Top 3 Expense Management Softwares

The onset of 2024 marks a defining moment in the business sector, arguably the most critical in recent decades. It marks a significant turning point, especially in how businesses manage finances. The advancements in financial management software are not just incremental; they represent a quantum leap in technology and strategy.

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This year, expense management software transcends beyond mere receipt capture and organization. Where once expense management was viewed as a mundane, albeit necessary task, it has now emerged as a cornerstone in strategic financial planning and analysis. The software today does more than track expenses; it provides deep insights, drives decision-making, and shapes future business strategies.

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Our 2024 expense management software guide hopes to provide a deep dive into the best expense management solutions out there, spotlighting how they are critical in navigating this transformative year in business.

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Top 3 Expense Management Software Solutions

QuickBooks Online

More than accounting software. QuickBooks helps you track income, expenses, and stay ready for taxes.

QuickBooks Online is highly regarded for its versatility, user-friendliness, and comprehensive features, making it an ideal choice for small-business owners. With QuickBooks, you can also get help from their bookkeepers when you need it. They’ll provide guidance, answer your questions, and teach you how to do tasks in QuickBooks, so you can stay on track for tax time and run your business with confidence.

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Other key reasons why it should be at the top of your list for 2024 include:

1. Scalability: It offers multiple plans, ensuring that as your business grows, QuickBooks Online can accommodate your expanding needs.
2. Intuitive Use: The software is easy to set up and use, crucial for managing complex financial data without added software complications.
3. Extensive Reporting: QuickBooks provides in-depth reporting, particularly in higher-tier plans, which is essential for businesses with complex needs like inventory management and payroll.
4. Integration Capabilities: It syncs with a wide range of popular accounting apps and integrates seamlessly with other Intuit products like TurboTax, Mint, and TSheets.
5. Mobile App Excellence: QuickBooks Online has one of the highest-rated mobile accounting apps, offering comprehensive accounting functions on-the-go and high user satisfaction ratings on both iOS and Android platforms.

QuickBooks Online is a PCMag Editors' Choice award winner again this year thanks to its depth of features, customizability, and understandable user interface. A well-integrated payroll app and hundreds of add-ons extend its usefulness to an even broader audience.

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Despite these strengths, it's important to note some limitations, such as its higher price point, lower customer service ratings, and occasional price increases.

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If your small business is extra small, we recommend FreshBooks, which is the best accounting app for solo-entrepreneurs.

Toolbox

All your spend, all in one place. Control business spend smarter with a single source of truth.

Toolbox is a start-up that aims to keep your business alive & thriving. So they go a step further from basic expense management.

1. Automated Expense Management: Toolbox's software is integrated into corporate cards and reimbursements, automating expense management and streamlining the process​​.
2. Policy Enforcement: Your budgets can be integrated into corporate cards, whether it's individual card usage, marketing spend, or invoices. Its system automatically enforces your custom controls, ensuring compliance across various spending channels​​.
3. Seamless Integration with Accounting Systems: Toolbox integrates with top ERP systems like QuickBooks and NetSuite. This integration facilitates continuous close, in-month reporting, and automated workflows, simplifying the financial management process​​.
4. ‍Real-Time Expense Submission and Reconciliation: Toolbox automates the collection and matching of receipts, prompting users via SMS as soon as a transaction occurs. This feature expedites the expense reporting process and ensures accuracy​​.‍
5. Advanced Compliance and Fraud Prevention: Toolbox's software automatically reviews every transaction, flags non-compliant expenses, and catches out-of-policy spending that might be missed manually​​​​.

Despite these strengths, it's important to note that Toolbox's expense management software can only be leveraged when using Toolbox's corporate card or free business checking accounts. However, Toolbox is 100% free software and has no commitments or contracts like other software may have.

Rippling

Easily manage your employees’ payroll, benefits, expenses, devices, apps & more—in one place.

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Similar to Toolbox, Rippling integrates expense management into other key areas of running a business. If you have many employees, each with company-issued computers & corporate cards, Rippling may be a good match for you.

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Rippling stands out as a top contender for spend management, integrating seamlessly across HR, IT, and finance functions in a single global system.

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Here's why Rippling is a strong choice for businesses looking to streamline their spend management processes:

1. Centralized Spend Management: Rippling's Finance Cloud allows you to manage and report on all your company's spend in one place. This centralized approach simplifies the process of tracking and controlling expenses, making it easier to get a comprehensive view of your financial status​​.
2. Integrated Corporate Cards and Expense Management: , you have integrated solutions for corporate cards and expense management. This integration means streamlined processes for managing corporate expenses, ensuring that spend tracking is efficient and effective​​.
3. Global System for HR, IT, and Finance: Rippling uniquely manages HR, IT, and finance in a unified system. This holistic approach ensures that expense management is not siloed but is an integrated part of the overall business operations, providing better control and visibility​​.
4. Efficient Onboarding and Payment Processes: The ability to onboard employees and contractors in 90 seconds and pay everyone in their local currency swiftly demonstrates Rippling's commitment to efficiency and scalability, which is essential for modern, fast-paced businesses​​​​.
5. Global Compliance Automation: For businesses with a global footprint, Rippling automates compliance work, a critical aspect of managing expenses and finances across different regions. This feature is particularly beneficial for multinational companies dealing with various regulations and compliance requirements​​.

While Rippling offers many benefits as a workforce management platform, it's important to consider its drawbacks as well, especially when choosing it for spend management:

1. Cost: Rippling is not the most economical option in the market. The pricing plans, charged monthly per employee, can become costly for companies with a large workforce. However, it's important to note that the solutions offered are often more comprehensive than those provided by competitors​​.
2. No Free Trial: Unlike many of its competitors, Rippling does not offer a free trial. This can be a limitation for businesses, especially smaller ones, that prefer to test software before fully committing. However, a 30-minute demo with an expert is available upon request​​​​.
3. Time-Consuming Setups: The automation process in Rippling, particularly during the initial stages, involves extensive to-do lists and tasks. This can be time-consuming as it requires the team to answer numerous questions​​.
4. Minimum Contract Length: Rippling reportedly requires a minimum initial contract length of one year. This can be a deterrent, especially for businesses not entirely sure about the software's suitability for their needs​​.
5. Lack of Standard Subscription Plans: Rippling’s absence of standard subscription plans and quote-based pricing might deter some users. While this approach offers customization, it could be less appealing to those who prefer clear, standardized pricing​​

These drawbacks should be carefully weighed against the benefits that Rippling offers to determine if it aligns well with your business’s specific needs and operational requirements.

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Your Expense Management Software Checklist

When evaluating expense management software in 2024, businesses should consider a comprehensive range of factors to ensure they choose a solution that best meets their specific needs. Here’s a detailed checklist to guide this evaluation process:

Core Functionality

• Receipt Capture and Management: Ability to easily capture and organize receipts.
• Policy Compliance: Features to enforce and monitor adherence to company expense policies.
• Approval Workflow: Customizable workflows for expense approval.
• Reporting and Analytics: Reporting tools for tracking and analyzing expenses.
• Integration with Accounting Software: Compatibility with existing accounting systems.
• Scalability: Ability to accommodate business growth and increasing transaction volumes.

User Experience

• Ease of Use: Intuitive interface and ease of navigation.
• User Training and Support: Availability and quality of user training and ongoing support.
• Software Performance: Speed and reliability of the software.

Financial Considerations

• Cost and Pricing Structure: Transparency and competitiveness of pricing.
• ROI Potential: Ability to save money or increase efficiency.

Security and Compliance

• Data Security: Measures to protect sensitive financial data.
• Regulatory Compliance: Compliance with relevant financial regulations and standards.
• Audit Trails: Ability to track and audit expense-related activities.

Integration and Compatibility

• Third-Party App Integrations: Ability to integrate with other business applications.

Vendor Reputation and Support

• Customer Support: Quality, availability, and responsiveness of customer support.
• Update and Upgrade Policies: How often the software is updated and how upgrades are handled.

Contract and Policies

• Contract Terms: Clarity and fairness of contract terms.
• Cancellation Policy: Terms and conditions for contract cancellation.
• Data Ownership and Portability: Policies on data ownership and ease of data export.

Future-Readiness

• Innovation and Updates: Commitment to continuous improvement and updates.
• Emerging Trends Adoption: Ability to adapt to future trends and technologies.

Evaluating these factors will help ensure that the chosen expense management software not only meets current needs but is also a valuable investment for the future, adaptable to evolving business requirements and technological advancements.