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Employee expenditure management software allows users to submit, track, process, and reimburse employee expenses. It can also be used to invoice billable hours and/or project expenses that are reimbursable.

Expense management software features can be found in both broader accounting software and standalone programmes. These functionalities may also come packaged with tools for buying, invoicing, budgeting, and other financial activities.

Expense management software is used by three types of people:

* Employees who submit their own project hours or expenses

* Expenses are reviewed, approved, and reported on by administrators.

* Accountants or bookkeepers who balance the general ledger or close the books of a company.

Features and Capabilities

Typical cost management features make invoicing and approval processes easier and more automated. Document management is commonly included in this software to capture receipts and create an audit trail. Administrators can use this to approve expenses (such as travel) and create reports.

The following essential tracking and reporting functions should be included in most cost management products:

* Scanning and handling of receipts

* Expense entry by hand and administrative editing

* Accessibility on mobile devices

* Routing for expense approval that can be customised

* Expense tagging is a method of categorising expenses.

* Expense policies that might be customised

* Expense reporting basics

* Integration with the most popular third-party accounting software

Many cost management software packages also provide extra capabilities that might be beneficial to businesses depending on their size and use case, such as:

* Business cards or payment cards stored in the system

* Reimbursement within the system

* Budgetary constraints are being enforced.

* Reporting that can be customised

* Financial system integrations on a massive scale

Project Expense Invoicing vs. Employee Reimbursement

Though some tools are useful for both, items in this category are typically more focused on reimbursing internal personnel or tracking time and resources spent on client projects in order to generate expense invoices. These invoices could be for billable project hours (measured against a project or contractor budget) or reimbursable expenses, such as materials. There is some overlap with time tracking software in this second use case.

Comparison of Expense Management Software

Consider the following aspects while comparing different expense management software:

1.Automated vs. manual data entry: How many of your workers' expenses can be entered, routed to the proper approver, and structured for reporting automatically? As your company grows in size and number of discrete charges, your expense management software's ability to automate numerous operations and processes will become increasingly important. Pay cards provided by the product, or prebuilt interfaces with the company cards you already use, will make automating these operations more easier.

2.Integrations: The majority of expenditure management software will be able to connect to external financial systems. They might not, however, already be integrated with your accounting system. Keep note of which systems can integrate natively with your accounting, tax preparation, or ERP software.

3.Reporting capabilities: Consider what prebuilt reporting capabilities each product has, as well as how configurable the reporting elements are, while researching cost management software. What regulatory agencies, external stakeholders, and internal leadership or management you report to may have an impact on your cost reporting requirements. Given the wide diversity of reporting criteria, not all products will be able to meet all of them.

Information on Prices

Typically, this is charged per user per month. The beginning fee per user each month. For large groups of users, there are usually discounts. If clients want to link with other business systems or create organization-specific procedures, there may be additional setup fees.

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In minutes, your staff will be onboarded with the appropriate level of secure access. Use our transaction approval flows to keep track of trends and speed up your team, or issue cards to assist with budgeting.

With our accounting integrations, you can close the books faster. Auto-spend categorisations, scheduled and bulk payments, and other features help you save time.

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