Businesses use expense management software to process, pay, and audit employee-initiated expenses to streamline the expense reimbursement and reconciliation process. The software includes capabilities for employees to input expenses for approval through a browser or mobile application.
The best expense management solutions facilitate expense report creation, submission, approval, reimbursement, and accounting. By automating the workflow, it eliminates the need for manual paperwork, allowing users to upload, track, and submit expense receipts with ease. Administrators can access these reimbursement receipts through a streamlined system, enabling them to approve claims while ensuring compliance with business policies.
Expense management software allows administrators to have complete visibility of and track employees' corporate expenses. Expense management software analyzes overall expenses, identifies cost-saving opportunities, and controls excessive spending. Expense management software is commonly integrated with time tracking software, travel management software, payroll software or accounting software, and workforce management software.
To qualify for inclusion in the Expense Management category, a product must:
Allow data entry
Have an automated system in which to track, control, and report expenses
Integrate with existing accounting and administrative systems
Review expenses before submission
