Expense Management Platforms: How They Have Evolved and a Few Top Global Expense Management Platforms
The expense management platforms are used by the businesses to audit, pay and process employee-initiated costs. The software provides employees with access to submit their expenses with the organization for approval through a mobile app or browser. The software simplifies the payment processes and automates the entries pertaining to the expenses by the employees to reduce paperwork and to bring down the administrative efforts to provide a streamlined review.
The expense management software also supervises the use of the organization’s finances by the employees. It also helps with the analysis of the expenses to identify the extra expenses that could be cut-off. The software helps with the identification of the best cost-cutting opportunities and helps implement the necessary changes through the integrated enterprise resource management. The expense management platform comes integrated with the payroll software, time tracking software, accounting software, workforce management software, and travel management software to look over all the possible expenses that are made in an organization.
Future of Expenses Management Platform
The expense management platform technology has come a long way from paper scripts to the now advanced integrated software systems that provides a comprehensive business solution for management of expenses. Earlier, employees used to maintain records of their businesses expenses on paper and had to keep notebooks stored safely for several years for future reference. With the introduction of computers and productivity applications where they used spreadsheets to maintain records of the expenses incurred by the business, things improved.
Then the expense management software entered the market and helped companies maintain their expenses on a cloud platform. With the advancements and new innovations today, expense management software solutions have become more sophisticated. The automation of processes has reduced the manual hours that had to be put in to enter the business expense data. The integrated features that connect the expense management with the other software like sales management, accounting software, etc. help with formulating better plans for the functioning of the organization.
Top 10 global expense management platforms
Following are some of the top 10 global expense management platforms that help provide a complete solution for business expense management through their integrated features resulting in better profitability.
- SAP Concur: SAP Concur is one of the world’s leading suppliers of centralized travel, cost, and receipt arrangements software that offers integrated and automated solutions for the expense management of all business processes. SAP Concur guides the workers through each outing, charges are easily populated into cost reports, and receipt endorsements are computerized. By coordinating real-time information and utilizing AI, organizations can see precisely what they are spending without stressing over vulnerable sides in the financial plan.
- Expensify: This software requires you to just click a photo of the invoice, and then the software automatically transcribes the details, codes the receipt and then send it to the firm to be approved for the repayment. This software offers intriguing features like – the corporate card reconciliation that helps with the multi-level approval workflows to sync with the accounting software. This is a widely used expense management software and can be easily afforded by businesses of any size.
- Zoho expense: This is a software that assists fast processing of the invoices to be sent for approval. This software scans the transcript and then creates an expense report for you that can be easily delivered to the organization via your mail. This software is packed with unique features that help control and curb expense management processes.
- Certify expense by Emburse: This is a web-based expense management software the is used by various businesses to automate the process of invoicing and to administer the expenses of the organization. With Certify’s automated cost report creation, mobile receipt capture and the audit features, expense reporting becomes easier.
- TripActions: This is one of the most recommended and widely used corporate and expense management platforms globally. This software assists operations, finance, travel and HR in supervising the costs and in managing core business expenses.
- Pleo: This is an affordable and feature-packed software that manages the expenses of your business with the help of smart credit cards that render the use of the expense reports, overspending and then gives the power to the enterprise to stick to their budget.
- Rydoo: This software simplifies the process of the invoicing and provides assistance with real-time approval flows and with features like smart reporting. Rydoo is known to simplify the expensing process for both the employees and the employers by making the management of the expenses a real-time affair.
- Fyle: This software offers a useful real-time expense reporting capability wherein employees can submit their invoice approvals on-the-go through their mobile application and can use apps like WhatsApp, Slack, gallery, etc for this. These expenses are submitted only if they qualify with the policies, and the employees get notified through the apps itself in case, they violate the policies.
- Receipt Bank: This software has made the process of invoicing simpler and processing faster. The users have the accessibility and ease of sending and receiving the reports whenever and wherever they like. This software has made the receipt approval process faster and more convenient for both the employee and the employer.
- Webexpenses: This software increases the visibility of the expenses between the employee and the employer to ensure that the official business finances are not used for unnecessary purposes. The software offers additional solutions for payments, audits, invoice processing, and the travel management activities for the business to provide the organization with a seamless and fast expense management system and to organize and manage their expenses well.
The benefits offered by the expense management platforms are extremely noteworthy for any business. The speed at which new features are being integrated with expense management software, it would be safe to guess that they have the potential to replace manual interference from the expense management process.