stress they might create? Expense management tools are specifically designed to do just that.
What are the benefits of using expense management tools?
Well, any digital tool is meant to simplify and streamline business processes. And expense management tools are no different. The most notable benefit is without doubt the elimination of paper. By paying expenses electronically both time and costs are reduced. Using expense report software ensures timely and error-free operations that free employees from performing tasks manually such as expense tracking.
The market is not lacking in SAP solutions making it trickier to decide on one. To spare you from finding one tool on your own, we put together a list of the top 10 expense management tools to try.
1.Navan (Formerly TripActions)
In case you were looking for a tool that specializes in corporate travel expense management, Navan, previously known as TripActions, is the right one for you. It doesn’t matter whether you’re part of a smaller business or a large enterprise, Navan’s expense-tracking software has the necessary capabilities for both. Not only, does Navan simplify travel booking and management, but your business benefits from cost savings.
If you are interested in using Navan’s services you can set up an account with your company email address. To do that you don’t even need to add credit card information. Another possibility is requesting a demo so you can see Navan in action.
Navan’s Key Features:
- Travel booking and support
- Global card issuing and reimbursements
- Automated expense management
- Real-time reporting and analytics
2. Expensify
One great expense management tool for small and large businesses alike is Expensify. It is easy to use, but it doesn’t lack complex features like one-click receipt scanning, credit card import, customizable workflows, and advanced tax tracking. By using these features, Expensify claims to save you and your employees up to 75% of the time. Even more so, you can sync your accounting system with Expensify which means tax season is no longer a source of concern.
If you only need to split bills and send and receive money Expensify has a free version called New Expensify. For more features, you can choose from two available plans – Collect and Control. These plans entail an annual commitment and are charged by the number of users. The Collect plan costs $5/month and the Control plan $9/month.
Expensify’s Key Features:
- Expense reports
- Receipt scanning app
- Invoicing
- Payroll
3. Brex
Brex is an AI-powered expense management tool that keeps track of all your spending. Their AI assistant reviews every expense in your place so you don’t risk missing one of great importance. Brex collects documents automatically and makes reports with its expense report software so you’re always informed about your expenses. Respecting the budget was never easier. Brex’s Live Budgets feature tracks real-time spending across departments and signals abnormal activity.
To support start-ups and small companies, Brex offers a free plan that includes a generous amount of features. For medium businesses with bigger needs, the cost of the plan is $12/month per user and for global enterprises, you have to contact the sales department for custom pricing.
Brex’s Key Features:
- Brex AI
- Live Budgets
- Spend limits
- Native integrations
4.Ramp
What Ramp wants to help you achieve is effortless expense management. Ramp enables you to control expenses with the help of their expense tracking software before they even happen. You can set pre-built budgets from which your employees would have to make spending requests – spend responsibly. By using Ramp, your employees are free to perform other tasks without worrying about spending reports.
With a considerable amount of features, Ramp offers a free plan for small teams. The other two available plans are priced and the subscription fee starts from $12/month per user. Large enterprises have to contact Ramp for custom pricing that suits their needs.
Ramp’s Key Features:
- Pre-built budgets
- Corporate cards
- Working capital
- Vendor management
5.SAP Concur
SAP Concur integrates all your financial data to allow you to successfully manage it from wherever you might be. By automating spend management processes, you stop wasting time and avoid errors at the same time. SAP Concur offers solutions for travel and invoice management. With Concur Travel you can manage all travel-related processes in one place. And with Concur Invoice managing invoices can be automated to simplify the process and reduce errors.
To get a feeling of the SAP Concur experience you can either try the demo or sign up for a trial. The trial lasts 15 days and is free. To sign up for the free trial you need to manually complete a form or to connect your LinkedIn account.
SAP Concur’s Key Features:
- Concur Expense
- Concur Travel
- Concur Invoice
6.BILL Spend & Expense (Formerly Divvy)
Formerly known as Divvy, BILL Spend & Expense is an expense management tool that enables you to view and control in real-time your finances. Using their mobile app you can check and complete transactions on the go. For extra security against fraud, BILL Spend & Expense provides a virtual card feature as well. Expense reports and overspending are things of the past with BILL Spend & Expense – expense and budget management features got you covered.
To use BILL Spend & Expense you don’t even have to pay – it costs $0/month. Even more than that the included features are plentiful and more than enough for a smooth expense management experience.
BILL Spend & Expense’s Key Features:
- Budget management
- Reporting and insights
- Integrations
- Business credit
7. Airbase
With Airbase, nothing related to your business finances is left unnoticed. From receipt management to international reimbursements, Airbase you are in complete control of your financial data without having to waste enormous amounts of time. Besides tracking general expenses, Airbase has a travel booking integration that ensures that every travel expense complies with company policies.
Airbase offers three subscription plans depending on your number of employees. The Standard plan is meant for up to 200 employees, the Premium for up to 500 employees, and the Enterprise for up to 2,000 employees. To receive pricing information, for each of these plans, you have to request a quote.
Airbase’s Key Features:
- Receipt scanning
- Automated workflow
- International reimbursements
- Automatic audit trail
8.Pleo
If you are looking for a tool that allows you to integrate all your business in one place, Pleo is a great option. You don’t have to give up the tools you already use and love – continue using them with Pleo. You benefit from controlling and keeping track of every expense from every entity in one place. Additionally, multi-step approvals can be set in place for extra control of expenses.
Depending on your country's region, prices may vary. Also, by choosing annual billing you benefit from overall discounts. The two plans for US residents include three users, and for exceeding this limit you pay additional fees for each user. The prices start at $39/month in the case of the Essential plan, and $89/month for the Advanced plan.
Pleo’s Key Features:
- Smart company cards
- Invoices
- Reimbursements
- Spend controls
9.Emburse Chrome River Expense
With Emburse Chrome River Expense you enable smart spending. The platform’s policy is that expense management should be effortless and your employees should benefit from easy access to financial data. Instead of relying on intuition for decision-making, Emburse Chrome River Expense provides analytics and reporting features so your business can come up with the best strategic route.
To get started with Emburse Chrome River Expense, you need to request a demo. After completing the provided form on their website, you will receive a customized price offer.
Emburse Chrome River Expense’s Key Features:
- Virtual and physical cards
- Instant receipt scanning
- Analytics and reporting
- Adaptable expense policies
- Fyle
One of the biggest innovations in receipt tracking is submitting receipt information directly through text messages. With Fyle you can take advantage of this feature and many more. You can also automate expense reporting and credit card reconciliation. To help with your company’s accounting process, with Fyle you can sync expenses to your accounting software.
To benefit from a lower monthly fee, you can opt for annual billing instead of monthly. Also, before choosing one of the three plans, you can get a demo. The prices start at $7/month per active user and for larger businesses, you will get a pricing offer after completing a request form.
Fyle’s Key Features:
- Text messages
- Cards
- Expenses
- Analytics
As companies grow in size managing expenses can become overwhelming leading to potential errors. To make your job easier expense tracking and expense report software came in to save the day. If you weren’t already taking advantage of SAP solutions, this is your sign to try one of our recommendations above.
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