Managing an organization’s expenses is crucial for sustainable financial health in today’s fast-paced business world. Hence, companies must efficiently and meticulously track and control expenses to ensure compliance, adhere to financial regulations, and optimize resource allocation.
To manage finances seamlessly, most organizations globally are leveraging expense management software. Expense management software helps you optimize your budget, manage cashflows, ensure policy compliance, detect fraud, comply with tax regulations, and more.
If your organization is already using Zoho expense and looking for an alternative, we bring you the 5 best alternatives to Zoho expense and help you make the right decision.
One of the best alternative to Zoho expense is ITILITE. It is a new-age cloud-based travel and expense management software that revolutionizes how organizations handle their expense processes. The software is designed to focus on simplicity and efficiency for its users. ITILITE helps you seamlessly manage, automate, and streamline your expense management process. From capturing expense reports to generating detailed reports, the platform ensures accuracy and compliance and efficiently tracks all expenses incurred.
The software helps organizations replace their traditional means of expense tracking by leveraging intelligent features such as real-time analytics, policy enforcement, and mobile accessibility. This empowers employees with a user-friendly experience and provides management with actionable insights for strategic decision-making.
ITILITE doesn’t just make filing expenses easier; it helps you anticipate future spending, making budget planning more efficient. The software’s easy setup makes it unique, allowing you to start quickly. Additionally, 24/7/365 customer support is available to assist you whenever necessary.
Essential Features of ITILITE:
- Customizable Approval Workflows: With ITILITE, you can create custom workflows according to your company’s policies. You can also integrate expense policies into the software to flag non-compliant or fraudulent expenses for review. This feature contributes to a more proactive expense management system, minimizing the likelihood of policy violations and reinforcing financial compliance within your organization.
- Streamlined Expense Categories: ITILITE expense management software simplifies your expense tracking by categorizing the expenses per General Ledger (GL) categories. This categorization ensures seamless integration between the ERP systems and expense management software.
- Quick Reimbursements: ITILITE lets you accelerate your expense reimbursement process with a single-click ACH payment system directly to employee bank accounts. This streamlined approach eliminates unnecessary delays, providing a swift and efficient method for reimbursing expenses.
- Seamless ERP Integration: With automation, you can easily update ERPs effortlessly and simplify your expense filing process. This reduces manual data entry, saving time and effort in the long run.
- Receipt Digitization: With ITILITE, you can empower your employees with smart scanning that lets them scan their expense receipts with OCR technology. This ensures receipt digitization and creates expense reports for filing purposes.
- Card Compatibility: The software lets your employees use their existing corporate card or credit/debit card from a wide range of bank options (over 10,000) supported by ITILITE.
- Custom Reports: Effortlessly manage your expense reporting with the capability to schedule customized reports directly to your inbox. Alternatively, you can create personalized dashboards tailored to your preferences, offering valuable insights into employee spending behavior. This versatile feature allows you to stay informed about expenditures at your convenience.
- Mileage Tracking: This feature allows you to empower employees to submit expenses based on the predefined mileage rates you establish. By enabling employees to track mileage efficiently, your organization can enhance transparency and precision in expense management.
The 2nd best alternative to Zoho expense includes Expensify. Expensify is a leading expense management system known for its user-friendly interface and robust features. The platform excels in real-time expense tracking, seamlessly capturing expenditures and facilitating efficient receipt scanning. The platform’s strength lies in its policy enforcement capabilities, ensuring adherence to company guidelines and regulatory requirements.
Essential Features of Expensify:
- Receipt Scanning: Expensify’s efficient scanning feature allows you to capture and upload receipts effortlessly, reducing paperwork and increasing efficiency.
- Automatic Expense Categorization: Expensify automates expense categorization, saving time and minimizing the risk of manual errors.
- Integration with Accounting Software: Seamlessly integrate Expensify with popular accounting software for a streamlined expense management process.
- Policy Enforcement: Ensure compliance with company policies through Expensify’s robust policy enforcement features.
- Smart Expense Reporting: Users can generate detailed, customizable expense reports quickly and efficiently.
3. SAP Concur
SAP Concur can also be considered as one of the best alternative to Zoho expense. SAP Concur is a leading expense management solution renowned for its comprehensive features and efficiency. Catering to businesses of all sizes, SAP Concur streamlines and automates the entire expense management process, from expense report creation to reimbursement. The platform excels in real-time expense reporting, allowing users to capture receipts through its mobile app.
Essential Features of SAP Concur:
- Automated Expense Reporting: Streamline expense reporting with Concur’s automation, reducing manual efforts and ensuring accuracy.
- Receipt Capture: Facilitate easy capture with Concur, eliminating the need for physical receipts and enhancing overall efficiency.
- Integration with ERP Systems and HR Software: Integrate Concur seamlessly with ERP systems and HR software for a synchronized approach to expense management.
- Travel Booking Integration: Consolidate travel and expense management with Concur’s integrated travel booking features.
- Visual Expense Tracking: Concur Expense offers an optical tracking system, allowing employees to monitor the status of their expense reports as they move through the approval workflow.
The next best Zoho expense alternative is Navan. Navan, earlier known as TripActions is a robust expense management software meticulously crafted to streamline and elevate the oversight of business expenditures. This comprehensive platform is a centralized hub, enabling businesses to track and monitor all financial transactions effortlessly. Navan goes beyond mere tracking, offering a sophisticated system that provides a clear and organized view of spending activities.
Essential Features of Navan:
- Global Expense Reimbursement: Navan offers smooth reimbursement across 45 countries, accommodating 25 currencies.
- Card Integration: Navan simplifies payments by integrating virtual cards.
- VAT Compliance and Recovery: Navan empowers businesses to capture, monitor, and report VAT transactions, potentially allowing them to recover up to 25% of their expenses.
- Current Card Integration: You can link your existing Visa or Mastercard to the Navan platform, preserving your card benefits while capitalizing on Navan’s expense management tools.
Spendesk is another expense management tool that also serves as the best Zoho expense alternative. It is a leading expense management platform that revolutionizes how businesses handle their spending processes. Recognized for its user-friendly interface and comprehensive features, Spendesk provides organizations with a centralized solution to manage expenses, track spending, and enforce financial policies efficiently. The platform offers tools for expense reporting, invoice management, employee reimbursements, and streamlining financial workflows.
Essential Features of Spendesk:
Invoice Management: Spendesk often includes features for managing and processing invoices, helping organizations handle their payables seamlessly.
Payment Cards: Spendesk may offer virtual or physical payment cards that employees can use for business expenses, with the ability to set spending limits and restrictions.
Receipt Capture: Spendesk may include digital features for capturing and storing receipts, reducing the need for manual paperwork and enhancing accuracy.
Policy Enforcement: The platform often includes tools to enforce spending policies, ensuring expenses align with company guidelines and compliance standards.
Integration with Accounting Systems: Spendesk typically integrates with accounting systems, facilitating a seamless flow of financial data and reducing the need for manual data entry.
Choose the Best Alternative to Zoho Expense
In the quest for the best alternative to Zoho Expense, businesses are presented with a rich array of features across these five solutions. ITILITE emerges as the most comprehensive choice, combining user-friendly design with advanced features like automated tracking, real-time reporting, and seamless integration. Elevate your expense management capabilities with our platform, the optimal solution for organizations seeking efficiency, innovation, and a robust feature set in their expense tracking endeavors.
Book a free demo now to know more about our expense management software!