spending and company expenses. Expense management used to mean spreadsheets, manual approvals, and endless reconciliation headaches. But in 2025, modern systems automate the entire process—capturing receipts, enforcing policies, and syncing directly with accounting platforms. The right expense management software helps finance leaders control spend, close the books faster, and improve employee experience.
- While convenient for quick purchases like office supplies or minor repairs, this method lacks accuracy and accountability.
- The best tools keep teams aligned, spending accountable, and financial decisions confident.
- Plus, with hybrid and remote work, enforcing consistent spending policies across a scattered workforce becomes much more complex.
- Choosing the right expense management software is about gaining visibility, staying compliant, and giving your team the tools to work smarter.
- The difference between good and great budgeting software is how well the platform transforms budgets from static spreadsheets into dynamic playbooks that guide every decision.
Essential Features of Expense Management Software
You maintain smooth operations with a dedicated help desk for real-time assistance. For example, Volopay’s what is an expense management software support resolves a $2,000 claim issue within hours, addressing an employee’s query on receipt uploads. By investing in structured training, you reduce errors and accelerate adoption, empowering your team to use the system efficiently from day one.
Volopay vs QuickBooks expense tracking
Employees should be able to capture receipts instantly (via mobile, email, or OCR) and have expenses automatically categorized and submitted. Below, we outline the eight critical areas to evaluate when selecting expense management software, along with sample RFP questions to include. Plus, you’ll get a free downloadable RFP template for expense management so you can start evaluating vendors ASAP. The cost of business budget planning software typically ranges from $10–$50 per user/month for SMBs to over $50 per user/month for enterprise plans. Pricing often scales based on team size, feature sets, and the level of customization required.
- Linking expense management software with HR and payroll systems helps automate reimbursement processes and employee-related spending.
- An integrated expense management application saves time, increases visibility, and fosters sound financial decision-making.
- Long-term value is measured by projecting savings over 3–5 years against subscription fees.
- With apps available on iOS and Android, you can review and approve expenses anytime, anywhere.
Policy enforcement
For example, you spot a $5,000 overspend in marketing within a month, prompting timely adjustments. You can filter data by department, project, or employee, gaining actionable insights. They lack the flexibility of cloud systems, but for businesses prioritizing data sovereignty, they provide unmatched security.
This goes beyond just picking the one with the most features; it’s about selecting a solution that aligns with your company’s unique needs. The best app for business expense tracking depends on your specific business needs, team size, and growth trajectory. Expensify offers the most comprehensive all-in-one solution with industry-leading automation and scaling capabilities.
This software automates the entire expense workflow, from submission to reporting, replacing cumbersome manual processes. Airbase unifies corporate cards, bill payments, and reimbursements in one platform. It focuses on advanced accounting automation and sophisticated approval workflows, making it a strong fit for mid-market companies. Ramp combines corporate cards, expense management, bill payments, and procurement into a single platform.
They offer basic features such as expense tracking, approval workflows, and digital receipt storage—sufficient for businesses with modest requirements. Integrated systems also enhance compliance and audit readiness by maintaining complete audit trails for every transaction. As SMEs scale, integrated platforms enable tighter financial control while supporting multi-currency expenses, tax regulations, and approval workflows—all from a single dashboard. These systems are particularly useful for finance teams looking to improve workflow efficiency without disrupting existing accounting operations. The best tools automate and streamline expense tracking, giving you real-time visibility and control over company spending. Say goodbye to manual expense management spreadsheets and hello to accuracy and efficiency with the right software solution.
How using an expense tracking app benefits small businesses
Additionally, employees appreciate the quicker submission and reimbursement cycles, which boost overall productivity. By cutting down administrative work, expense management software delivers a direct time ROI that improves efficiency across departments. Migrating historical financial data from spreadsheets or legacy systems to new expense management software can be time-consuming and prone to errors. There’s a risk of losing critical information or corrupting data during transfer.
Choosing the right expense management application means giving your employees a seamless, digital-first tool that supports rather than frustrates their day-to-day activities. Incentives, like faster reimbursements, further encourage adherence, keeping your expense process smooth and efficient. As part of effective expense management for small businesses, ensuring punctual entries reduces backlogs and makes monthly reconciliations smoother.
The result is smoother cash flow management and better vendor relationships due to timely settlements. As compliance requirements grow stricter, especially in regulated industries like finance and healthcare, blockchain offers the level of security needed to meet audit standards. Going forward, blockchain will redefine how expense data is stored, shared, and verified, transforming expense management software into a secure and fully traceable platform. With expense management software, companies can analyze historical spending data to negotiate better vendor contracts.
This integration eliminates the need for manual reconciliation or data duplication. The final and perhaps most critical stage of the expense management workflow is reporting and integration. Software platforms like Volopay seamlessly sync with accounting tools such as QuickBooks, Xero, or Zoho Books, enabling real-time data transfer and accurate financial reporting. Overall, adopting expense management software helps SMEs gain control over their financial processes, enhance productivity, and maintain compliance with minimal effort.
You can customize approval hierarchies and spending limits to match your business needs. As an SME owner, you need efficient expense management systems to streamline financial processes. Four main types cloud-based, integrated, on-premises, and standalone offer distinct benefits and challenges. However, employees often face delays, like waiting 30 days for $200 in travel expense reimbursement.