Expense management tools are indispensable for small and medium-sized enterprises (SMEs) seeking to optimise their financial performance by streamlining their expenses and minimising costs.
These tools automate a range of essential expense management functions such as tracking, approval workflows, and reimbursement processes, leading to considerable time savings and reducing the likelihood of errors.
In this week’s Tech Tuesday edition, we explore our selection of the top expense management tools that SMEs can leverage to enhance their financial performance.
Zoho Expense
Zoho Expense is a cloud-based expense management solution that helps SMEs manage their expenses, invoices, and reimbursements in one place. It offers features such as receipt scanning, expense categorization, and automatic approval workflows.
Pricing: Zoho Expense also integrates with various accounting software and offers a corporate card program. Zoho Expense pricing starts at $5 per user per month for the Standard plan, and higher-tier plans are available for more advanced features.
More here: https://www.zoho.com/expense/
FreshBooks
FreshBooks is a cloud-based accounting and expense management tool that helps SMEs track their expenses, invoices, and payments in one place. It offers features such as receipt scanning, expense tracking, and automatic expense categorisation.
Pricing: FreshBooks also integrates with various payment gateways and offers time-tracking features. FreshBooks pricing starts at $15 per month for the Lite plan, and higher-tier plans are available for more advanced features.
More here: https://www.freshbooks.com/
Xero
Xero is a cloud-based accounting and expense management tool that helps SMEs manage their expenses, invoices, and payments in one place. It offers features such as receipt scanning, expense tracking, and automatic expense categorisation.
Pricing: Xero also integrates with various payment gateways and offers time-tracking features. Xero pricing starts at $11 per month for the Starter plan, and higher-tier plans are available for more advanced features.
More here: https://www.xero.com/
Rydoo
Rydoo is an all-in-one expense management tool that offers features such as receipt scanning, expense tracking, and real-time expense reporting. It also integrates with various accounting software and offers a corporate card program.
Pricing: Rydoo pricing starts at $6 per user per month for the Essentials plan, and higher-tier plans are available for more advanced features.
More here: https://www.rydoo.com/
Divvy
Divvy is a cloud-based expense management solution that helps SMEs manage their expenses, invoices, and payments in one place. It offers features such as receipt scanning, expense tracking, and automatic expense categorisation.
Pricing: Divvy also offers a corporate card program and integrates with various accounting software. Divvy pricing starts at $6 per user per month for the Business plan, and higher-tier plans are available for more advanced features.
More here: https://getdivvy.com/
SAP Concur
SAP Concur is a cloud-based expense management solution that helps SMEs manage their expenses, invoices, and payments in one place. It offers features such as receipt scanning, expense tracking, and automatic expense categorisation.
Concur Expense enables businesses to capture spending information from multiple sources, plan and make spending decisions based on accurate data and reimburse employees more quickly. Concur Expense seamlessly integrates with enterprise resource planning (ERP) solutions to give businesses full visibility into their spending. Users can also track expense data securely and automatically populate expense reports with e-receipts.
Pricing: Pricing starts at $8 per user per month.
More here: https://www.concur.com/
Expensify
Expensify is an all-in-one expense management tool that offers a range of features, including receipt scanning, automatic expense categorisation, and real-time expense reporting. It also integrates with various accounting software and offers a corporate card program.
Pricing: Expensify pricing starts at $4.99 per user per month for the Team plan, and higher-tier plans are available for more advanced features.
More here: https://www.expensify.com/
Fifo Capital
Fifo Capital is a cloud-based invoice financing and cash flow management solution that helps SMEs improve their cash flow and manage their invoices. It offers invoice factoring, credit control, and debtor management features.
Fifo Capital’s Supply Chain Finance product offers Australian SMEs innovative, tech-driven financial solutions to bolster their operations. Fifo works closely with businesses on their day-to-day finances, while its easy-to-use platform protects clients from fraud.
Pricing: Pricing is customised based on the specific needs of each business.
More here: https://www.fifocapital.com/
Practifi
Practifi is a cloud-based business management platform that helps SMEs automate and streamline their business operations, including financial management, CRM, and compliance. It offers features such as customisable workflows, document management, and automated reporting.
Pricing: Pricing is customised based on the specific needs of each business.
More here: https://www.practifi.com/
BrightHR
BrightHR is a cloud-based HR and compliance management tool that helps SMEs manage their employees’ HR information, compliance requirements, and time off requests. It offers employee self-service, automated compliance tracking, and real-time reporting features.
Employees can submit expense claims as well as photographs of receipts, triggering an instant notification to employers, who can then approve or decline claims in bulk. PoP also features a built-in chat that allows for easy communication about claims and a tool that calculates mileage expenses when users enter their GPS locations.
Pricing: Pricing starts at £3 per employee per month.
More here: https://www.brighthr.com/
Abacus
Abacus is an all-in-one expense management tool offering features like receipt scanning, expense tracking, and real-time expense reporting. It also integrates with various accounting software and offers a corporate card program.
Pricing: Abacus pricing starts at $9 per user per month for the Team plan, and higher-tier plans are available for more advanced features.
More here: https://www.abacus.com/
QuickBooks Online
QuickBooks Online is a cloud-based accounting and expense management tool that helps SMEs manage their expenses, invoices, and payments in one place. It offers features such as receipt scanning, expense tracking, and automatic expense categorisation.
Pricing: QuickBooks Online also integrates with various payment gateways and offers time-tracking features. QuickBooks Online pricing starts at $15 per month for the Simple Start plan, and higher-tier plans are available for more advanced features.
More here: https://quickbooks.intuit.com/
Coupa
Coupa is a cloud-based spend management platform that helps SMEs manage their expenses, invoices, and payments in one place. It offers features such as procurement, invoicing, and expense management. It unifies processes across the supply chain, procurement, and finance functions.
By bridging back-office departments, the Coupa platform provides every decision-maker with a unified view of business spending. Processes become automated, decisions get easier, and each dollar goes farther.
Pricing: Pricing is customised based on the specific needs of each business.
More here:https://www.coupa.com/
Airwallex
Airwallex is a payment and expense management tool that helps SMEs streamline their payments, foreign exchange, and expense management. It offers features such as virtual and physical corporate cards, automated expense reporting, and real-time tracking of expenses.
You can use your virtual card to make online purchases and online payments in the same way you would with a physical card. To make in-store contactless payments, you can add your virtual card to digital wallets like Apple Pay and Google Pay.
Rather than wasting hours filling out expense reports, your employees can snap and upload their receipts and categorise expenses on the go. Plus, with the multi-currency virtual card, you can spend globally whilst avoiding foreign exchange fees.
Pricing: Pricing is customised based on the specific needs of each business.
More here: https://www.airwallex.com/
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