Expense management software is a digital tool that empowers businesses to effortlessly track, manage, and optimize employee expenses while staying aligned with corporate policies and tax regulations.
It automates and simplifies key aspects of expense management, including reporting, approval workflows, receipt tracking and powerful analytics.
Expense management is vital for financial transparency, policy compliance, and optimizing company spending. It helps identify unnecessary costs, prevent fraud, and streamline administrative processes for improved efficiency and profitability. Today, most companies rely on expense automation solutions for smarter expense handling to:
Automation streamlines various aspects of expense management, from capturing digital receipts to generating reports. It reduces manual data entry, minimizes errors, speeds up the approval process, and ensures timely reimbursements, increasing efficiency and employee satisfaction.
Automating expense management benefits businesses of all sizes. Small business expense management systems are generally more straightforward and offer fewer features than large enterprise systems, and therefore are best suited for less-complex expense management needs. However, they often still include functionality such as accounting and payroll services integration, custom reporting capabilities and automated approval processes.
Expense management tools capture all expense data – from travel expenses to employee purchases – and organize it in a centralized platform. Companies can establish approval rules based on department, role, or amount spent to ensure that the right people approve or reject expense requests. Real-time reports help managers and executives visualize spending, streamline processes, reduce administrative costs, and improve compliance with internal policies.
The workflow typically involves the employee incurring an expense, recording it in the expense reporting application along with a receipt and submitting the expense claim or report. The approver reviews and approves or rejects the report. Then, the finance team validates and reimburses the approved claims through the application immediately or at the end of the month.
Expensya revolutionizes expense management for Kerry Logistics, saving time with OCR technology. Quick data extraction from invoices and simplified processes bring efficiency to business spend.
While expense management solutions have common features and functionalities, some expense software solutions include more advanced artificial intelligence driven features. Some key features to look for:
When you are evaluating a new or replacement expense management solution, use the following steps:
Consider the size of your business and the level of functionality required.
Assess what works and what doesn't in your expense management system to identify the specific features your company needs.
It’s important to explore various vendors and their software offerings. Consider your broader needs, such as a comprehensive suite of integrated spend management capabilities and reliable customer support.
Conduct internal research to determine the requirements within business areas– finance, IT, users, AP, executives and more. Think through locations, language support, integrations, user experience and all factors important to your business.
Once you identify the features necessary, refine the list and create an evaluation matrix. This will help evaluate potential vendors fairly and quickly to make a confident decision for your company.
Expensya, now part of Medius, redefines the way you manage expenses. From its advanced OCR+ technology to its user-friendly mobile app, Expensya provides businesses with the tools they need to manage their expenses efficiently.
Whether you're a small business looking for basic expense management tools or a large enterprise needing a comprehensive expense management system, Expensya has got you covered. With its robust features and intuitive interface, it's no wonder that over 6,000 companies worldwide trust Expensya for their expense management needs.
Effortlessly extract all relevant data from receipts – including amount, multiple VAT, tourist tax, expense category, date, means of payment, currency, and merchant name – in dozens of languages and formats.
The native mobile application for Android and iOS lets you snap receipts anywhere, even in flight mode, and manage expenses in real-time.
Employees can simply enter the start and end points, and Expensya will calculate distances using Google Maps.
Set payment limits, define pre-approved budgets, and automatically reconcile transactions. Gain real-time visibility into your cash flow with virtual or physical direct debit Mastercard.
Manage expenses on the go.
Expensya is a native mobile application on Android or iOS. You can work online or offline. Manage your expenses in real time by snapping receipts from anywhere, even in flight mode. For travel abroad, add your expenses in the currency of your choice. Currency conversion is automatic based upon your account settings.