As your small business grows, managing employee expenses can quickly become time-consuming. Expense management software helps automate these tasks, giving employees an easier way to submit expenses while giving leaders more visibility into company spending. Here are eight employee expense tools worth considering.
What to look for in an expense management tool before you buy
Before comparing vendors, it’s important to identify what features your business actually needs. Here are some things to consider:
- Integrations: Look for software that connects with your existing accounting tools, like QuickBooks or Xero, to reduce the need for manual data entry.
- Mobile functionality: Employees should be able to capture receipts and submit expense reports from their phones.
- Policy enforcement: Look for a platform that can automatically flag expenses that violate company policies.
- Pricing: Some providers charge per user, while others base pricing on usage. Whatever model you choose, it’s important to choose a platform that can grow with your business.
- Reimbursement options: Look at how quickly employees can be reimbursed and whether direct deposit options are available.
Expensify
Expensify is one of the most widely used expense management platforms for small and midsize businesses. Employees can take photos of receipts, and the software automatically extracts key information and adds it to an expense report.
Emburse Professional
Emburse Professional (formerly Certify) combines expense management, travel booking, and accounts payable tools in a single platform. Employees can submit expenses from their laptops or mobile devices, while your company can reimburse employees and pay vendors from the same system. Emburse also provides reporting and analytics tools that help business owners better understand spending patterns across the organization.
Airbase
With Airbase, employees can upload receipts through the mobile app, and expense details are automatically populated. Once an expense is approved, reimbursement can be deposited directly into the employee's bank account.
Zoho Expense
Zoho Expense helps businesses track and reimburse employee expenses while maintaining visibility into company spending. The platform includes mileage tracking, receipt scanning, and travel expense management. It may be a good choice if you already use Zoho products.
Webexpenses
Webexpenses offers expense management and invoice processing for organizations with more complex approval requirements. Features include automated policy compliance checks, multilevel approval workflows, and pre-trip authorization tools.
Even the best expense management platform won't solve anything if your company doesn't have clear guidelines in place.
Rydoo
Rydoo focuses on simplifying expense management by reducing paperwork and streamlining approvals. Employees can submit expenses through the desktop or mobile app, while managers can review reports and monitor spending by employee or category. Rydoo also integrates with a variety of third-party platforms, including QuickBooks and Workday.
Sage
Sage (formerly Fyle) takes a unique approach to expense management by working with the business credit cards your company already uses. When an employee makes a purchase, Sage can automatically request a receipt through text message. Employees simply reply with a photo of the receipt, and the platform matches it to the transaction.
ExpensePoint
With ExpensePoint, employees can submit expenses in multiple ways, and reimbursements are processed as ACH payments. The company also includes free setup, training, and phone support, which can be helpful for smaller businesses with limited internal resources.
How to write an employee expense policy before rolling out new software
Even the best expense management platform won't solve anything if your company doesn't have clear guidelines in place. Before implementing new software, create a written expense policy that outlines which expenses are reimbursable, spending limits by category, and approval requirements. Establish how quickly employees must submit expenses and when they can expect reimbursement.
It's also helpful to explain how exceptions will be handled and what happens when expenses fall outside company policy. Once the policy is finalized, make sure employees can easily access it and understand the expectations.
How to get your team to actually adopt a new expense tool
It’s not uncommon for employees to resist implementing new software and to continue using old processes. To improve adoption, involve employees early in the selection process and choose a platform that's easy to use. Provide a short training session or video walkthrough that demonstrates how to submit expenses and upload receipts.
It's also important to establish a firm transition date because running old and new systems at the same time creates confusion. Consider designating a point person who can answer questions during the first few weeks and encourage employees to use the new system consistently.
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