Running a business or any other venture requires up-to-date handling of data on a day-in and day-out basis. Any breach in this protocol leads to unsatisfactory performance from both the employee and the association's side.

To culminate these errors and ensure smooth and effective workflow, it is better to rely on artificial intelligence such as expense management tools. These tools are a brand new way to keep track of every expense the employees will make in the future. They also allow you to maintain reports on timely reimbursements for the employee.

Here's a quick list of top tools for expense management in industries and companies.

1. Mesh Payments

Mesh Payments are revolutionary in the world of expense management tools. They believe in changing the traditional methods of corporate payments with new and modern patterns. Trusted by more than 15 brands, Mesh payments is a top choice for market leaders like Sezzle, Monday.com, Election CFO, and Riskified. Mesh is backed by industry partners Tiger Global, Alpha Wave, TLV Partners, Entree Capital, Meron Capital, R-Squared Ventures, and Launchpad Capital.

Key Features:

• Mesh is the perfect finance management tool for all finance managers across the globe. The expense management software in Mesh provides real-time control and transparency of all the transactions that are done. 

• Rather than working with different payment platforms, Mesh provides you with a centralized platform to manage all the payouts effectively. The fuss of dealing with different banks gets reduced by this feature.

• Mesh is an automated platform that allows you to keep an insight on the expenditure, provides you with timely alerts for over expenditure, and helps you in easy transactions across all platforms. 

• SaaS payments and traveling payment management are two appreciable innovations from Mesh payments that will help you in managing expenses at the core level.

Cost:

Mesh is our favorite recommendation as they provide you with brilliant software free of cost. Yes, you heard that right. Mesh payments don't charge you for using their tool. Instead, you get bonuses in the form of real-time cash after making payments from their platform. 

2. ExpensePoint

ExpensePoint is the congener of the Global Point Technologies. They have been in the world of expense management tools since 2000 and have provided distinct features since time immemorial. ExpensePoint is available for every type of business- micro and macro. They provide you with the same features for all sorts of alliances and help you get the most from their tool.

Key Features:

• ExpensePoint helps to calculate and keep a record of all the traveling expenses by their mileage tracking system. Further, you can easily link your credit cards to expense points for even better tracking. 

• The need for saving the receipts and collecting them into piles is eliminated by the ExpensePoint's receipt imaging system. This system allows you to keep the bills in digital format by clicking their pictures. 

• If you are traveling abroad for corporate reasons, you need not worry. The ExpensePoint tool has a multi-currency convertible tool that keeps track of the expenses done according to different currencies. 

• ExpensePoint is a safe and secure platform for your employees and provides real-time analysis of the money being spent. They are  SSAE-18 certified and allow safe transactions and tracking of expenses. 

Cost:

There is a single price for all features in ExpensePoint. Thus, you don't get to choose features you like and pay for them solely. You will have to pay for all of them at once. The price for the Expense point is 8$. 

3. Expensify

Expensify is a perfect hub for expense management tasks. Expensify provides you with an ideal corporate credit card to aid you in transactions related to your firm. This way all of the expenditure is tracked smoothly and recorded by Expensify. Plus, Expensify gives you up to 4% cash back on all the transactions done by their card.

Key Features:

• Expensify is easy to use and simple tool that handles all of your spending effectively. Click pictures of the receipts, or scan them with Expensify and forget about the hustle to store them throughout your day.

• At Expensify, you can generate invoices for payouts and send them directly to the accounting departments for further processing. 

• Traveling for corporate reasons was never so much fun as it is now with the Expensify expense management tool. You can easily book your flights, cabs, and hotels with this tool and make their payouts using the Expensify card. 

Cost:

Expensify is free for individual purposes and self-employed people. However, for business teams, you get a free version (with limited options to use), a collect version, and a control version (premium version). 

4. Rydoo

Rydoo is an effective expense management tool for corporate teams. This all-in-one tool will save you a great deal of time from maintaining the same old bills and receipts of transactions from across the day. Rydoo is trusted by more than 1 million users and is backed by supporters like Swiss, Deloitte, and WeTransfer.

Key Features:

• Apart from going paperless, other features are provided by Rydoo which make them exceptional. Rydoo has proven results of increasing the reimbursements time by 3x. There's a clear-cut reduction of 50% in the amount of time spent on the expenditures. 

• With a 4.9 star rating, 95% of customers show positive responses while using Rydoo. The expense management protocol gives you a real-time analysis of your expenses so that you can analyze and check which expenses are worth making and which ones to avoid. 

• Rydoo works precisely for all the finance managers, HRs, IT individuals, and employees of the company. It comes with a wide range of tailored choices for spending money throughout the day, irrespective of the country you are in. 

Cost:

Rydoo offers three plans- essentials, pro, and enterprise. You can talk to them for a quote at an enterprise level.  

5. Zoho Expense

Zoho Expense is a global platform for smart transactions in seconds. Zoho is an expense management tool that gives you the freedom for effortless transactions and tracking of all the receipts from time to time. At Zoho's expense tool, you get separate options for managing your travel schedule apart from managing your expenditures.

Key Features:

• Zoho is backed by brands like Puma, Axis Finance, and Make my Trip. Zoho is liked by its users for an easy-to-use interface that allows fast-tracking of all the data and simplified analysis of the same. 

• Travel features can be operated both online and offline. Also, you get the opportunity to customize your expenses and schedule them to the ones that are extremely necessary and skip the irrelevant ones. 

• You can connect your credit cards with Zoho and make your payments accordingly. Compensations are paid out correctly in a timely sequined fashion and no breach of your data will be done. Thus, you are in safe hands at Zoho. 

• Zoho allows you to manage your expenses by performing regular audits to keep a check on the unwanted expenses that are made during traveling or other tasks. 

Cost:

Zoho Expense is free for small-scale businesses and freelancers. Other plans available are standard, premium, and enterprise versions. All of these come with variable features and are best for macro businesses. 

6. Certify

Certify is an expense management tool that is concerned more about the happiness of its customers. At Certify, you get all the amazing features that are requisite for any expenses management tool. Certify provides services in expense tracking, payable accounts, and pricing policies. Below are some distinct features that come with Certify.

Key Features: 

• The errors from manual data interpretation and data entry get reduced to a zero after switching to Certify. All of the data is automatically recorded and analyzed by Certify to fetch you the real-time analysis of your spending. 

• Certify is exceptionally easy to use. It provides you the option for linking your physical and virtual corporate cards. 

Cost:

Certify is free for all of its users regardless of the type of venture they are involved in. 

7. Abacus

Abacus is a dynamic expense managing software that allows you to keep control over your money. This new-gen tool is specifically designed for employees and firms to control their unwanted expenses on corporate culture. Plus, it allows faster reimbursements. Abacus is supported by modern-day finance teams like Boxed, GLG, and NASS.

Key Features:

• Tracking of your expenditures is done accurately so that you get a report of every penny you spend. It allows you to make precise and thoughtful expenses rather than wasting money unnecessarily. 

• Abacus tracks all the expenses even before they are made. It analyzes whether any given expense would be out of budget for you and whether or not it's necessary. 

Cost:

To know more about the features and cost for the same you can contact them and get a quote. 

8. Tallie

Tallie is an expense management software to make you step out of your traditional pen-paper data. Tallie is a simple tool for managing your payouts, and works rapidly. You can add real-time expenses and send them directly to the accountings section for further analysis. This software is perfect for all corporate employees, traveling employees, and financial managers.

Key Features:

• Tallie allows you to get your corporate cards and is customizable as per your needs. 

• Reimbursements are done periodically and are fast-paced. Tallie will help you run your venture smoothly and effortlessly. 

Cost:

Tallie is a slightly over-the-budget tool with most basic plans starting from 50$ and the highest one at 200$ a month. 

9. Concur Expense

Concur Expense is an AI-driven tool that connects your financial data with your accounting department and allows fast-paced analysis of all the expenses. This software is automated and has a global interface thus, multiple currencies can be operated.

Key Features:

• Concur allows you to make your corporate expenses at any scheduled time and gives you the chance to generate real-time invoices. 

• Traveling expenditures can be measured at any moment thus, no hassle at the last moment for the employees. 

• Concur is trusted by brands like IBM, Blueprint Technologies, and Panasonic.

Cost:

For pricing, you can register yourselves on the site and get a quote sanctioned. 

10. FreshBooks

FreshBooks is an expense management platform for freelancers, self-made employees, contractors, and corporate employees. They provide features in accounting, mileage tracking, payments, mobile, expenses, invoicing, reports, time tracking, and many others. Freshbooks is an easily understandable tool for all employees and is an efficient option for managing your expenses.

Key Features:

• With the professional invoicing feature you get to generate real-time invoices and keep track of them with the accounting head. Plus, you never lose track of any bill as you can keep a picture of it synced with FreshBooks. 

• With more than 30 million users across the globe, FreshBooks is worth a try for managing your expenses. 

Cost:

You can choose a monthly or yearly subscription according to your need from a total of four plans- Lite, Plus, Premium, and Select. 

11. Avaza

Avaza is a centralized work and expenditure management software for corporate teams. This single platform allows you to chat with your colleagues on a centralized level and keep track of your projects, upcoming meetings, completed tasks, expenses, payouts, reimbursements, etc.

Key Features:

• Avaza is trusted by more than 60,000 users and brands like- Loreal, Deloitte, and Stanford University. 

• Avaza is the perfect place for managing individual projects within a team so that you get to analyze the progress of your team.

• With the digitalized mode of storing your receipts and tracking your expenses, Avaza allows you to keep a streamlined pace for all the expenses made. 

Cost:

Avaza is free for individual users. However, on a business level, you can select out of the three plans- standard, basic, and business. 

12. Volopay

Volopay is your one-stop destination for controlling the capital that employees will spend on corporate purposes. This tool allows the employees to get a set integrated set of financial tools. These tools are designed in such a fashion so that the employees are under constant check for undue and unwanted expenses.

Key Features:

• Volopay allows the employees to keep a check on the amount that is payable to the vendors and generate real-time invoices for the same. 

• Volopay provides the employees with physical and virtual corporate cards that allow them to manage their expenses. 

Cost:

Volopay is a free expense management tool for all levels of businesses and individuals. 

13. Replicon

Replicon is more of a project tracking tool that also provides an option for expense tmanagement. This simplified tool is designed to help employees keep track of work that is assigned to them, while also tracking the expenses that they incur during the project.

Key Features:

• Replicon is an effective tool in regards to managing both, work progress and the amount of capital invested in the same. 

• Thus, instead of just tracking your expenses, you can also keep an eye of the progress of the project work completed by the employees. 

Cost:

There are a series of multiple plans available at Replicon. You can select a plan that meets your requirements. 

14. SlickPie

SlickPie is an online accounting and expense management tool for micro-businesses. With a rating of more than 4.5, this tool is perfect for handling and managing your expenses at a micro level.

Key Features:

• You get to access your expense management data from anywhere at any time. Thus, you are not restricted by a country barrier. Plus, you get to customize and manage the expense management policy according to your circumstances. 

• SlickPie offers multiple currency options so that you can function on a global level without any hassle. 

• You can connect your bank account and get real-time data on the expenses that you make and get reimbursed for the same quickly and effortlessly. 

Cost:

SlickPie is a free expense management tool. 

15. WellyBox

WellyBox is another expense management application for small ventures and micro-businesses. It comes with sufficient features to support your small business so that you can get control of managing every tiny bit of expense made during the project.

Key Features:

• WellyBox allows you to connect your Gmail inbox with itself so that you never lose track of any receipt you saved in your mailbox. 

• WellyBox has expense tracking software, report tracking software, receipt scanning software, receipt organizing application, and many more useful functions within itself. 

Cost:

Pricing can be done monthly or biannually. There are three plans to choose from- basic, freelancer, and business.

Things To Consider When Looking For An Expense Management Tool 

Ease of use 

Expense management tools must be simple and efficient. This is the only way employees will keep in touch using this app successfully. The features should be safe and secure while tracking your expenses without any possibility of leaking your data on any platform. 

Compatibility with different device 

The expense management application should be both mobile-friendly and desktop-friendly. This way the employees get control over the app by accessing it from both devices at any time. 

Multiple currency settings 

Expense management tools should always have a multiple currency setting so that the operations can be done successfully even when the employees are abroad. 

Conclusion 

For an effortless accounting and managing of the travel expenses, work expenses, and any other expense related to a company. It is advisable to switch to an expense management tool. This way the firm gets the chance to save their money on unwanted expenses and spend on the required ones only.

FAQs 

1. What are expense management tools?

Expense management tools are AI-driven software to help you manage the accounting of bills and deliver reimbursements to the employees. These tools aid in eliminating the outdated methods of tracking bills, and expenditures spent on the clients on the company's behalf. They allow you to make this process automated and easy.

Expense management tools are structured in a way to assist the organization in smooth and consistent tracking of expenses made by the employees. Expense management tools keep a check on the undue advantages taken by the employees if any; this way the firm has a clear-cut distinction of the amount that needs to be spent on such stuff. 

2. Which things should be a must when looking for expense management tools?

When looking for an expense management system, you must consider these things. Firstly, the ease of use of the expense management tool. No organization wishes to invest hours dwelling on the tracking and accounting of bills and receipts. Thus, a tool that is easy to use and produces audit trials regularly is preferable.

Furthermore, a tool which compatible with mobiles and other devices is advisable. The analytical tasks and timely reporting should be done smoothly by the expense management tool. Also, a customizable option for expense policy would be useful. 

3. Which are the best expense management tools?

Some of the best expense management tools are Mesh payments, Zoho expense, expense point, Expensify, and tallie. These tools allow you to function effectively without creating much chaos. These expense management tools eliminate the traditional billing, approving, and passing reimbursement strategies.

They keep timely updates of all the expenses made and also promote scheduled compensations for the employees. Adopting technologies like these expense management tools helps to safeguard the trust of employees and allows them to work effectively. 

4. What do expense management programs do? 

An expense management tool is dedicated software that checks the amount of capital that is being spent regularly. These tools are curated such that they have an option for a customizable expenditure policy of the organization. This allows the firm to set limits on the amount of money they wish to spend for events like eating with clients.

Once you install these kinds of tools, the employees are given a set target to manage their expenses in a fixed amount. It helps to avoid unnecessary expenditure of the company's capital in not-so-necessary events. 

5. What are different expense management modules?

The traditional methods of expense management, included the collection of bills and receipts by the employees which were then submitted to the accounts section. The people in this section would further analyze the receipts and work on formulating the reimbursements for the employees. This process wasted loads of time and didn't fetch successful results, hence it is now not in use.

Modern methods of tracking expenses are switching to expense management tools like mesh payments and certify.