Tax and Compliance — 5 min
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Many people may think spend management software is just a method for recording receipts and reviewing invoices. But it's more than that — you can use spend management software to develop a strong financial foundation. This tool can be especially useful if you have a distributed team.
This article explores what spend management software is, how it can improve your business’s financial future, and a few popular options to choose from.
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What should you look for in spend management software?
Here are a few qualities you want to look for to choose a good spend management tool.
Automation
Automation helps you reduce mundane tasks when you manage spending. For example, invoice automation and accounts payable (AP) automation accelerate approval workflow with accuracy. In fact, 30% of organizations are investing in automation to help boost their profits.
Cost-effectiveness
If you want to optimize your business spending, opt for expense management software that offers excellent value. You don't need a tool with functions that you won't use – find a spend management software that tailors to your unique business needs.
Good integration
Integration capabilities with existing systems, such as accounting and HR platforms make spend management software that much better. Data exchange across platforms means less manual data entry.
7 best spend management software
Let’s take a look at seven of the best spend management software currently on the market.
1. Remote HR Management – Best for international teams
Remote HR Management helps you track spending to easily manage your global workforce. It's a comprehensive solution for handling HR data and spending in one unified platform.
Employees can easily submit their spending through the platform to be reimbursed. Our expense management software supports payroll, employee travel, and home office equipment reimbursements so you can easily budget your spending.
Pros:
Provides a centralized platform for HR tasks, including expense management and reimbursement
Spending requests and approvals supported in multiple currencies
Compliance tools tailored to various jurisdictions
Simplifies remote team management across different countries
Cons:
Companies that don’t operate globally may not be able to take full advantage of its features
Integrations:
BambooHR
Greenhouse
Gusto
Zapier
Pricing:
Remote HR Management is free to use. Other services, such as contractor management, employer of record, and payroll, are available at affordable rates.
2. Spendesk – Best for growing businesses that need flexibility
Spendesk offers a comprehensive spend management platform for growing businesses looking for more flexibility.
Spendesk consolidates smart payment methods and offers users real-time insights into their company’s spending.
Pros:
Offers real-time spending visibility and control
Easy to integrate with accounting software
Cons:
Has a learning curve for setting up complex approval workflows
Integrations:
QuickBooks
Xero
Sage
Pricing:
A fixed monthly fee for platform access and variable fees for transaction usage. Exact pricing is available after a consultation.
3. FreshBooks – Best for integrated accounting management
FreshBooks stands out as the best option for integrated accounting management. It offers over 100 integrations and a full suite of accounting features. It helps you with invoice management, expense tracking, online payments, double-entry accounting reports, and balance sheets.
Pros:
Intuitive interface and easy setup
Has comprehensive accounting features that integrate with expense management
Provides excellent customer support
Cons:
Increased pricing with additional users and clients
Integrations:
Stripe
PayPal
Pricing:
Packages range from 7.60 USD to 24.00 USD per month, with custom tiers available.
4. Expensify – Best for easy expense reporting
Expensify is known for their automated expense management tool for easy expense reporting. It offers a comprehensive solution so you can track receipts, manage expenses, reimburse employees, create expense reports, and send invoices.
Pros:
Features a user-friendly mobile app for on-the-go expense reporting
Has automated approval workflows that reduce the need for manual processing
Integrates well with major accounting software
Cons:
Receipt scanning app accuracy issues, as reported by some users
Customer service response times can vary
Integrations:
QuickBooks
Xero
NetSuite
Pricing:
Plans range from 5 USD to 9 USD per user per month on an annual subscription. Expensify also offers a free plan that allows users to send and receive money, split bills, and chat with coworkers without charges.
5. Dext – Best for time-saving data extraction
Dext helps accountants, bookkeepers, and businesses looking to speed up their financial processes. This platform offers automated accounting solutions that simplify tasks, enhance data accuracy, and boost productivity.
Dext focuses on consistent, quality bookkeeping and accounting services in compliance with the relevant regulations.
Pros:
Reduces manual data entry with accurate extraction technology
Supports a wide range of document types and formats
Streamlines expense processing and approval
Cons:
Pricing can be higher depending on businesses needs
Integrations:
QuickBooks
Xero
Sage
Pricing:
Dext subscription plans for small to medium businesses range from 24 USD to 69 USD per month.
6. Scanbot SDK– Best for versatile document-scanning
For companies seeking to digitize their invoicing, Scanbot SDK stands out as a scanning tool. It easily converts physical documents into digital formats so you can easily capture data.
It also offers barcode scanning. Its data capture software automates information extraction from structured documents, like ID cards.
Pros:
Offers portability and convenience for on-the-go scanning
Provides high-quality scans with automatic enhancement features
Integrates with cloud storage services for easy document management
Cons:
May require a separate platform for full spend management capabilities
Integrations:
Dropbox
Google Drive
Evernote
Pricing:
Scanbot SDK offers an annual flat-fee model. Exact pricing is available after a consultation. The software allows unlimited scanning regardless of user count and number of devices.
7. Certify – Best for comprehensive spend management
Certify has a range of features designed to manage travel and other business spending. It helps you simplify the creation, submission, and approval of expenses via mobile or desktop devices.
Pros:
Provides a comprehensive solution for businesses with a lot of travel expenses
Offers automated features to save time and reduce errors in expense reporting
Has robust reporting tools for financial analysis and compliance
Cons:
Is more expensive than simpler solutions
May require more time and resources to set up and customize
Integrations:
Salesforce
Oracle
SAP
Pricing:
Plans start at 12 USD per user per month for companies with 1–25 employees. Flexible pricing options under the Professional plan are available for small and medium-sized organizations.
Efficient spend management on a global scale
If you’re planning to invest in a spend management solution, remember that the goal is not just to manage expenses. You want to manage spending that supports your company's growth.
Remote HR Management helps you approve, overview, and manage team spending all in one place. You can use this data to manage your spending are you expand your global business.
To see how Remote can help you manage your spending, chat with us today.
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