22 Best Expense Management Software for Small Businesses in 2025
Best Expense Management Software for Small Business Shortlist
Here’s my pick of the 10 best software from the 22 tools reviewed.
Tracking expenses shouldn’t take hours out of your week—or eat into your sanity. Whether you're handling reimbursements, vendor invoices, or spending limits across departments, manual processes make it easy to miss things and hard to stay ahead. For financial teams and CFOs, that means slower reporting, more back-and-forth, and less control.
That’s where expense management software comes in. In my experience reviewing tools in this space, the right expense management solution reduces errors, adds visibility, and gives you back your time.
In this list, I’ll walk you through the best expense management software out there for small businesses.
Table of Contents
- Best Software Shortlist
- Why Trust Us
- Compare Specs
- Reviews
- Other Expense Management Software for Small Businesses
- Related Reviews
- Selection Criteria
- How to Choose
- Trends for Expense Management Software for Small Businesses
- What is Expense Management Software for Small Businesses?
- Features
- Benefits
- Costs and Pricing
- FAQs
Why Trust Our Software Reviews
Best Expense Management Software: Pricing Comparison Chart
This comparison chart summarizes pricing details for my top expense management software selections to help you find the best software for your budget and business needs.
| Tool | Best For | Trial Info | Price | ||
|---|---|---|---|---|---|
| 1 | Best for text-based receipt submission | Free demo available | From $11.99/user/month | Website | |
| 2 | Best for automated accounting tasks | Free demo available | Pricing upon request | Website | |
| 3 | Best for vendor expenses | Free demo available | Pricing upon request | Website | |
| 4 | Best for automated spending policies | Free demo available | From $8/user/month (billed annually) | Website | |
| 5 | Best for auto-collecting receipts | 30-day free trial + free plan available | From $15/user/month | Website | |
| 6 | Best for customizable approval workflows | Free demo available | From $5.20/user/month | Website | |
| 7 | Best for real-time financial analytics | Free plan available | From $25/month | Website | |
| 8 | Best for AI-powered automation | Free demo available | Pricing upon request | Website | |
| 9 | Best for international scalability | Free plan available | Pricing upon request | Website | |
| 10 | Best for real-time expense tracking | 30-day free trial | From $29/user/month | Website |
-
Rippling Spend
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.8 -
LiveFlow
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.9 -
Float Financial
Visit Website
Best Expense Management Software for Small Business Reviews
This in-depth analysis provides overviews of various expense management software tailored for small businesses. It covers the pros and cons of each tool, their features, and their best use cases.
Best for text-based receipt submission
Sage Expense Management (formerly Fyle) is an expense management platform that helps small businesses capture receipts and track spending in real-time. You can submit receipts via text, email, or mobile app, and Sage Expense Management matches them to transactions from your existing credit cards—without requiring you to switch cards or adopt new systems.
Why I Picked Sage Expense Management: I picked Sage Expense Management because it directly addresses a common frustration for small business owners and finance teams: missing or delayed receipts. If you've ever had to chase down receipts at the end of the month, you'll appreciate being able to submit one right after a purchase by simply texting a photo. Sage Expense Management's AI extracts the expense details and links them to the right transaction, so your books stay accurate without the usual back-and-forth. I also like that you can monitor spending as it happens, thanks to its real-time card feeds.
Standout features & integrations:
Features include budget tracking by department or project, approval workflows that follow your internal structure, and automated policy checks that flag out-of-policy spending. It also provides centralized receipt storage to keep you audit-ready. The mobile app and AI assistant support on-the-go access and faster decisions.
Integrations include NetSuite, Sage Intacct, Xero, QuickBooks Online, QuickBooks Desktop, Sage 300 CRE, TravelPerk, Bamboo HR, Gmail, Outlook, and Slack.
Pros and cons
Pros:
- AI-powered expense categorization
- Real-time credit card transaction tracking
- Text-based receipt capture
Cons:
- Limited customization for complex cases
- Auto-filing speed may vary
New Product Updates from Sage Expense Management (formerly Fyle)
Sage Expense Management Rebrand and New Feature Enhancements
Sage Expense Management (formerly Fyle) has introduced a refreshed brand identity and several feature improvements that enhance usability across web and mobile. The update focuses on smoother workflows, stronger admin controls, and expanded integration options for more efficient expense management. For more information, visit Sage Expense Management’s official site.
.
Paylocity is an all-in-one platform that combines HR, payroll, and expense management in a single system. It’s designed for small businesses that want to unify financial processes, covering everything from reimbursements and policy compliance to automated expense reporting, without juggling multiple tools.
Why I Picked Paylocity: I picked Paylocity because it helps small businesses bring HR and expense operations together in one place. Instead of switching between platforms, you can manage payroll, reimbursements, and expense approvals all within a connected system. I also like how Paylocity automates repetitive accounting tasks, such as categorizing expenses or syncing receipts, so you spend less time on data entry and more on strategic financial planning. Its fraud detection and spend analytics features give you deeper visibility into company spending and policy compliance, which can be a major benefit if you’re running lean operations.
Standout Features & Integrations
Features include AI-powered expense categorization from receipt photos, policy enforcement tools for setting spending limits, and automated mileage tracking for travel reimbursements. The system also provides a clear audit trail and mobile accessibility, so you can manage approvals on the go. Reporting tools deliver real-time insights into company spend patterns to help you stay on budget.
Integrations include QuickBooks, Sage Intacct, TravelPerk, Criteria Corp, eSkill, HighMatch, and PARiM.
Pros and cons
Pros:
- Real-time spend analytics
- Automated expense categorization
- Unified HR and finance management
Cons:
- Customer support response delays
- Interface can feel cumbersome
New Product Updates from Paylocity
Paylocity AI Assistant Update
Paylocity introduces an AI Assistant that transitions from questions to actions swiftly, enhancing user efficiency. For more information, visit Paylocity's official site.
.
Payouts is a comprehensive platform designed to streamline financial operations for small businesses. It offers tools for automating payouts and managing vendor relationships, making it particularly beneficial for those in affiliate marketing and digital advertising.
Why I picked Payouts: Payouts stands out for its ability to automate invoice processing and approval workflows, reducing errors and speeding up payment cycles. This automation is crucial for small businesses aiming to manage expenses efficiently without dedicating extensive time to manual tasks. Additionally, Payouts supports multiple payout methods, including global accounts, virtual cards, and eWallets, facilitating seamless transactions across various channels and currencies.
Standout Features & Integrations
Features include advanced invoicing tools that ensure precise and timely billing. The platform also offers advanced data synchronization, keeping your financial systems and the Payouts platform aligned. With one-click payment execution, you can also pay anyone, anywhere, with minimal effort, enhancing operational efficiency.
Integrations include Everflow, CJ Affiliate, Awin, PayPal, Venmo, Payoneer, NetSuite, Priority, Workday, Skrill, and Tune.
Pros and cons
Pros:
- Comprehensive automation of accounts payable processes
- Supports scaling operations
- Multiple payout methods
Cons:
- Potential challenges integrating with existing systems
- May require time to fully customize
Rippling Spend is a comprehensive spend management solution designed to help businesses track and control company expenses. It centralizes various financial activities, including expense reporting, corporate card management, and bill payments, into a single platform.
Why I picked Rippling Spend: One thing I like about Rippling Spend is its advanced policy engine. This tool allows you to create and enforce custom spending policies based on real-time employee data, such as role, department, or transaction specifics. By automating these controls, you can ensure compliance with company guidelines and prevent unauthorized expenditures without manual oversight. Rippling Spend's global expense management also lets you reimburse employees and contractors in over 100 countries and in multiple currencies.
Standout Features & Integrations
Features include automated approval workflows that route expenses to the appropriate reviewers based on your predefined policies, real-time visibility into company spending with customizable dashboards, and the ability to sync expenses directly to your general ledger.
Integrations include Slack, Google, Salesforce, Zoom, Asana, Microsoft 365, Guideline, GitHub, Jira, Datadog, Hubspot, and Zoom.
Pros and cons
Pros:
- Employee self-service options
- Automated workflow features
- Comprehensive features for various operations
Cons:
- Potential learning curve when maximizing the platform's features
- Initial setup can be time-consuming
New Product Updates from Rippling Spend
Rippling Spend Introduces AI-Powered Expense Fraud Detection
Rippling Spend adds built-in AI detection to automatically flag manipulated or AI-generated receipts. This enhancement strengthens financial oversight and ensures greater accuracy in expense approvals. For more information, visit Rippling Spend's official site.
.
Ramp is a spend management platform built to help small businesses manage expenses without the usual manual lift. The platform offers corporate cards, automated expense tracking, and real-time analytics—all within a user-friendly interface. It’s especially useful for finance teams looking to consolidate travel, expenses, and accounts payable into a single system.
Why I Picked Ramp: I chose Ramp because of its zero-touch expense management system that minimizes manual data entry. What stood out was how Ramp auto-collects receipts, matches them to transactions, and enforces company policies automatically. Its AI-enhanced features help with coding and categorization, which is a time-saver during month-end close. It’s also designed for growing teams, offering flexibility in managing budgets and global payments.
Standout Features & Integrations:
Features includes Ramp Intelligence for AI-powered transaction monitoring, customizable approval workflows, corporate cards with pre-set spend controls, and real-time reporting. It supports multi-currency payments and automates bill pay processes. Ramp also eliminates the need for traditional expense reports by automatically capturing and verifying transactions.
Integrations include NetSuite, Sage, Xero, QuickBooks, Microsoft Dynamics Business Central, Acumatica, Uber, Lyft, Okta, Google, Rippling, and Gmail.
Pros and cons
Pros:
- Automated expense reporting and receipt matching
- Ability to issue multiple virtual cards with customizable controls
- Comprehensive reporting features
Cons:
- Could offer more advanced accounting features
- Mostly focuses on accounts payable and spend management
New Product Updates from Ramp
AI-Powered Policy Agents by Ramp for Real-Time Expense Review and Fraud Detection
Ramp's new AI-powered Policy Agents review expenses in real time to flag fraud and out-of-policy spending, interact with employees, and recommend policy improvements. For more details, visit Ramp Announcements.
.
Klippa SpendControl is a cloud-based solution designed to simplify how you handle business expenses. By automating the expense claim process, it reduces the time you spend on administrative tasks and ensures a secure approval workflow.
Why I picked Klippa SpendControl: I like its expense approvals feature that allows you to set up automated workflows. You can create rules for expenses, so they get automatically routed to the right people for approval. Another key feature that stands out is the mileage tracking. For businesses where team members are often on the road, keeping track of mileage can be a hassle. Klippa simplifies this with a mileage tracking tool that automatically records distances traveled for business purposes.
Standout Features & Integrations
Features include OCR technology to automatically extract data from your receipts and invoices, fraud detection to maintain integrity over your expense management process, and the ability to convert foreign currencies based on daily rates or set your own rate.
Integrations include AFAS Software, SAP, Exact Online, Odoo, Twinfield, Oracle Netsuite, Xero, Okta, QuickBooks, and Microsoft Entra ID.
Pros and cons
Pros:
- Effective fraud detection through duplicate claim identification
- Customizable approval workflows
- OCR technology reduces manual data entry
Cons:
- Most integrations are add-ons
- Initial setup may require time
Slash is an expense management software and banking platform designed to help small businesses manage their finances more efficiently. It combines business banking, corporate cards, and real-time analytics to give you better control over spending. With tools for expense tracking, automation, and cash flow insights, Slash helps small teams stay on top of their financial health without juggling multiple systems.
Why I Picked Slash: I picked Slash because it goes beyond standard expense tracking by offering real-time financial analytics and custom controls. You can create virtual accounts to separate budgets, manage multiple entities under one dashboard, and get instant insights into how your business is spending. I also like that it supports both fiat and crypto transactions, which adds flexibility if your business operates internationally or deals with digital assets. For small businesses, that combination of visibility and flexibility makes Slash a powerful all-in-one financial tool.
Standout Features & Integrations
Features include high-yield business accounts with free domestic wire transfers, corporate cards with unlimited cashback, and APIs for custom financial workflows. Slash also provides stablecoin payments, automatic transfers between accounts, and enhanced FDIC-insured security to protect funds.
Integrations include QuickBooks, Xero, Plaid, Shopify, Stripe, Amazon, Square, PayPal, WooCommerce, Microsoft Dynamics, Google Workspace, and Zoho Books.
Pros and cons
Pros:
- Multi-entity financial data management
- Integrates with accounting platforms
- Automated transaction categorization and mapping
Cons:
- Learning curve for complex features
- Limited onboarding and training materials
Airbase is an expense management software that automates and streamlines business expenses. It is best known for its AI-powered automation, which simplifies expense tracking and reporting.
Why I picked Airbase: I chose Airbase for its advanced AI capabilities that automate many aspects of expense management, making it stand out from other tools. Its AI-driven features, such as receipt scanning and data extraction, significantly reduce manual work and improve accuracy. This makes Airbase the best choice for AI-powered automation in expense management.
Standout Features & Integrations
Features include AI-based OCR for receipt scanning, automated approval workflows, and real-time spend analytics. These features ensure compliance with company policies and provide detailed insights into spending patterns.
Integrations include NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics 365, Jira, Ironclad, Docusign, Asana, Slack, and TravelPerk.
Pros and cons
Pros:
- AI-based receipt scanning
- Automated workflows
- Real-time analytics
Cons:
- Pricing upon request
- Limited customization options
Navan is a unified corporate card, expense management, and travel solution that offers real-time global visibility and financial accuracy. It is known for its international scalability and expense policy controls, making it a suitable choice for small businesses with international operations.
Why I picked Navan: I chose Navan for its extensive international scalability, which may be helpful to small businesses operating globally. Navan stands out due to its real-time visibility and financial accuracy, which are essential for managing expenses across different regions. Additionally, its advanced expense policy controls allow for detailed customization, making it adaptable to various business needs.
Standout Features & Integrations
Features include real-time global visibility, automated expense management, and advanced policy controls. Navan also offers bulk actions for transaction processing, custom segments for NetSuite integration, and batch records for efficient reconciliation.
Integrations include NetSuite, QuickBooks Online, SAP, Xero, Stripe, Oracle, Microsoft Dynamics 365, Salesforce, Workday, and Concur.
Pros and cons
Pros:
- Real-time global visibility
- Advanced policy controls
- Bulk transaction processing
Cons:
- Higher starting price
- Slight learning curve
BILL is an expense management software that offers real-time expense tracking for small and midsize businesses. It provides real-time visibility and control over business expenses, making it great for real-time expense tracking.
Why I picked BILL: I chose BILL for its real-time tracking capabilities, which set it apart from other expense management tools. BILL's ability to provide instant visibility into expenses helps businesses manage their finances more effectively. I included BILL for real-time expense tracking because it offers features like automatic receipt matching and rule-based auto-categorization, ensuring that all expenses are tracked and categorized as they happen.
Standout Features & Integrations
Features include real-time expense tracking, automatic receipt matching, rule-based auto-categorization, and virtual cards for fraud protection. These features help businesses manage and control their expenses efficiently.
Integrations include QuickBooks, Sage Intacct, Oracle NetSuite, Microsoft Dynamics 365, Xero, and Slack.
Pros and cons
Pros:
- Real-time expense tracking
- Automatic receipt matching
- Rule-based auto-categorization
Cons:
- Limited customization options
- Requires annual billing
Other Expense Management Software for Small Businesses
Below is a list of additional expense management software for small businesses that we shortlisted, but did not make it to the top list. Definitely worth checking them out.
- Expensify
For unlimited receipt tracking
- SAP Concur Expense
For integrated travel and expense management
- NetSuite
For automated project accounting
- Coupa
For detailed spend visibility
- Projectworks
For professional services integration
- Sage Intacct
For advanced financial management
- SutiExpense
For customizable workflows
- Xero
For end-to-end accounting needs
- BigTime
For time and expense tracking
- Zoho Expense
For multi-currency support
- Rydoo
For AI-powered expense monitoring
- Brex
For AI-assisted expense reviews
Selection Criteria for Expense Management Software for Small Businesses
Selecting expense management software for small businesses requires a focus on functionality and meeting specific use cases that matter most. By carefully considering these criteria, I aim to identify software that not only meets standard requirements but also provides additional value through innovative features, exceptional usability, and comprehensive support. Each criterion's score is tallied to determine a final star rating for each software tool, ensuring a comprehensive and fair evaluation.
Core Expense Management Software Functionality (25% of total score): To be considered for inclusion in this list, each solution had to fulfill these common use cases first:
- Expense Tracking
- Receipt Management
- Reporting and Analytics
- Integration with Accounting Software
- User Access Controls
Additional Standout Features (25% of total score): To help me find the best software out of numerous available options, I also kept a keen eye out for unique features, including the following:
- AI-Powered Receipt Scanning
- Real-Time Expense Reporting
- Mobile App Functionality
- Customizable Approval Workflows
- Integration with Travel Booking Systems
Usability (10% of total score): To evaluate the usability of each system, I considered the following:
- Intuitive User Interface
- Drag-and-Drop Functionality
- Customizable Dashboards
- Easy Navigation
- Minimal Learning Curve
Onboarding (10% of total score): To get a sense of each software provider's customer onboarding process, I considered the following factors:
- Availability of Training Videos
- Interactive Product Tours
- Pre-built Templates
- Chatbots for Assistance
- Webinars for In-Depth Training
Customer Support (10% of total score): To evaluate the level of customer support each vendor offered, I considered the following:
- 24/7 Support Availability
- Multiple Support Channels (Email, Phone, Chat)
- Dedicated Account Managers
- Comprehensive Knowledge Base
- Fast Response Times
Value for Price (10% of total score): To gauge the value of each software, I considered the following factors:
- Competitive Pricing
- Transparent Pricing Structure
- Free Trial Availability
- Flexible Subscription Plans
- Discounts for Annual Payments
Customer Reviews (10% of total score): Evaluating customer reviews is the final element of my selection process, which helps me understand how well a product performs in the hands of real users. Here are the factors I considered:
- Overall Satisfaction Ratings
- Feedback on Usability
- Comments on Customer Support
- Reviews on Feature Set
- Testimonials on Value for Money
Using this assessment framework helped me identify the software that goes beyond basic requirements to offer additional value through unique features, intuitive usability, smooth onboarding, effective support, and overall value for price.
How to Choose Expense Management Software for a Small Business
As you work through your own unique software selection process, keep the following points in mind:
- Ease of Use: Selecting software that is user-friendly is crucial for ensuring that employees can easily adopt and use the system without extensive training. A complex interface can lead to errors and incomplete expense reports, which can frustrate employees and create additional work for the finance team. For example, a sales representative returning from a trip should be able to quickly and easily input their expenses and attach receipts without needing to navigate a complicated system.
- Integration Capabilities: The ability of the expense management software to integrate with your existing accounting and payroll systems is essential. This ensures that expense data can be transferred for reporting and tax purposes, reducing manual data entry and the potential for errors. For instance, if your business uses QuickBooks for accounting, choosing an expense management tool that integrates with QuickBooks will streamline the process of recording and reconciling expenses.
- Automation Features: Automation can significantly reduce the administrative burden on your finance team by handling repetitive tasks such as receipt capture, expense categorization, and report generation. Automated approval workflows can also ensure that expenses are reviewed and approved in a timely manner. For example, software that automatically flags duplicate receipts or out-of-policy expenses can help maintain compliance and prevent fraud.
- Scalability: As your business grows, your bookkeeping needs will evolve. Choosing software that can scale with your business ensures that you won't need to switch systems as you add more employees or freelancers, or expand into new markets. Look for an expense tracker that offers additional modules or features that can be activated as needed, such as travel management or advanced analytics. For example, a small business might start with basic expense tracking and later add features for managing international expenses as it expands globally.
- Cost and Pricing Structure: Understanding the cost and pricing structure of the expense tracking software is important for budgeting purposes. Some software may have a low upfront cost but charge additional fees for advanced features or additional users. It's important to consider both the initial cost and the long-term expenses associated with the software. For instance, a solution that charges per active user per month might be more cost-effective for a small business with a limited number of employees submitting expenses.
Trends for Expense Management Software for Small Businesses
Expense management software is evolving rapidly. Here are some key trends to watch in the coming future.
- AI-Powered Expense Tracking: AI is being used to automate expense tracking. This reduces manual entry and errors. It also provides real-time insights.
- Mobile Integration: Mobile apps are becoming essential for expense management. They allow employees to submit expenses on the go. This increases efficiency and convenience.
- Blockchain for Security: Blockchain technology is being adopted for secure transactions. It ensures data integrity and transparency. This is crucial for preventing fraud.
- Real-Time Analytics: Real-time analytics tools are gaining popularity. They help businesses make informed decisions quickly. This is vital for maintaining financial health.
- Subscription-Based Models: Subscription-based pricing is becoming more common. It offers flexibility and scalability for small businesses. This makes advanced features more accessible.
These trends are shaping the future of expense management software tools for small businesses, from increasing subscription-based models to higher adoption rates for blockchain technology.
Whether you are considering a new expense management software tool or looking to make a switch, keep these trends in mind when researching features as they will become more and more relevant to your business and operations.
What is Expense Management Software for Small Businesses?
Expense management software is a tool designed to help small businesses track, manage, and control their expenses. Small business owners, finance teams, and employees use it to submit, approve, and reimburse expenses efficiently.
The software typically includes components like expense tracking, receipt capture, approval workflows, and reporting. These features help users maintain accurate financial records, streamline expense reporting, and ensure compliance with company policies.
Features of Expense Management Software for Small Businesses
Choosing the right expense management software is crucial for small businesses to keep track of their finances efficiently. Here are the most important features to look for:
- Automated Expense Tracking: This feature helps in automatically recording expenses, reducing manual entry errors and saving time.
- Receipt Scanning: Allows users to scan and store receipts digitally, ensuring that all expense records are easily accessible and organized.
- Integration with Accounting Software: Ensures faultless data transfer between the expense management software and your accounting system, simplifying financial reporting.
- Mobile Accessibility: Provides the ability to manage expenses on the go, which is essential for business owners and employees who travel frequently.
- Customizable Expense Categories: Enables businesses to create specific categories for expenses, making it easier to track and analyze spending patterns.
- Approval Workflow: Supports the process of approving expenses, ensuring that all expenditures are reviewed and authorized before being processed.
- Policy Compliance: Ensures that all expenses adhere to the company’s policies, reducing the risk of unauthorized spending.
- Reporting and Analytics: Offers detailed reports and analytics on spending, helping businesses make informed financial decisions.
- Multi-Currency Support: Essential for businesses that operate internationally, allowing them to manage expenses in different currencies.
- User Permissions: Allows administrators to set different access levels for users, ensuring that sensitive financial information is only accessible to authorized personnel.
Selecting expense management software with these features will help small businesses manage their finances more effectively, ensuring better control over their spending and financial health.
Benefits of Expense Management Software for Small Businesses
Expense management software offers a range of advantages for small businesses, organizing financial processes and enhancing overall efficiency. By automating and simplifying expense tracking, these tools can save time, reduce errors, and provide valuable insights into spending patterns. Here are five main benefits of using expense management software for small businesses:
- Time-Savings: Automating expense tracking and reporting reduces the time spent on manual data entry, allowing employees to focus on more strategic tasks.
- Cost Control: Real-time monitoring of expenses helps businesses identify and eliminate unnecessary spending, leading to better budget management and cost savings.
- Improved Accuracy: Automated systems minimize human errors in expense reporting, ensuring that financial records are accurate and reliable.
- Enhanced Compliance: Expense management software helps businesses adhere to internal policies and external regulations by providing a clear audit trail and ensuring that all expenses are properly documented.
- Better Financial Insights: Detailed reports and analytics provide valuable insights into spending patterns, helping businesses make informed financial decisions and plan for the future.
Implementing expense management software can significantly improve the efficiency and accuracy of financial processes in small businesses. By leveraging these tools, businesses can gain better control over their expenses, ensure compliance, and make more informed financial decisions.
Costs & Pricing for Expense Management Software for Small Businesses
This section provides an estimate of average expense management software plans and costs for small businesses. The data is based on common pricing tiers and features available in the market.
Plan Comparison Table for Expense Management Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic expense tracking, receipt scanning, mobile app access, and limited reporting features |
| Personal Plan | $5 - $10/ user/month | Advanced expense tracking, integration with accounting software, multi-level approvals, and customizable policies and controls |
| Business Plan | $15 - $30/ user/month | Everything in Personal Plan, corporate card reconciliation, advanced reporting and analytics, increased data storage, and greater security features |
| Enterprise Plan | Custom pricing | Everything in Business Plan, VIP support, custom integrations and workflows, and a dedicated account management |
Expense Management Software for Small Businesses FAQs
Here are some answers to frequently asked questions you may have about expense management software for small businesses and how it works:
How can I integrate expense management software with my existing accounting system?
Most expense management software offers integration capabilities with popular accounting systems like QuickBooks, Xero, and FreshBooks. To integrate, you typically need to access the settings or integrations section of your expense management software and follow the prompts to connect your accounting system. Ensure you have the necessary permissions and API keys if required. Some software may also offer step-by-step guides or customer support to assist with the integration process.
What are the security measures in place to protect my financial data?
Expense management software usually employs several security measures to protect your financial data. These can include data encryption, secure socket layer (SSL) technology, two-factor authentication (2FA), and regular security audits. Additionally, many providers comply with industry standards and regulations such as GDPR and SOC 2. It’s important to review the security policies of the software provider to ensure they meet your business’s security requirements.
Can I customize expense categories and approval workflows?
Yes, most expense management software allows you to customize expense categories and approval workflows to fit your business needs. You can create specific categories that align with your business expenses and set up multi-level approval workflows to ensure proper oversight. Customization options may vary between software providers, so it’s advisable to check the specific capabilities of the software you are considering.
How do I handle multi-currency expenses in the software?
Many expense management software solutions support multi-currency expenses, allowing you to record and report expenses in different currencies. The software typically converts foreign currency expenses to your base currency using real-time exchange rates. You can also set default currencies for different users or departments and generate reports that reflect multi-currency transactions accurately.
Is it possible to track mileage and other travel-related expenses?
Yes, most expense management software includes features to track mileage and other travel-related expenses. Users can log their mileage manually or use GPS tracking to record distances traveled. The software can then calculate reimbursement amounts based on predefined rates. Additionally, you can categorize travel-related expenses such as lodging, meals, and transportation for comprehensive tracking and reporting.
What kind of reporting and analytics capabilities are available?
Expense management software typically offers robust reporting and analytics capabilities. You can generate various reports, such as expense summaries, spending by category, and employee expense reports. Advanced analytics features may include trend analysis, budget vs. actual comparisons, and custom report generation. These tools help you gain insights into spending patterns and make informed financial decisions.
How do I manage receipts and other documentation within the software?
Most expense management software allows you to manage receipts and other documentation digitally. Users can upload receipts by taking photos with their mobile devices or scanning documents. The software often includes OCR (Optical Character Recognition) technology to extract relevant information from receipts automatically. You can also attach receipts to specific expense entries and store them securely within the software for easy retrieval and compliance purposes.
What support options are available if I encounter issues with the software?
Support options for expense management software typically include a combination of resources such as online help centers, user guides, video tutorials, and community forums. Additionally, many providers offer direct support through email, live chat, or phone. Some software may also provide dedicated account managers or premium support plans for more personalized assistance. It’s important to review the support options available to ensure they meet your business’s needs.
What’s Next?
If you're in the process of researching expense management software for small business, connect with a SoftwareSelect advisor for free recommendations.
You fill out a form and have a quick chat where they get into the specifics of your needs. Then you'll get a shortlist of software to review. They'll even support you through the entire buying process, including price negotiations.