Top Expense Management Software for Small & Medium Business Users
Expense management software is a necessity for any business manager, whether you run a small or large business. The software has three primary uses. The first is tracking employee information, including what projects the employee is working on and the number of hours he or she works.
You can use your software to calculate employee salaries as well. Another use for expense management software is tracking details for individual projects. This includes general progress and itemized costs for the project. Finally, expense management software is used to balance your books.
Expense management software also helps in smaller areas, such as having options to scan receipts for business expenses and automatically generating business reports. With so many options to choose from, it can be difficult to select the right software. When you are looking for the right program, it is recommended to look at features like price, accessibility, compatibility, how much automation is available and what other options the software provides. Listed below are some of the top 2020 recommendations for expense management software.
Zoho Expense is one of the most common expense management software programs, in no small part because it has some of the best pricing available. Zoho uses a monthly subscription service, with prices starting at $3.00 as of writing, which provides access for up to 10 employees. It is compatible with other software produced by Zoho, as well as many other services. Zoho also offers discounted rates if you purchase multiple subscriptions. This is especially useful for larger businesses, where you commonly use multiple programs to track expenses and activities.
Zoho is a company managed entirely by programmers. As a result, the software is not only efficiently built and easy to use, but it has some of the best customization options available. Zoho offers a 14-day free trial to experiment with the software, and there is also a limited free version available if you want more time to familiarize yourself with the program. There are additional plans available for larger companies with over 500 users.
Certify is an expense management software built with smaller businesses in mind. The basic plan, which costs $8 a month per user is commonly used by businesses with less than 25 employees. There are a few additional plans for larger businesses, with a $9 option available for companies with between 25-200 users. There is a 15-day free trial period available to new users.
Certify offers a few extra features, including excellent customization for auto-fill options which can greatly speed up data entry. It has a streamlined UI, which makes the software easy to use even if you are not familiar with management software. It also features a mobile app with highly rated accessibility options. One of the downsides is Certify is not compatible with many other programs, but if you are running a small business, this should not be much of an issue.
Expensify is known for being the expense management software with the best options for scanning receipts. All you have to do is take a picture of the receipt and the information is automatically transferred into your Expensify account. You can set up additional options to categorize each of the receipts, making it easy to generate specific reports for individual projects or expenses. Expensify is also compatible with the majority of other business software programs available.
It is one of the more reasonably priced programs as well, starting at $4.99 a month. A free trial version is available, but you must contact Expensify directly for this option. It is a highly recommended program if your business often involves traveling and keeping track of expenses, as you can easily categorize and send your expenses back to the office even when you are away from your work station.
ExpensePath is almost the opposite of Expensify. The program has many helpful options for tracking expenses, including the ability to automatically generate reports. The platform offers a good amount of customization, which allows each individual employee to setup an account suited for his or her needs. However, the program lacks any features for automatically tracking receipts. Information such as costs, date and vendor data must be manually submitted.
ExpensePath costs $9 per user, but it offers a generous 30-day trial period for new users. The company also provides flex pricing, which allows smaller businesses to customize their plan. Many small businesses end up getting a generous discount, cutting the costs down to $5 a month.
Rydoo was previous known as Xpenditure, an older software primarily known for its low cost. The program has grown since the Xpenditure days, gaining a redesigned UI and a number of extra features to track expenses. One of the unique features of Rydoo is additional options for tracking international expenses. Rydoo continues to offer reasonable pricing, costing $7 per month for each user. There are additional plans available which offer more options for only a few dollars more. Some of the base features include OCR scanning, mileage tracking and integration option with enterprise resource planning and human resource programs.