A poorly organized expense management system not only wastes the valuable time of employees but also impedes the company’s progress in achieving its broader objectives. Moreover, admin tasks such as approvals and compliance checks are often overlooked when most resources are directed towards core business activities.
However, you can solve these challenges by employing expense management solution. The best expense management software streamlines the entire expense management process, removing any bottlenecks within the system.
Here are 6 major advantages of opting for the best expense management software.
Streamlined Expense Workflows
Managers face a number of issues in the expense approval workflow. Sometimes they may face approval overload, where they have an overwhelming number of approvals to address. This can be due to a high volume of expense claims or a disorganized system that makes it difficult to manage and prioritize approvals. Other times certain approvals may require multiple individuals to approve a single claim, leading to coordination issues.
The best expense management software automates the entire approval process. Employees can file their expense reports on the software, and the system automatically sends the request to the appropriate approver based on the hierarchy set up within the system. If senior approvers are required, the request is forwarded accordingly.
Further, the system sends reminders to the approver on their phone or other devices to review and approve expenses in real time. Once the approver approves the expenses, the finance team can view the file on their dashboard for reimbursement. As a result, managers are able to handle claims hassle-free, and employees get timely reimbursement.
Enhanced Policy Enforcement
Ensuring compliance is a big challenge when it comes to expense reporting. When employees have to report expenses manually, there are high chances of errors. Moreover, it becomes difficult for HR and finance teams to verify the reliability of these reports without an automated system in place.
Expense management tool provides a solution to these challenges. It allows managers to configure rules and policies based on which it cross-checks expenses.
When an employee submits an expense report, the system flags expenses that do not comply with policies. This way, the software verifies the expenses before forwarding them to the manager. Ultimately, it reduces the burden on managers to manually review each expense, saving time and resources.
Optimized Financial Decisions
As a finance manager, you understand the importance of an expense database. However, what is truly invaluable is the ability to dissect and interpret that data to optimize your finances.
Merely looking at the data does not provide insights on which steps to take in order to cut costs and enhance financial performance. This is where the best expense management software comes in.
The software not only provides real-time data presented through intuitive graphs and charts but also equips you with tools to analyze and interpret that data effortlessly. One such tool is the virtual travel consultant (VTC).
A VTC allows you to compare key metrics against companies within your industry. As a result, it enables you to understand the effectiveness of your expense processes and identify areas for improvement.
In addition, the virtual consultant provides step-by-step guidelines as to how managers can implement the changes. By using the insights provided by VTC, managers can drive the overall financial growth of the company.
Manual methods of expense management involve paper forms and spreadsheets. If you are currently relying on these methods, you must be familiar with the potential for human errors in the process. Such errors can have major consequences, especially when it comes to tax and legal liabilities.
These inaccuracies can occur at various stages, such as when employees submit expense reports or managers input data into spreadsheets. These errors not only impact financial accuracy but also take up a lot of time and resources to be rectified. In fact, according to GBTA, companies spend nearly half a million dollars and about 3,000 hours each year fixing errors in expense reports.
The best expense management software simplifies this process. Instead of relying on employees to input data manually, the software extracts it directly from receipts and stores it on the cloud. This ensures an accurate record for expense tracking.
Improved Visibility Into Spending
Relying on traditional methods of expense management often falls short of providing real-time data insights. This makes it challenging to make timely decisions, such as preventing violations or identifying cost-cutting opportunities.
An expense management software offers real-time visibility into employee spending. Moreover, you can get these insights even before employees complete their business trips.
The best expense management software typically includes a user-friendly dashboard that consolidates employee expense data and presents it visually through interactive graphics. You get to access KPIs, such as company spending, the average approval time for expense reports, the highest spenders, etc. This way, you can make better financial decisions, such as forecasting budgets.
Enhanced Fraud Prevention
In an attempt to get higher reimbursements, employees often try to manipulate their expense claims by inflating the amounts. According to a recent report by ACFE, a typical fraud case lasts 12 months before detection and causes a median loss of $117,000.
Since the finance team is usually burdened with expense claims, they may overlook such well-disguised false claims made by trusted employees. Unfortunately, once the funds have been disbursed, recovering them becomes a challenging task. Moreover, if auditors come across suspicious entries, it raises concerns and prompts further investigation.
The best expense management software can be customized to align with the firm’s expense policies. You can apply specific guidelines to the software for expense management and validating claims. This way, the software can identify fictitious, inflated, or other fraudulent expenses.
Furthermore, managers can establish the consequences for submitting out-of-policy or false claims. This approach ensures that employees adhere to approved spending limits and avoid unauthorized expenses.
Top 3 Expense Management Software Comparision
Let us see the features and other details of top 3 expense management software.
ITILITE expense management software is the easiest-to-use, one-stop solution for all of your company’s expenses process. With ITILITE, you can speed up expense reimbursement up to 5 times due to seamless filing, automated audit, and single-click repayment option. You can also configure multi-level policy checks to keep fraud at bay. The solution streamlines reimbursement workflows to help you gain control over your expenses while reducing manual effort and errors. With ITILITE Expense, you can increase your overall financial productivity by 40%.
- Digitize expense filing: scan and create expense receipts digitally with in-built OCR technology for seamless, error-free filing.
- Integrate existing credit/debit cards: file expenses with your existing personal and corporate credit/debit cards from 10,000+ bank options.
- Automate travel expense creation: auto-create draft expenses for flights, hotels, and rental cars when employees complete bookings through ITILITE travel.
- Automate audit and fraud detection: flag duplicate claims, weekend spends, and out-of-policy expenses.
- Create an audit trail: create a trail of expense claims and leave comments against each expense rejected or approved.
- Free custom reports and dashboards: get regularly scheduled free custom reports and build your own dashboard.
- Greater visibility into reimbursement cycles: understand the reimbursement processes by getting a live view of the time taken to file, approve and reimburse expenses.
- Third-party integrations: integrate the expense management solution with your HRIS, ERP, and other solutions.
Expense plan: costs $7.99 per active user per month. An active user is someone who submits at least one expense report in a month. You can get a discounted price of $4.99 if you go for an annual plan.
To learn more about the pricing structure and the benefits of the plans, please visit, ITILITE pricing page.
2) Concur Expense
SAP Concur Expense is an expense management solution that automates and simplifies the expense reporting process. It enables users to capture receipts, categorize expenses, and submit reports with ease. The solution provides real-time policy compliance checks, integrates with travel bookings, and offers robust analytics for better expense visibility.
- Expense management on the go: Concur lets business travelers and travel managers submit, review, and approve expense reports from anywhere.
- Auto-filing: auto-populates expense reports from digitally scanned receipts.
- Detailed reporting: tracks and reports expense data securely.
- Greater visibility: improves budget forecasting and policy compliance by providing better visibility into expense data.
- Third-party integrations: integrates with your existing ERP.
Concur Expense offers 3 plans- Automate, Insights, and Optimize. The most basic plan, Automate, starts at $9 per report. Other plans have variable pricing. Hence, you need to contact Concur’s team for details.
Emburse provides a comprehensive expense management platform for businesses. It features a solution that helps manage travel expenses, accounts payable & purchasing automation, reporting & analytics, time tracking, and more. It also provides businesses the feature to integrate with multiple corporate credit/debit cards.
- Quick reimbursements: Emburse lets you reimburse employees swiftly and securely.
- Policy configuration: configure travel and expense policy to ensure greater compliance.
- Digital receipt scanning: auto-populate data from expense receipts with the help of OCR technology.
- Integration: integrate existing business software tools such as Quickbooks.
- Analytics and reporting: get a consolidated view of travel and expense data to make smarter business decisions.
- Card creation: create virtual and physical cards with pre-configured spending limits.
Pricing for Emburse is customized. You need to contact their team or get a quote from their website.
To Sum Up
Here is a comparison of ITILITE, Emburse, and Concur Expense:
|Corporate card sync
|Custom categories in reports
|Unlimited Custom fields in categories
|Calculated and pre-filled expense fields
|Standard dashboards and reports
|Custom approvals for categories
|Duplicate receipt detection
|Weekend spend detection
|Monthly/Yearly spend limit violation detection
|Less than a day
|$7.99 per active user/per month
|$8-$12 per user or report
|$8-$12 per report
Why is ITILITE the Best Expense Management Software?
From the comparison table, you can infer that our expense management software is the industry-best solution, which is also the right option for your company. With ITILITE, you get multiple advanced features like card integrations, custom data reporting, the option to add unlimited categories in reports, etc.
Moreover, unlike Emburse and Concur, you get customizable dashboards that you can use to gain better insights into your expense data. This can help you make smarter decisions without the hassle of having to go through lengthy reports.
What’s more? With ITILITE, you get an integrated travel platform that helps you manage all your travel needs, from booking to support, seamlessly. Unlike Concur and Emburse, ITILITE does not need any external TMC integration, which means a better user experience and faster and more efficient support.
Opt for the Best Expense Management Software
Effective expense management is crucial for the smooth operation and growth of your expanding business. While there are numerous options available in the market, it’s important to choose the one that best suits your needs.
One such exceptional solution is ITILITE, an advanced cloud-based expense management software. With its comprehensive features and user-friendly interface, ITILITE automates the entire expense reporting process, ensuring policy compliance.
ITILITE also offers a virtual travel consultant with the software so that you can easily save money. By choosing ITILITE, you not only streamline your processes but also gain a strategic partner dedicated to your financial success.
To experience the benefits, book a free demo with us.