Expense Management
Expense management software helps track business spending to control costs. Features include: automated expense reports, corporate card integration, receipt capture, spend analytics, budgeting tools, and more.
Expense Management
Expense management software helps track business spending to control costs. Features include: automated expense reports, corporate card integration, receipt capture, spend analytics, budgeting tools, and more.
What is Expense Management?
Expense management software helps businesses track spending, optimize expenses, and automate workflows. Key capabilities include:
- Automated expense reports - Online forms for employees to enter expenses. Receipt scanning/OCR makes it easy to capture details.
- Corporate card integration - Auto sync employee card transactions to create new entries.
- Receipt capture - Employees can take photos or scan paper receipts to quickly log expenses.
- Spend analytics - Data and visualizations of expenses by employee, cost center, category, and more.
- Budgeting - Set and monitor budgets at the company, department, project, or user levels.
- Built-in approval workflows - Route employee expense reports to managers for review and verification.
- Reimbursements - Direct deposit reimbursements to employee accounts.
- Reporting - Custom reports on spending to support business insights.
- Integrations - Connect to third-party accounting/ERP software like QuickBooks or NetSuite.
Benefits of expense management software include reduced time tracking expenses, greater visibility into spending, improved compliance with expense policies, and lower processing costs. Expense automation frees finance teams from tedious manual work.
Expense Management Features
Features
- Automated expense report generation
- Corporate card integration
- Receipt capture and management
- Spend analytics and reporting
- Budgeting and forecasting tools
- Multi-currency support
- Approval workflows
- Mobile app for on-the-go expense tracking
Pricing
- Freemium
- Subscription-Based
Pros
Streamlines and automates the expense reporting process
Provides visibility into company spending
Helps control and manage costs
Integrates with various financial systems
Offers robust reporting and analytics capabilities
Cons
Can be complex to set up and configure for larger organizations
Ongoing subscription costs can be a concern for smaller businesses
Potential integration challenges with existing financial systems
Learning curve for employees to adopt the new system
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