Expense management tools help firms facilitate an otherwise time-consuming process. Many small, medium, and large businesses already use travel and expense management software because it is simple and faster, has fewer delays and improves accuracy, facilitates reporting, etc. This article talks about the best travel and expense management software.
What Is Travel and Expense Management Software?
The best way to manage and keep track of company travel expenses is with travel and expense management software. T&E management software is essential for businesses sending personnel on business trips, whether it’s for planning the trip, handling the workers who are traveling, or generating expenditure reports.
Software for managing business travel and expenses can be beneficial for all sizes of businesses. A detailed breakdown of your business travel expenses is essential, as is knowledgeable customer support in case you encounter any issues. Additionally, it makes your billing process easier and helps you plan trips that adhere to your company’s travel policy.
Types of Travel and Expense Management Software
Tracking travel costs is just one of the many corporate travel activities that firms must perform. There is also flight and hotel booking assistance, as well as on-trip assistance, to ensure that the employee is not left behind in the event of a disruption. So, depending on how often your company must perform these functions, it can approach them in one of three ways.
#1. Travel and Expense Management Forum
T&E platforms are available separately for firms that do not require full corporate travel support or want to merge a more appropriate third-party solution into their travel booking ecosystem. They can also come from vendors who only manage finances or as standalone solutions from travel booking forums. T&E products can benefit firms of all sizes because they often have unique qualities.
#2. Travel Management Companies (TMCs)
Large corporations use the services of travel management companies (TMCs). TMCs include special pricing agreements with major airlines and hotel chains, travel policy development; crisis management; and, of course, travel and expense management. American Express, BCD Travel, and CWT provide branded tools and have a division of skilled travel agents.
#3. Travel Booking Platforms
Booking venues, a self-service alternative to TMCs, have access to exclusive hotel and flight deals and expense reporting tools. Small and medium-sized firms benefit greatly from solutions such as Egencia and SAP Concur.
Things to Look Out for in Travel and Expense Management Software
It’s critical to understand what features to look for when deciding on travel and expense management services. Below are the things you should look out for in T and E management software.
#1. A Simple Tool for Travel Management
A good feature to look out for in your T&E software provider is how easy it is. You also want a solution that everyone in your organization can easily navigate. Additionally, look for expensive software that has a broad approach to onboarding or doesn’t require in-depth knowledge to manage travel.
#2. Numerous User Accounts
The ability to create multiple user profiles is essential for managing your corporate travel program. For example, the finance team needs access to all the cost information. A trade intern handling your socials doesn’t. This also makes life a lot easier when it comes to spending management and calculation.
#3. Travel Policy Integration and Compliance
The software you select should be compatible with your travel policy. You can then keep track of travel costs and ensure your employees stay within budget. The company most likely has a travel policy that summarises the rules for travel spending and also ensures your employees stick to your travel budget.
#4. A Smooth Reimbursement Process
Expense tracking and receipt scanning powers help manage expenses and refunds efficiently. Similarly, maintaining an exact overview of business expenses is essential for healthy business management. Receipt scanning, for example, ensures all employees are providing accurate expenses and that you have evidence for VAT and tax purposes.
#5. Automate Approval Workflow and Reporting
You’re looking for a solution that excels at automating travel reports and workflow rules. It expedites the entire corporate travel process. You need a tool that facilitates your travel booking and reporting, whether you’re getting approval on proposed trips or automating the invoicing process.
#6. Smooth Integration With Existing Tools
Numerous third-party interfaces are available with the majority of travel and expense management systems. Integrations are also essential for delivering a smooth trip management procedure. You should check for integration capabilities with the tools you’ll use in conjunction with your solutions, such as team management software, HR applications, and time-tracking tools.
Best Travel and Expense Management Software
Below are the best software for travel and expense management
#1. SAP Concur
The world’s top provider of integrated travel, expense, and invoicing management solutions, SAP Concur is driven by an unwavering quest to streamline and automate these routine tasks. Charges are also simply put into expense reports with SAP Concur, a highly regarded program that walks employees through every journey, and invoice approvals are automated.
By combining data from nearly real-time sources and utilizing AI to thoroughly audit all transactions, businesses can also see exactly what they are spending. Similar to this, SAP Concur solutions put an end to time-consuming duties from the past, simplify tasks now, and support businesses in operating at their best every day.
Expensify is a payment super app that assists individuals and firms all over the world in simplifying their money management. Equally important, Expensify’s free features, which include corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay, and travel booking in one app, are used by over 10 million people. Everything is free. Still not convinced? Expensify is also used by G2Crowd as well! To begin a free trial, go to use.expensify.com.
This is the only modern, all-in-one travel, corporate card, and expense management forum, giving unprecedented visibility and control over spending to 8,000+ customers worldwide. TripActions, which is trusted by both travel managers and finance teams, uses real-time data to help companies keep traveling employees safe, reduce spending, and drive productivity.
Airbase is the world’s largest spend management forum, scaling with firms from startup to IPO and beyond. It also merges three products into one system: accounts payable, an advanced corporate card program, and employee expense refunds. When implemented differently, each product provides all of the core functionality you would expect from a best-of-breed solution.
Airbase, when merged, provides a consistent and efficient forum experience for all non-payroll spending. Moreover, accounting and approval workflows that are automated provide visibility and control, a faster close, and real-time reporting. It goes beyond budgeting. It’s enlightenment through spending. Visit www.airbase.com to learn more about why innovative companies like Gusto, Segment, Doximity, Getaround, Netlify, and others rely on Airbase.
Brex makes it easy for finance teams and employees to spend smart, grow fast, and enjoy the ride. It also focuses on reviewing the 5% of global spending that’s actually out of policy and clearing the rest to accelerate everyone’s speed of work. 95% of customers say switching to Brex is easy.
#5. Zoho Expense
Zoho Expense automates expense reporting—from receipt to the balance sheet. It also facilitates business travel and booking, enforces multi-level approvals, and tracks advance payments. Similarly, the high degree of customization ensures organizations can implement Zoho Expenses quickly, effectively, and without changing existing functions.
The Ramp is a financial automation system that helps you save time and money. Additionally, the Ramp is a 5-in-1 software solution that merges corporate cards, expense management, bill payments, accounting, and reporting into a simple and free solution that saves time and money. It has quickly become America’s fastest-growing corporate card and #1-rated software thanks to its unique approach to financial services. Businesses that use Ramp save 3.3% on average in their first year and close their books 86% faster. Equally, the Ramp is trusted by thousands of satisfied customers from various industries.
Pleo is Europe’s leading spending solution that simplifies costs for everyone in the company. Get real-time expense visibility, feel in control of your spending, and slash your admin. Join the 20,000 companies using Pleo to focus on the work that matters most.
Employees can submit costs from Gmail, Outlook, Slack, Teams, and more. Real-time credit card reconciliations for cards powered by Visa (soon to extend to other payment networks). Employees can also use Fyle’s powerful mobile app to snap pictures of tickets and submit them on the go. Fyle equally sends an SMS for new transactions immediately, and employees just need to reply with an image. We merge with NetSuite, Sage Intacct, QuickBooks Online, and Xero. A fast-growing company trusted by finance and accounting leaders from over 500 organizations.
What Is Better Concur or Expensify?
When comparing the quality of ongoing product support, reviewers felt that Expensify was the chosen option. For feature updates and roadmaps, our reviewers chose the direction of Expensify over SAP Concur.
Is the Smart Receipt App Free?
A free, open-source program called Smart Receipts makes it simpler to produce bespoke reports and save reports in a variety of formats.
Is Simplywise Free?
Receipts are managed by category with one tap filing. When you require a receipt, you can quickly search for it (by kind, store, or note). Pricing is invoiced annually and begins at $23.99.
What Is the Best Way to Keep Track of Receipts?
Utilize file folders. Make one at the start of the year for each month, then organize your receipts in each one. Use an accordion folder or a filing cabinet. When each type of receipt—personal, business, etc.—has its own filing container, tracking them will be a lot simpler.
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FAQs on Travel and Expense Management Software
What is T and E software?
Travel and Expense report software (T&E Software) simplifies the expense reimbursement and reconciliation process by eliminating paper, reducing manual errors, and freeing the user from the hassle of storing paper receipts.
What is travel and expenses processing?
Travel and expense management (T&E) is the process of collecting all travel-related expenses in order to write them off (and not pay taxes on that amount).
What is T and E audit?
Typically the T&E audit involves a review of a sample of employee expense reports for compliance with company policies and directives.