If you’re a finance team, you know how time-consuming it can be to get expense reports and approvals done. Automating expense management can make the process much easier and faster, especially during monthly or annual closing.
Check out how to automate expense reports and the top 10 expense report software you can choose.
How to automate expense reports for effective business travel management
Here are a few ways to automate expense reports for business travel management:
Expenses incurred: Employees incur a business expense and log it into an automation tool. The automation expense report software will contain particulars such as expense type, category, and amount.
Filing the expense report: Once users log in with their expense details, they scan their invoices and bills and add them to their expense log. They double-check all the details of the claim before submitting it.
Informing the manager: After employees submit their expense claims in the system, they notify the department manager. The manager checks the details in the expense claim to ensure they are accurate and the claim amount is within the eligible limit. The manager can approve or deny the claim or sometimes send the claim back to the employee for more information.
Accounts review: Once the expense claim gets approved by the concerned approver, it gets sent to the Finance Controller for permission and review. The Finance Controller reviews the details of the claim and can offer approval right away or wait until there are a lot of similar claims available for approval.
Approval process: The Finance Controller checks the details of the expense claim that appears and cross-checks with the receipt details.
Reimbursement Process: The approved expense claim is paid out immediately or reimbursed at the month’s end. All the processed expense claims get sent for reimbursement. All processed claims then get sent to the accounting tools of the company for reimbursement.
Essential features of expense report software
If you’re looking for expense reporting software, you must ensure it has all the essential features.
Here are the key features of an ideal expense management software.
- The software has a user-friendly interface.
- It is flexible and scalable as needed.
- The software will automate expense reports faster and more accurately than manual reports.
- Users don’t need a lot of training to get the hang of it.
- Access to confidential financial information should only be given to the right people at the right time, with levels of access.
- It will communicate easily with accounting tools.
- It should automate receipt capture and analyze reports.
- It must digitize approvals and reimbursement.
- Easy integration with existing systems.
Top 10 expense report software
#1 ITILITE
ITILITE is in the top 10 expense report software because it can accelerate employee expense reimbursements by nearly 5x. It focuses on achieving 100% policy compliance and simplifies the expense filing process. ITILITE also offers hassle-free setups and 24/7 dedicated customer support.
Key features
- Personalized approval workflows and integrated expense policies to flag non-compliant expenses for checking.
- Streamlined expense categories based on General Ledger categories
- One-click ACH payment system sending directly to employee bank accounts accelerates reimbursements.
- ITILITE offers seamless ERP integration, card compatibility, custom reports, and mileage tracking for expense filing.
- It supports over 10,000 bank options.
- Digitized receipts with scanning and OCR technology and draft receipts for easy filing.
#2 Expensify
Expensify is a financial management software that makes it easy for people and businesses to keep track of their spending and automate expense reports. The software makes it super simple to keep track of your expenses.
Features offered are expense tracking, invoicing, reimbursement, travel booking, and user-friendly software to save time.
#3 SAP Concur
If you’re looking for a way to streamline and manage your finances, SAP Concur has you covered. It’s got everything you need to manage your travel, expenses, and invoices. It offers expense reports, automation, receipt capture, easy-to-use dashboards, and customizable expense policies.
#4 Zoho Expense
Zoho Expense is a software that automates corporate travel and expense reporting to give companies complete control over their spending. The primary goal of the software is to reduce expenses at the source and reduce manual work. By providing insights into areas to improve, Zoho Expense enhances business productivity.
Zoho Expense can be accessed on the web or as a mobile app. It offers a high level of customization. Zoho makes implementation easy and fast.
Zoho Expense features include receipt management, expense management, mileage tracking, reports, etc.
#5 Happay
Happay offers a unified platform for all your travel and expense needs. It has an all-in-one mobile app that makes it easy to file expense reports, identify policy violations, manage multiple approval processes, and keep track of your spending in real-time. It is all cloud-based, easy to integrate, and secure.
#6 Brex
Brex is an expense platform that allows you to manage your expenses. It can help you automate expense reports, give you control over your business spending, and customize it for diverse expense types. Also, it is easy to switch from your current expense management software.
#7 Rydoo
Rydoo is a cost-effective expense management tool that captures all the info you need from receipts using OCR technology. Also, it provides analytical reports so that you can check your spending. It is easy to use and is perfect for businesses looking for fast growth.
#8 Fyle
Fyle simplifies how you automate expense reports. It integrates with all current Visa and Mastercard cards. Additionally, it has automatic matching of receipts, automatic reconciliation, and faster closing times. You can submit expenses while on the go, get codes, and sort receipts. It is helpful for companies with between 50 and 500 employees.
#9 TravelPerk
TravelPerk makes it easier and more convenient for everyone to book a trip. It gives businesses the power to manage their money better. You can plan everything from a unified platform and only have to pay when on the road.
#10 Pleo
Pleo makes it easy to keep track of your expenses with smart company cards. It automates expense reports, gives you real-time info, and lets you set your spending limits. Also, it makes it easier to manage your money and cut down on administrative work.
Final Thoughts: Work smart and automate expense reports
So, if you’re looking for the best choice in the top 10 expense report software, look no further than ITILITE. It’s easy to use, has multiple features, and is flexible enough to work for businesses of any size. With ITILITE, you can get the most out of your expense management, track expenses quickly and easily, and gain insights into your finances. It will help you become more financially efficient and make better decisions.
Luke