Top 5 Expense Management Software Of 2023

In the movie Accepted (2006), Bartleby Gaines (Justin Long) creates a fake college to please his parents after all his applications are rejected. The plan includes two of his friends who faced similar dilemmas for different reasons and a third who helped them set up the fake website and premises. Despite a few hitches, they start their fake semester by goofing off in a leased-out abandoned psychiatric hospital that they renovated to serve as the fake college premises.

All seemed fine until a bunch of other rejected students showed up at Bartleby’s fake college as they got accepted because of a website glitch. Suddenly the three of them are dealing with hundreds of students. #Nightmare! Taking care of the expenses amongst the three of them would have been easy but it became a tough task tracking the expenses of keeping a fake college running – student fees, hosting festivals and 

Enterprises that cater to many employees can face problems in the simplest of tasks. This is why they are thankful for Expense Management Software, which simplifies their auditing, reimbursement and reconciliation processes by automating manual, routine and time-consuming procedures that reduce errors and help manage employee business expenses and reimbursements.

If your enterprise needs such a tool, check out our list of the top 5 Expense Management Software of 2023.
 

Top 5 Expense Management Software Of 2023

Expense Management Software helps organizations by offering a faster, easier, digitized and automated process for creating, submitting, approving and tracking employee-related business expenses. Additionally, it helps analyze expenses and identify cost-saving opportunities for corporate expenses.

So, let’s get into the list of the top 5 Expense Management Software for 2023 - in random order.
 

SAP Concur	Expensify	Navan
Zoho Expense	Airbase

 

Tool 1: SAP Concur

SAP Concur was formerly known as Concur Technologies, which was founded in 1993. It was acquired by the multinational software company SAP SE in 2014 for $8.3 billion. SAP SE itself is more than 50 years old, founded in 1972 with headquarters in Waldorf, Germany. While SAP Concur has a workforce of 7,000+, SAP SE has over 111,000 employees worldwide. In 2022, SAP SE won over 100 awards for numerous categories including Best Employer (47), Best Workplace (23), Equality (20) and Early Career Talent (10). Kudos, SAP!


SAP Concur is a leading provider of integrated travel, expense and invoice management solutions used by over 15,000 clients. The tool offers simplistic usage, enhanced control and automated processes. SAP Concur is a single cloud-based and mobile tool that offers integration of travel spending, ERP, accounting and card data that helps manage the entire expense process.

SAP Concur offers near real-time data integration with the power of AI (Artificial Intelligence) to audit all transactions. It handles multiple currencies. This ensures that organizations know exactly where they’re spending and do not face blind spots in budgeting.

What You’ll Love: Supports multiple languages, 24X7 Support, Free trial available, AI and Machine Learning Capabilities, Comprehensive dashboard.
 

Tool 2: Expensify

Expensify was founded in 2008 and has its headquarters in San Francisco, USA. The company has just shy of 200 employees but is a publicly traded company listed on the Nasdaq with a revenue of a cool $100 million. This found Expensify being awarded 5th place in Fortune’s 100 Best Small Workplaces in 2022.


Expensify is described as a payment super app that combines expense management with security, compliance, tax tracking and a simple process of snapping photos of receipts to get reimbursed. More than 10 million people use the tool’s free features to help manage their money. Expensify is a comprehensive tool that allows you to track your expenses, provide quick reimbursements, manage invoices, pay bills and sort travel bookings.

Expensify is dedicated to making expense management easier for its customers. What’s the special they offer? Along with a free plan, they also offer a free trial as well as super deals and the cherry on the top is the business credit card, Expensify Card. The card makes managing receipts and payments easier, offers 4% cash back and can help you save 50% on your monthly Expensify bill.

What You’ll Love: Outstanding performance, Suitable for startups, Flexible pricing, Mobile-app available, Advance data security.
 

Tool 3: Navan (Formerly TripActions)

Navan was formerly known as TripActions until it was rebranded on 7th February 2023, which was founded in 2015 in Palo Alto, California, USA and now serves as its headquarters. The company has around 2,500 employees. Navan is listed in the Forbes Fintech 50 and according to the Okta Business at Work Report (2022), Navan was ranked #2 worldwide and #1 in North America as the fastest-growing app.


Navan is an all-in-one tool aimed at making travel easy for its users by offering virtual and physical corporate cards, flight and hotel deals, booking and management, automated processes, accounting software integrations, real-time visibility, cost-saving options and enhanced control for handling business travel expenses. Before the rebrand, TripActions focused on travel expense-related services, while TripActions Liquid enabled payments and expense solutions for finance teams and employees. Now both services are consolidated into a single application, Navan, with the travel-only service available for free.

Navan is looking to introduce OpenAI’s ChatGPT capabilities into its platform, which will be able to learn user preferences to offer customized solutions in the future, respond to voice commands and better the platform’s code.

What You’ll Love: Easy to use, 24X7 Support, Free trial available, AI and Machine Learning Capabilities, Mobile-app available.
 

Tool 4: Zoho Expense

Zoho Corporation is a multinational software company headquartered in Chennai, India with over 12,000 employees. Zoho was initially called AdventNet when it was launched in 1996. It was renamed Zoho Corporation in 2009 and became the umbrella company of three different divisions that catered to three different markets. Today Zoho offers several software solutions for various services which have seen it reach 75+ million users.


Launched in 2015, Zoho Expense is a tool that helps organizations have better control over their finances by streamlining their travel expenses, automating expense processes, providing efficient accounting functions, ensuring compliance, safeguarding from fraudulent claims and gaining better insight into business-related expenses. The tool is available as a web-based and mobile application. It is globally scalable and offers customization so that it can be integrated with other software applications currently in use.

Zoho Expense has 4 pricing options, one of which is ideal for small businesses and freelancers as it offers free usage for up to 3 users. Another one is suited for growing businesses that need end-to-end expense reporting. The third is for global businesses that need better workflow and a certain amount of customization. The last one is a highly customizable plan for enterprises with complex needs. It also offers a 14-day free trial.

What You’ll Love: Customization possible, Supports multiple languages, Prompt customer service, Budget-friendly, Mobile-app available.
 

Tool 5: Airbase

Airbase was founded in 2017 and is headquartered in San Francisco, California, USA. The company has over 100 employees and is growing fast and gaining recognition. In 2022, it was recognized by The Stevie Awards as a Silver winner in the 20th Annual American Business Awards for Most Innovative Tech Company. Airbase was listed as a Leader in the Mid-Market Grid Report and Enterprise Grid Report by G2 in 2023.


Airbase offers a comprehensive platform that’s scalable from startup levels to enterprise levels. Essentially, the tool consolidates three main services, accounts payable, an advanced corporate card program, and employee expense reimbursements. The tool is a consistent and efficient platform that provides you with visibility and control over approval workflows, automated processes, error elimination, real-time reporting and more. In the words of the company itself: It’s beyond spend management. It’s spendlightenment.

Airbase is quite often reviewed as one of the easiest tools to use with a user-friendly interface. Airbase offers a mobile application with email forwarding capabilities, as well as internal collaborative features that let you tag relevant individuals. The tool can extract information from pictures of receipts and once approved, the system will deposit the reimbursement directly into the employee’s bank account, helping avoid payroll tax confusion.

What You’ll Love: Easy to scale, User-friendly interface, Flexible pricing, Workflow automation, Comprehensive dashboard.
 

Winding It Up

Expense Management Software will make it easier for an organization to manage and track employee business-related expenses, reimbursement and reconciliations, corporate expenses incurred by an organization and cost-saving options. Essentially, it works to save you time, effort and money. Getting the right tool suited to your organization’s needs is crucial.