How to Choose the Best Expense Management Software?

The software market is one of the most saturated globally. It can be challenging to navigate when searching for the specific tool you need, and it can also be time-consuming. In this article, we share our recommendations on how to quickly identify the best expense management software to meet your needs.

As you already know, poor expense management can seriously harm your budget - and you might not even realise what has hit you. The best way to develop and improve the process is, of course, by using software designed specifically for this task. Obvious, right? However, the issue is that, due to high demand, there is an even greater supply. Naturally, each solution targets a specific audience, but it can sometimes be challenging to identify it accurately. The current variety in the software market means companies need to narrow their focus. 

For example, you might know what tool your closest competitor uses. However, there’s a good chance it won’t give you the same results because, despite similarities, your overall processes differ. Finding the right tool for your specific needs can be difficult, but it’s certainly achievable. In this article, we’ll help you identify what the best solution looks like for you.

What is Expense Management Software?

An expense management software is a digital tool that helps you streamline business operations related to costs incurred by employees. It covers core processes such as expense submission, receipt storage, approvals, and reimbursements. 

Most solutions operate as SaaS platforms, making them adaptable and sometimes unpredictable for businesses across all sectors. Furthermore, they come with reporting modules that enable you to easily monitor data and spot emerging trends.

Core Features for Everyone

Just like any solution out there, there is a core functionality in every expense management tool on the market. Simply put, if they are not part of the listed features, you shouldn’t waste your time researching further as the software isn’t capable of doing its job. Let’s discuss these must-haves in detail.

Accessibility on the Go

The most important feature needed for expense management software is accessibility. The main reason for using one is to eliminate methods that involve manual data entry and physical receipts. The problem is that employees often can’t start the expense claim process until they have access to their computers. Depending on the situation, this can take weeks. As you may know, physical receipts are easily lost or damaged. Moreover, uploading a large number of receipts later becomes a tedious task that can take up most of their workday. 

For this reason, you should choose a SaaS solution to manage your expenses. Its unique feature is that, unlike traditional software, it is not tied to a specific device. Instead, it can be accessed via an internet browser or, if provided by the vendor, a mobile app. This allows your employees to submit their expenses as soon as they incur them, and you can approve them just as easily. But that is covered in the next section. 

The Approval Process

Approving expenses, when the process isn’t optimised, can be just as dreadful as submitting them. You probably have experience of going through piles of receipts, trying to match them with the amounts listed by the employee. Expense management software saves you the trouble in this regard as well. Whenever an expense is submitted, the corresponding receipt is attached to it. Especially when dealing with large volumes of expense submissions, this can save you actual hours that you could spend on more progress-driven tasks.

At Timesheet Portal, we work with many companies that handle numerous expense-related operations daily. We therefore have a very deep understanding of what is needed to create a smoother experience and faster turnaround. We have tailored our system to enable you to build seamless approval processes suitable for your business. Like most modules, it is highly customisable, allowing you to add multiple approvers, create approval paths, set handover rules, and more. As a bonus, you can review submissions and make your decisions without ever logging into the system - straight from your email inbox. 

Deeper Look Inside

If the solution ticks the basic functionality boxes, it’s time to consider the next layer. Specifically, how well the tool would integrate into your existing setup, which procedures it would improve, and what future results it might produce. There are many factors to weigh, but we want to focus on the two that we believe are most important. 

Customisation to Your Needs

The reason behind out-of-the-box software losing popularity in recent years is simple: there is no single solution that can serve all businesses. As the number of organisations grows daily, their needs become increasingly diverse. In other words, a tool with limited features and parameters is inferior and can hinder your growth. There is little reason to choose this model when most of today’s expense management software can be highly customised to meet your specific needs, whether it’s about building the process itself, reporting, or even visual aspects.

Whether you are using the system internally or in transactions with clients, you want your brand to be consistently represented. Something as simple as visual consistency greatly reflects a company’s professionalism and trustworthiness. Furthermore, distinctive branding on all documentation you provide helps to protect people from potential scammers. In other words — simplicity does not mean unimportance.

Integration Partners

Unless you are a brand-new business with no existing software, it’s highly advisable to review the list of integrations offered by the developer of the product you are interested in. Connecting all your tools is generally a major advantage, as it simplifies data transfer and enhances automation possibilities. We also recommend choosing your new tool based on the solutions you already have, rather than rebuilding an entire stack—unless there’s a good reason for doing so. 

If you are genuinely interested in the solution but it doesn’t integrate with another vital tool you are already using, it’s wise to try and contact the vendor. Many providers don’t publish complete integration lists—usually because they want to highlight their major partners rather than smaller ones. Some are willing to work with you to develop custom APIs, either for an additional fee or free of charge. Remember, most companies genuinely want your business and are therefore likely to try and meet your needs. 

Who is the Provider?

Getting new software is like starting a new relationship. Since you'll be handling many daily tasks that involve sensitive data from both you and your clients, trust is essential. But how can you trust a stranger? You can't. That’s precisely why it’s important to know who is behind the tool you choose. 

Learn More About the Vendor

While your relationship may remain entirely transactional, it’s useful to know who is supplying the solution of your choice and what their terms are. Specifically, try to gather as much insight as possible about the communication and support you will receive after purchase if you decide to go with a particular company. Key aspects to consider include implementation, service time, customer support, training, and any potential additional costs. 

We also advise thoroughly reviewing the vendor’s privacy policy and requesting additional information on data management if possible. After all, it won’t be just your sensitive data entered into the solution, but also that of your clients and employees. Conduct a background check to see if there have been any data breaches associated with the company in the past. Lastly, don’t skip reading the provider’s mission statements and values. Even if you don’t plan to work with their representatives beyond software installation, it’s best to be aware of who you are associating with. Mismatched views and messaging can sometimes harm your brand’s reputation.

Summary

Once you have the right framework in place, identifying the best solutions to transform your business becomes less difficult. Remember the key features that every expense management platform should include: accessibility and seamless workflows for all involved parties. Ultimately, its main goal is to make your life easier. 

You want your new tool to blend into an existing tech stack, becoming just another part of the system rather than a standalone entity. Integrations are essential for connecting your tools, so stay alert for them. Also, ensure the software you choose doesn’t override your brand’s identity but can be customised to reflect it. For optimal results, try to select a vendor that shares your values and communicates in a similar way. If you achieve all this, there's no doubt you will find a solution that serves you well for life.

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