13 of the best expense management software available in 2023

Expense management is complex and time-consuming, so why not let software take care of it for you? There are numerous options for expense management software on the market today, and each is individually suited to your needs. Whether you’re a freelancer, startup, large enterprise, or fast-growing SME, there’s expense management software out there for you.

In this article, we’re going to go over some of the best expense management software available today. We’ll assess the suitability, cost effectiveness, and features available with each platform so you can make an informed decision.

First, let’s define ‘expense management’. It refers to the systems you as a business deploy to manage employee expenses and corporate cash management. How you handle your employee work trips and the expenses incurred on them, will be your method of expense management.

Expense management software is designed to simplify, automate, and generally manage this whole task. Platforms will aim to reduce the time spent on these tasks, while allowing for business growth and increases in spendings and earnings.

Without good expense management, your business is at risk of financial disorganization. This is a lot more damaging than it probably sounds. If your employees are not logging their expenses properly due to a lack of guidance or structure, you will start to see massive losses.

Your employees may spend more due to your company’s laissez faire approach to expense management, and more money will be lost. At a certain point, your company could be dragged into financial ruin.

With that dramatic picture etched into your mind, let’s move onto discussing ways you can not only avoid this, but actively improve your business purely based on good expense management.

Expense management is a competitive software market, and for good reason. There are many different company formations and needs based on those formations, meaning expense management platforms can specialize to better suit the user.

One of the best expense management softwares 2023 are, among others:

• Qonto
• Pleo
• Spendesk
• ExpensePoint
• SAP Concur
• Navan
• Brex
• Expensify
• Airbase
• Zoho Expense
• Ramp
• Divvy
• Fyle
  
  

We’ll discuss the perks and specificities of each of the below platforms, so you can make an informed decision about what will suit you best to optimize expenses.

More than an expense management tool, Qonto is an all-in-one business banking solution for a variety of different company formations and self-employment structures.

Qonto is an ideal expense management tool for teams who wish to simplify their expenses. Qonto allows you to:

• Individual card spending limits
• Individual team member permissions
• Automated and digitized expense reports
• Simple approval of employee requests

By the way: If you’re looking for smart and time-saving expense management tips, our blog article might be the right reading for you.

Small businesses use Pleo for its simplicity and transparency, providing a centralized app for SME banking solutions.

With Pleo, SMEs can:

• View team spending in real time
• Use Pocket to bundle your expenses
• Process, approve, and pay invoices
• Get cashback when you spend with Pleo cards

Spendesk allows for expense automation in a series of steps, making the process much smoother for freelancers and small business owners.

Spendesk’s procedure also allows for a clear trail in the event of an audit. In addition to this, Spendesk also provides:

• Automate expense claims
• Track the expense process
• Send instant reimbursements
• Manage all spending from one platform

ExpensePoint is designed to save time and money for individuals and teams with cloud-based services.

Users of ExpensePoint can enjoy free setup, support, and training, while taking advantages of features like:

• Accounting software integration
• Automated data transfer into financial reports
• Expense management in multiple currencies
• Data spending analysis

SAP Concur makes it easier for businesses to manage expenses while traveling. The platform makes it easy to manage expenses on the go.

Users can take advantage of features including:

• Automated expenses and receipt capture
• Travel booking and trip management
• Booking on behalf of others
• Sustainable travel option choices

Navan is another travel-focused expense management software. This one is designed to make corporate travel and expense management much simpler.

As an integrated business travel and expense solution, Navan provides users:

• Discounted rates
• Visibility and control with corporate cards
• End-to-end expense management
• Exclusive hotel and flight deals

Brex boasts the largest modern corporate card platform. They aim to simplify corporate spending so businesses and individuals can regain control of their finances.

Users of Brex can expect:

• Options to proactively approve team spending
• 24/7 customer support
• Automated insights and spend reports
• Custom category mapping

Expensify is a one-app solution to expense management problems. Leading the industry by pioneering receipt scanning technology, Expensify has become one of the most trusted expense management platforms.

Expensify members will enjoy:

• Unlimited receipt tracking
• 75% time saved
• Importing both business and personal card expenses
• Multiple approvals for extra security

Airbase is a global, multi-currency, multi-subsidiary expense management platform. They aim to simplify non-payroll spending for business owners.

Some of Airbase’s major features include:

• Software-enabled corporate cards
• Legacy payments system
• Automated employee payments
• Real-time reporting

Zoho is ideal for growing businesses incorporating travel into their daily activities. User-friendly and all-inclusive, Zoho makes corporate travel much easier.

Some of Zoho’s most favorable features include:

• Pre-travel approvals and hotel bookings
• On-the-go employee expense reporting
• Direct deposit reimbursements
• 25+ analytics reports

Ramp makes corporate spending simpler with its easy-to-use cards, reasonable spending limits, and versatile vendor payment options.

Using Ramp, customers benefit from:

• Physical and virtual cards with unlimited 1.5% cashback
• Totally automated employee expenses
• Fast bill payments in a variety of ways
• 8x faster bookkeeping

An all-in-one expense management solution with high credit line limits, Divvy is unique for its free offerings.

Divvy offers uses the following features:

• Free software with no hidden fees
• Corporate Visa cards
• Credit lines from $500 to $15M
• Flexible rewards

Fyle is an expense management software that enables users to integrate the cards they already have, with a powerful tool for comprehensive expense management.

With Fyle, users can boost their business with the following features:

• Instant notifications on credit card spending
• Receipt collection via text
• Real-time transaction data
• Automated reconciliation