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Expense Report Software

Expense report software helps companies simplify the management and tracking of “T&E,” or, “business travel and expenses.” By providing increased visibility of employee spending, expense management software can increase adherence to corporate spending policies and help organizations budget and forecast for future expenses.

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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive r... Read more

43 recommendations

FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense... Read more

4.57 (7 reviews)

41 recommendations

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide finan... Read more

33 recommendations

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large... Read more

4.40 (10 reviews)

31 recommendations

Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports and virtual cards. D... Read more

12 recommendations

FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with... Read more

12 recommendations

Jedox is a cloud-based Enterprise Performance Management software solution that delivers self-service budgeting, planning, and forecasting across finance, sales, HR, and other business functions. Companies of all sizes and indu... Read more

4.50 (56 reviews)

11 recommendations

The Financial Edge by Blackbaud helps nonprofit and government agencies control expenses and track costs against budget to help better manage finances and avoid overspending. It also features financial reporting and budget tools.... Read more

10 recommendations

BQE Core is a cloud-based solution that offers integrated business accounting, project management, and business intelligence. It can support the operations of a variety of industries, including legal services, architecture firm... Read more

8 recommendations

Nexonia is a configurable expense management solution that eliminates manual reporting, ensures compliance, and helps control your T&E spend. Customers choose Nexonia for tight integrations with ERP's and accounting... Read more

7 recommendations

Plooto saves you hours of work by automating Accounts Payable (AP) and Accounts Receivable (AR) workflows. Trusted by thousands of accounting professionals, Plooto transforms AP and AR services, making them more efficient, stre... Read more

3.97 (34 reviews)

7 recommendations

Abacus is a cloud-based T&E solution that offers midsize teams a highly efficient way to track and control expenses, reimburse employees, and book travel. Employees use a mobile app to submit expenses right when the... Read more

4.49 (52 reviews)

6 recommendations

Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features... Read more

3.89 (60 reviews)

6 recommendations

Beanworks is a cloud-based accounts payable (AP) automation solution that empowers accounting teams to succeed. Developed for the mid-market, Beanworks provides better visibility and centralized control throughout the entire AP... Read more

4.71 (34 reviews)

5 recommendations

Certify Expense effortlessly streamlines your operations through automation and superior customer service. Automatically create reports for employees, streamline approvals, and make reimbursement and reporting effortless for ac... Read more

5 recommendations

24SevenOffice is a cloud-based Accounting and ERP system for small and mid-sized businesses. 24SevenOffice eliminates repetitive processes and greatly reduces the need to manually enter information. The system will also streaml... Read more

4.43 (28 reviews)

4 recommendations

Rydoo Expense is an expense reporting solution designed to automate the expense management process and it suitable for businesses of all sizes, including independent contractors. It allows users to scan and digitize receipts us... Read more

4 recommendations

RealPage is a cloud-based property management solution suitable for businesses of any size. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and reporting. RealPage ena... Read more

4.06 (16 reviews)

4 recommendations

Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit ... Read more

4.40 (5 reviews)

3 recommendations

AccountMate is a hybrid accounting solution that caters to small and midsize businesses and offers them tools and functionalities, which help them to manage their financial procedures and routines. The solution provides multipl... Read more

4.32 (22 reviews)

3 recommendations

Popular Expense Management Software Comparisons

Buyers Guide

Last Updated: September 17, 2020

Expense report software helps companies simplify the management and tracking of “T&E,” or, “business travel and expenses.” By providing increased visibility of employee spending, expense management software can increase adherence to corporate spending policies and help organizations budget and forecast for future expenses.

With so many expense reporting systems on the market, it can be hard to decide which one is right for you. With that in mind, we created this buyer’s guide to help you narrow down your choices from the selection available.

Here's what we'll cover:

What Is Expense Report Software?
Key Purchase Drivers
Common Features of Expense Management Software
What Type of Buyer Are You?

What Is Expense Report Software?

Tracking expenses is an essential task for every company. Expense report software automates the entire expense management process, from submitting a claim to analyzing business expenses. Not only does this save time, but it reduces errors caused by manual data entry.

While systems vary, the key steps in this process include:

Submit claim, i.e. employee expense report, to manager for approval. Employees can easily create and submit expense reports for work-related expenses like transportation, lodging and meal costs. Management reviews and approves, then sends the claim to accounting for processing and reimbursement.

The ability to automatically import expenses from personal and company credit cards and accounts streamlines the expense report process and ensures no expenditures are overlooked.

Additionally, organizations can customize approval workflows to help structure the approval process by setting limits or creating rules dictating spending overrides and adjustments.

Process expense report. Features such as automatic expense import and integration with popular accounting systems, such as Quickbooks Online andIntacct, eliminate the need for manual data entry and minimize the chance of errors.

Reimburse funds. Direct deposit allows for quick and easy funds transfer, so companies can reimburse employees more efficiently and the compensation is available for immediate use.

Analyze spending. The ability to track spending by expense category, unit or vendor provides insight into spending trends and identifies areas for cost savings. Organizations can improve their cash flow cycle and forecast for future expenditures.

Additionally, reviewing expense data helps ensure that employees are compliant with company policies and can even assist with fraud detection (see “Key Purchase Drivers” section below for more details).

Key Purchase Drivers

There are three main drivers that push a business to automate their expense management system:

  • Cost
  • Compliance
  • Productivity

Cost: Submitting and processing an expense report can be tedious and expensive. Automating this process saves time and cuts down on transaction costs.

For example, many systems offer mobile apps that allow employees to take a picture of receipts or scan and email the receipt, and the relevant data is extracted and autopopulates on the report. Approved expenses, such as car mileage, flights or hotel lodging, are pre-coded for streamlined processing.

Even more, systems that include integration with accounting platforms and offer direct deposit help reduce the time and costs associated with claim approval and reimbursement.

Compliance: Internal company policies as well as external government and tax regulations can cause non-compliance risks for an organization. Expense management systems help reduce risks by evaluating expense reports against internal and external regulations.

For example, managers and accounting can set up expense rules so they are automatically alerted when an expense is submitted that isn’t filed under an approved code. This can help catch innocent errors more quickly and alert management of situations involving possible fraud.

Productivity: Time and money lost due to misplaced receipts, forgotten expense approvals and error-prone manual data entry and expense calculations, can put a significant drain on employee productivity and satisfaction. Expense management software can curb these issues and increase efficiency.

For example, employees can use their mobile device to take a picture of receipts, rather than having to keep track of various paper receipts while traveling. Managers can set up email reminders for employees about submitting reports and for themselves about approving reports. Automating these processes can boost productivity tremendously.

Common Features of Expense Management Software

Features of these systems can vary from vendor to vendor. Below are some of the most common functions:

Feature Description
Accounting integration Many systems integrate with popular accounting systems such as Xero, Microsoft Dynamics and Sage 50 (formerly known as Peachtree), allowing for easy export of reports and eliminating the need for manual data entry.
Expense compliance Helps enforce corporate spending policies and assist with fraud detection flagging expense overages, duplicate expenses, missing documentation (e.g., receipts) and so forth.
Approval workflow Streamlines the review and approval process by enabling managers to configure workflows according to expense type and other variables.
Analytics reporting Customizable reports help forecast and budget for future expenses, identify spending trends and highlight cost savings opportunities.
Automatic expense import Connects to personal and corporate accounts and credit cards, allowing users to pick and choose charges to add to expense reports.
Electronic receipt capture Enables users to scan, email or take a picture of receipts for easy submission.
Direct deposit Links directly to employee bank accounts for quick and easy expense reimbursement.
Mobile app Allows employees to enter expenditures, snap and submit photos of receipts or edit existing expenses via their smartphone or tablet.

What Type of Buyer Are You?

Small businesses. Organizations with just a handful of employees need an easy, organized way to manage business and travel expenses without all the bells and whistles of a more complex system. These companies will benefit from business expense software that offers basic features, such as the ability to upload photos of receipts and accounting software integration.

Midsized and growing businesses. Midsize organizations must find a way to handle the increased accounting requirements that come with additional customers and employees. Systems best suited to these companies allow managers to set spending limits by category and approve expense reports for employees who are on-the-go.

Large corporations. Organizations with hundreds or thousands of employees need an automated approach to manage business and travel expenses. Systems that offer automatic expense report creation and integrate with pre-existing financial and/or enterprise resource planning (ERP) solutions can help companies quickly and efficiently process reimbursements to keep operations running smoothly.