Top 5 Expense Management Software Of 2022

Have you ever given a thought to food processors? They can cut, chop, blend, mince, slice and purée a variety of food ingredients within seconds. We mean, they are no less important than the ingredients you use to cook - food processors help us save precious time and energy. However, you must be wondering why we are bringing this up amidst a software-related article? That’s because Expense Management Software is pretty similar to a food processor – and by that we mean it is an all-rounder!

It tracks expenses, streamlines administrative processes, eliminates the need for manual paperwork and effectively handles the company’s spending. So, if you’re looking to buy a food processor, oops, we mean Expense Management Software, this article is for you. We’ll look at the top 5 Expense Management Software and their feature that help businesses manage their spending. So, let’s get started!

Top 5 Expense Management Software Of 2022

An Expense Management Software programme assists employees in managing and reporting their business spending. Finance teams also use it to manage reimbursements, expenditure reports, and trip requests. Here are the top 5 Expense Management Software of 2022!
 

SAP Concur Expense	Expensify	Zoho Expense
TripActions	Keka

Tool 1: SAP Concur Expense

SAP Concur, formerly Concur Technologies, is an American SaaS company that was founded in 1983 and was acquired by SAP in 2014 for USD 8.3billion. SAP Concur is called the “Ford” of expense management services as leading brands such as Skype, Uber, Salesforce, etc. rely on their robust and secure financial tools and expense management services.


With SAP Concur, you don’t have to fret about your invoice calculations going wrong as it offers a dedicated feature to capture your spending from multiple sources. The software also helps you plan expenses and make data-backed decisions quickly while streamlining the process of reimbursement to employees.

The AI (Artificial Intelligence)-driven feature audits all transactions and effortlessly populates data in the expense reports so that there are no blind spots in the budget (no more last-moment surprises for you)! SAP Concur automates everyday mundane tasks, eliminates any scope of error and helps busy business owners focus on expanding their business. No wonder it is a market leader when it comes to managing expenses!
 

Tool 2: Expensify

Have you always yearned to use software that can transcribe and save your receipts, track expenses and bring your HR, accounting and logistics teams together? If yes, then here's a software which does all this and more – Expensify! Founded in 2008, Expensify is a software start-up that creates cost tracking systems for personal and commercial use. It was named among the World's Top 10 Most Innovative Companies by Fast Company in 2015 and as part of the Forbes Cloud 100 in 2016.


With Expensify, you can track and manage your receipts on the move. The software automatically transcribes the details of your receipts when you click a photo. Expensify categorises receipts into different buckets, automatically syncs the tax rates and submits expenses for approval and reimbursement. What’s more, you ask? You can set permissions for your teammates to create, submit or approve expense reports and flag expenses that need a manager’s approval.

If you’re finicky about your security and privacy, then don’t worry at all! This Expense Management Software offers world-class PCI-compliant security. The best part about this software is that it empowers businesses of all shapes and sizes – with just a few clicks. 
 

Tool 3: Zoho Expense 

If you’re still using a diary to track your expenses and neatly maintain old receipts, then this next tool will completely change the way you look at managing expenses. Zoho Corporation is an Indian multinational technology company specializing in web-based business solutions, most notably the Zoho Office Suite online office suite serving clients in more than 150 countries. It was established in 1995 and had over 50 million customers as of January 2020.


You must be wondering, what’s so special about this software? Well, Zoho Expense automates the entire expense reporting process, right from reading receipts to creating balance sheets and expense reports, which eventually helps businesses save time, cost and effort. It also streamlines travel booking, advance payments and reimbursements and helps create multi-level workflows for approvals. Due to this, there’s utmost transparency in the expense reporting process, thereby empowering business owners to track their expenses.

Here comes our favorite part — you can integrate this software with a host of apps such as QuickBooks, Lyft, Zoho Invoice, Slack, Office365, GSuite and so on. Apart from this, Zoho Expense comes with a 14-day free trial and is as intuitive to use on mobile as a desktop. What more you can ask for?!
 

Tool 4: TripActions 

TripActions is a business travel management, corporate card and expenditure management provider. Travel and expense management can be done online using a smartphone app.TripActions is a trusted partner for 4000+ companies globally. It offers a state-of-the-art service where different teams can collaborate to build an expense management program, mainly tailored around travel and tourism. Based on the cloud, TripActions leverages data to control costs, save time and keep traveling employees safe. 


The software uses Artificial Intelligence to track past travel history and suggests the best modes of travel and accommodation based on it. Not only that, but the platform also follows leading security practices and leverages the best tools to keep you secured. TripActions comes in native Android and iOS apps to offer plenty of discounts, loyalty coupons, etc., for booking flights and accommodation expenses.

It also offers 24/7 call and chat support to help managers with travel booking and management. TripActions can be used to manage everything from business travel bookings to corporate payments for a worry-free experience.

Tool 5: keka

Keka is a SaaS-based start-up and the youngest one on our list. Founded in 2015, it serves clients such as Hyundai, Honda, OnePlus and Toyota. It has already won several awards and has a growing client base, with the number touching 3000 customers in 2020. We’re sure they are breaking into the major leagues soon!


You might have encountered people in school or college who were all-rounders – good at academics, sports, debating, etc. Keka, too, is one such all-rounder software. It handles HR, payroll and expense management-related processes with ease, especially for SMBs (small-to-medium businesses)!

Keka’s Expense Management Software is a fully integrated and unified workflow system offering a hassle-free expense management experience. From collecting receipts from employees to maintaining compliance and reimbursing employees on time, Keka streamlines the entire process. You can also set custom policies for employees in different geographical locations and on different hierarchal levels such as executives, management, team leaders, etc. Isn’t that cool?

Conclusion

An Expense Management Software is an intuitive and powerful tool to track your expenses. It helps you understand what you’re spending and how profitable you’re at a glance. Any software mentioned in the list would make an excellent choice depending on your business needs. For example, Expensify and SAP Concur Expense are ideal for mid to large-size organizations, wherein Keka is great for smaller organizations looking for an all-rounder. TripActions and Zoho Expense are worth considering if you’re looking for rich features such as Artificial Intelligence and automated data backup.

Having said that, choose a product that’s affordable, easy to use and takes off the tedious task of managing the expenses from your shoulders so that you can focus on scaling your business worry-free.