Expense management software is designed to streamline the process of tracking, reporting and reimbursing employee expenses. This software can be used in businesses of all sizes as it helps to replace manual systems which can be prone to errors. The result is a system that offers financial transparency for businesses so they can control their spending.

This software works from the moment an expense takes place. Your employees can log the expense in the system, adding categories and any relevant notes. The employee can then submit the expense within the software and this is sent to their manager for sign-off. Once approved, the expense is then reimbursed via a direct deposit.

Some expense management software solutions also offer integration with accounting and payroll systems, which helps to keep accurate financial records.

This type of software can provide many benefits for small businesses, as it is more efficient than manual systems. Here are just some of the ways it can help to run your business smoothly...

• Saves money and time - manual expense reporting can take up a lot of time for your finance team, as they have to fill in various spreadsheets. Expense management software does the hard work for you, freeing up your staff to focus on more strategic tasks

• Reduces errors - human error is always a problem when you're doing tasks manually, but with this automated software you can be reassured that expenses are being managed with accuracy

• Faster reimbursement - a digital expense system means you can pay back our employees a lot quicker, which should keep everyone a lot happier

• Real-time visibility - expenses are an important part of your cashflow and budget, so it's important that you know exactly what is being spent. Expense management software normally comes with real-time spending data

• Integration with other systems - this type of software doesn't need to work in isolation, and many solutions actually offer integration with other business software like accounting and payroll

The key to choosing the right expense management software is to evaluate your business needs, including budget and future growth plans. The good news is that there are plenty of providers available, you just need to do your research to find the best fit.

1. Define business needs

This is an important step and should be completed before purchasing anything for your business. In terms of this software, look at how many employees will need to submit expenses and what type of expenses you'll need to track. Then think about your realistic budget to satisfy these needs.

2. Pick your key features

What are your must-have features that are a non-negotiable? Create a checklist of essential features and use this list to compare providers and the software available.

3. Look at the cost

Money is a key factor when you're choosing expense management software, so remember to check whether there are hidden fees.

4. Check customer support

Customer support is key when setting up new software for your business, so always do your research and investigate the quality of the customer service. User reviews are also a good indication of what's working and what's not.

Expensify

This expense management software automates the entire expense reporting process, from receipt capture to reimbursement. Its key feature, SmartScan, is as easy as taking a photo, as employees can take a picture of a receipt with their phone and then add it to to the system. This saves time and starts the expense process easily.

Continia

If your business is already using Microsoft Business Central, then it's worth exploring Continia as it is fully integrated with this software. It automates the entire expense process and uses AI to capture receipts via an app.

Ramp

This is an all-in-one corporate card and expense management platform that automates your business finances. It offers real-time visibility into spending and can integrate with accounting software to save time on manual tasks.

Xero

Xero's expense software integrates with its main accounting platform, so you can track and manage your business spending in one place. It is helpful for small businesses as it mixes real-time tracking with automation so your finances are simplified.

QuickBooks

Expense software is a main feature of QuickBooks accounting software and it provides a way for small businesses to track, categorise and manage spending directly. It works well during the tax season when you need accurate financial records.