These Are the 5 Best Expense Management Softwares for 2024
Without money, nothing works - with these tools you can easily manage your expenditure!
Imagine you're sitting at your desk, surrounded by a mountain of receipts, travel expense reports, and countless emails with proof of expenses. Sounds familiar, right? In our fast-paced business world, managing employee expenses can often be overwhelming – but don't worry, there's a solution! In this article, we'll show you the world of expense management software and introduce you to the five best tools that will not only make your way of working more efficient but also help your company to work more transparently.
From Pleo to Payhawk
– we have taken a close look at the five most popular software solutions in the categorySpend Management Software onOMR Reviews in order to provide you with a sound decision-making aid. In doing so, we highlight the most important functions, use cases, and prices of the individual providers. Whether you are a small business owner or represent a major corporation as a financial manager: in the end, you will know what matters in a good expense management software and how to find the perfect tool for your needs.Empfehlenswerte Spend Management Tools & Software
Auf unserer Vergleichsplattform OMR Reviews findest du weitere empfehlenswerte Spend Management Tools. Dort haben wir über 50 Softwares für kleine und mittlere Unternehmen, Start-Ups und Großkonzerne gelistet, die dich in allen Bereichen aus dem Aufgabenmanagement unterstützen. Also schau vorbei und vergleiche die Softwares mithilfe der authentischen und verifizierten Nutzerbewertungen:
What is expense management software?
Expense management software is an indispensable tool for companies of all sizes to efficiently manage and monitor their business expenses. These software solutions are designed to automate and optimize the process of expense tracking, approval, accounting, and analysis of your employees. The most important features of such software include:
Expense tracking: Expense management software allows companies to record expenses in real time. Employees can easily submit their expenses via mobile apps or web applications.
Automated approval workflows: If you need to approve expenses, the software makes the whole process much easier. Predefined approval processes ensure that everything complies with company policies before it gets the green light.
Digital receipts: Instead of paper receipts, digital receipts can be uploaded and archived, thereby minimizing paperwork.
Better insights and analysis: Do you want to know where your money is going? Many software offer you powerful analytics tools to visualize expense data and recognize patterns.
Integration with accounting software: Many software can be seamlessly integrated into your accounting orERP systemswhich makes data transfer easier.
Expense Management Software vs. Spend Management Software
You might be wondering what the difference is between expense management software and spend management software. Even though the terms are sometimes used synonymously, the difference, as so often, lies in the detail:
Expense Management Softwaremainly focuses on managing the personal expenses of your employees, such as travel costs and expense reports. It's your assistant when it comes to automating and optimizing these processes.
Spend Management Softwareon the other hand, has a broader field of application. It not only looks at the expenditure of employees, but also at company expenses for suppliers, purchasing, contracts, and budgeting. Its goal is to control the overall expenses of the company, make strategic decisions about business expenses and to increase efficiency.
Many software in these areas overlap in their functions and use cases. For this reason, the following tools are from our Spend Management category but are also suitable for Expense Management.
1. Pleo
Pleois the top scorer in our Spend Management Software category and is designed to facilitate expenses in teams and companies. The tool is aimed at anyone looking for an effortless solution to leave behind the annoying paperwork and manual expense accounting. With Pleo, your employees receive their own Pleo corporate cards that are used for business expenses. The special thing about it is that receipts no longer have to be collected and manually submitted laboriously. Instead, the Pleo app automatically records the receipts.
But Pleo is much more than just a solution for corporate cards. With this software, you can set individual card limits and adjust expense checks. Real-time data and expense analyses are available to you, so you always have everything under control. Also, Pleo offers the possibility of handling refunds, incoming invoices and mileage allowances. This is rounded off by seamless integration into your accounting systems.
The main functions of Pleo
Corporate cards: Your employees use their own Pleo corporate cards for their business expenses. No more need for complicated expense reports.
Expense management: Set individual card limits and keep an eye on expenses. Receive real-time data and analysis of the expenses in your company.
Accounting integration: Pleo offers seamless integration into your accounting systems to facilitate the process of expense tracking and booking.
Refunds: Manage refunds, invoices and mileage allowances easily via Pleo.
Cashback: Eligible companies can benefit from up to 1% cashback, which means additional savings.
Pleo Prices
Starter: Free
Essential: €39 per month
Business: €79 per month
All versions include up to 3 users and if necessary, more can be added at a cost.
More information about theprices of Pleoyou can find on OMR Reviews.
Pleo Alternatives
Do you want to discover morealternatives to Pleo? Then have a look at OMR Reviews!
2. Pliant
The second tool on our list is Pliant, that also offers the possibility to provide corporate cards for your employees. This expense management software is particularly aimed at companies that manage marketing, software and cloud expenses. Particularly interesting: The tool offers up to 10 physical credit cards and up to 25 virtual credit cards free of charge. With a focus on the "Best-in-Class" approach, Pliant also works closely with partners to offer tailor-made solutions, for example solutions for travel costs and receipt collection.
The key features of Pliant
Digital card management: Pliant enables seamless digital card management, optimizing the management and monitoring of your corporate credit cards.
Integration options: The tool integrates seamlessly with accounting and expense management solutions to minimize administrative effort.
High limits: Pliant offers high card limits to meet your business requirements.
Cashbacks: Receive up to 1 % cashback on all transactions in Euros and 0.5 % cashback on transactions in foreign currencies.
Pliant Prices
The prices for Pliant vary depending on the variant (Light, Standard and Custom) and the individual requirements. For exact price information, you can make a request.
More information about theprices of Pliantyou can also find on OMR Reviews.
Pliant Alternatives
Do you want to discover morealternatives to Pliant? Then have a look at OMR Reviews!
3. finway
finway comes from the fintech company of the same name based in Munich and has also set itself the task of simplifying your expense management. The special focus of the tool lies in the automation and efficiency of accounts payable processes, transparent communication and a high degree of individualization possibilities, which adapt to the needs and conditions of your company.
The key features of finway
Invoice processing: finway simplifies the capture, processing and release of invoices - an important step in expense management.
Company cards: With virtual and physical debit cards, finway offers better control over business expenses.
Expense management: The software automates the calculation of flat rates and extra charges, making expense reimbursement easier.
Payments: With a direct bank connection and corporate cards, payments can be flexibly depicted.
Budget control: finway enables the planning and monitoring of budgets for all cost centres, in order to keep expenses in view.
Pre-accounting: All receipts can be posted, released and checked directly in finway.
Liquidity planning: Since March 2022, finway also offers comprehensive additional features for liquidity planning and management, which are also available as a free stand-alone version.
finway Prices
The prices of finway depend on the number of invoices processed monthly and the package you choose. The latter differ mainly in terms of the scope of functions:
Essential: From 199 € incl. 100 invoices per month
Professional: From 279 € incl. 100 invoices per month
More information about theprices of finwayyou can find on OMR Reviews.
finway Alternatives
Do you want to discover morealternatives to finway? Then have a look at OMR Reviews!
4. Lanes & Planes
The fourth tool on our list is Lanes & Planes – and as the name implies, the focus here is primarily on travel management. With the mobile app from Lanes & Planes, available for Android and iOS, your employees always have their travel companion at hand. All important information and tickets are managed safely. The software also enables uncomplicated travel expense accounting and the efficient management of receipts.
The key features of Lanes & Planes
Payment processing & invoicing: All payments and invoicing are processed in a single booking, making the process efficient.
Mobile travel companion: With the Android and iOS app from Lanes & Planes, you and your employees always have the travel companion with you who manages all the important information and tickets.
Travel expense accounting & receipt management: The software provides a simple solution for travel expense accounting and receipt management.
Rights & travel policies: Lanes & Planes helps to comply with rights and travel policies, ensuring compliance with company guidelines.
Reporting & Controlling: Comprehensive reporting and controlling tools allow for precise monitoring of travel expenses.
Lanes & Planes Prices
The prices for Lanes & Planes vary depending on the variant (Light, Essential and Professional) and the annual travel volume as well as the number of travelers. For exact price information, you can request with the provider.
More information about theprices of Lanes & Planesyou can also find on OMR Reviews.
Lanes & Planes Alternatives
Do you want to discover morealternatives to Lanes & Planes? Then have a look at OMR Reviews!
5. Payhawk
Last but not least, we come to Payhawk
, which presents itself as a global solution for corporate credit cards and expense management. The tool is already used by financial teams in 32 countries and offers all important features that are important for a modern expense management software. Depending on the pricing model, you not only get comprehensive integration into existing ERP systems, such as SAP, Oracle, NetSuite or Microsoft Dynamics, but also a dedicated implementation and customer success manager.The key features of Payhawk
Visa corporate cards: With Payhawk, your employees and teams can use corporate cards to manage expenses.
Expense management: Advanced release processes and expense policies give you comprehensive control.
Accounts Payable & Purchase Orders: Manage purchase orders, invoices and global payments with ease.
Management of multiple companies: Control global spend with powerful group settings.
Integrations: Payhawk integrates seamlessly into Accounting software and ERP systems like SAP or Oracle.
Payhawk Prices
Payhawk offers three pricing models to accommodate different needs:
Premium Cards: Focus on digital and physical credit cards.
All-In-One Spend: Additional features for expense management and accounts payable.
Enterprise: For domestic and international companies, including Procure-to-Pay.
You will receive the exact prices for all three variants upon request from the provider. More information about theprices of Payhawk
you can also find on OMR Reviews.Payhawk Alternatives
Do you want to discover morealternatives to Payhawk? Then have a look at OMR Reviews!
Conclusion: How to find the right expense management software for your business
Choosing the right expense management software is certainly not a decision that you should make frivolously. In order to find the solution that in the end represents added value for your business and especially your employees, you can take the following aspects into account:
Needs of your employees
Range of functions of the expense management software
Integration possibilities into existing systems and processes
Security and data protection
Price models
User-friendliness
Other questions that you can ask yourself: Are your employees often working abroad? Do the colleagues need physical or digital corporate cards? And how automated should the processes be? The fact is: Overall, there probably is no one-size-fits-all solution that fits all companies. Your individual requirements and the needs of your organization should therefore be in the foreground when selecting. Use the information in this article as a starting point to find the right expense management software for your business. We wish you every success!
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