Is your business tired of gathering receipts and manually approving paper expense reports? If so, there are several options available for expense management software for small businesses. Today’s technology has made the process easier and more convenient, and each platform offers a different type of solution. We know that you want to find the one that will best fit your objectives, so keep on reading for some of our insight into the different expense management softwares.
Expensify is a web-based expense management software for small business and big business customers. They offer a mobile app for tablets and smartphones so that users can take pictures of their receipts in the app and add any other necessary details with just a few clicks. Users can upload from the web or drag and drop from their computers.
Using Schedule Submit, your company can set a schedule to automatically process what is in the system, keeping you from having to create a report manually. Once the report’s created, it is available for approval by the specified approver. The person approving the expense report can reject it for correction or removal. Once approved, payments are made through an ACH account that the employee sets up through one of many third-party systems.
Expensify has multi-currency capability, supporting over 160 currencies. Travel reporting options include mileage calculations that can be calculated based on entered mileage, odometer readings, or GPS navigation. This feature is not available in all expense management software, so we wanted to make note of it. Plus, Expensify integrates easily with both QuickBooks Online and Xero.
Brex and Divvy are two of our recommended options for securely issuing company business cards – and both operate virtually the same. Neither are true expense management software, but instead, they offer credit card numbers with customized limits so that you can both manage fraud and keep employees from having to pay for expenses up front.
Brex and Divvy run off the Mastercard network, so they’re accepted anywhere that credit cards are allowed. You can set a limit for each employee, and they are unable to use above the approved amount unless additional approval is received. Luckily, approving additional funds is as easy as requesting a real-time adjustment to the limit.
For your business, these can offer up to a 30-day float on cash. Business owners do not have any personal liability. Another advantage is that this card can help build company credit. The cards are free since the fees collected from the merchant pays them. They also have reward programs and travel deals available.
The card company sets the monthly limit that you are allowed (based on your cash reporting), and you divide that up between employees. Allocation isn’t required for the full limit – only what you budget per person. New employees sign up on the dashboard, and they receive both a virtual and a physical card to use for purchases.
Companies must be cash solvent to use these cards because payments are due based on the card schedule. Brex is deducted from your bank account monthly, and Divvy is deducted daily, weekly, bi-weekly, or monthly.
For more of our tips on the best business credit cards, check out our blog: What’s In Your Wallet? Best Startup Credit Cards for Small Business Owners.
Still have questions about expense reporting or expense management software for small businesses? Check out Your Ultimate Guide to Expense Reports & Reporting. You can also download our Expense Reimbursement template for free.
Looking for someone from Acuity to help take over some of your back-office responsibilities? Click here to schedule a time to talk to our Account Executive Tyler Horn to get started today!
Expense Management Software FAQs
Well, first off – you’re in the right place! Click here to download our free Small Business Expense Reimbursement Form.
As for preparing an expense report, depending, you might be required to provide different receipts for different amounts. But remember, if you’re an entrepreneur, your credit card statement can serve as a receipt. For a couple of the categories of expenses, it’s recommended that you have a business purpose documented and the people who attended, but if you keep a detailed calendar, that’s usually easy to recreate.
You can do it just like you would any other bill in QBO. There’s no special expense report feature!
There’s a series of different companies, like Brex and Divvy, that allow you to not only manage expenses but to spin up virtual credit cards. You basically create a new credit card number with customized limits for each number. It’s a great way to manage fraud and spending. Issuing cards like these to your employees could take away your expense reporting hassles, too!