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Table of Contents

• What is Expense Report Software?
• The benefits of Expense Report Software
• Typical features of Expense Report Software
• The cost of Expense Report Software
• Considerations when purchasing Expense Report Software
• Relevant Expense Report Software trends

What is Expense Report Software?

Expense Report Software is a tool that automates recording and reviewing expenses, as well as reimbursements to employees. It helps employees create expense reports by uploading snapshots of receipts. It then routes these reports to the concerned managers defined in the workflow.

If the reports get approved, the tool reimburses the expenses mentioned therein. If they get rejected, the tool can either send them back to the employees for modification or discard them.

The benefits of expense report software

• Reduce turnaround time: The tool eliminates the time consumed in printing, scanning, and physically sharing expense reports for approval. It also automates the approval workflow and simplifies uploading expense receipts, which speeds up the process.
• Manage finances more efficiently: Businesses can analyze expense reports to identify the biggest expenses and their key details. They can use this data to negotiate volume-based discounts with service providers.
• Enforce expense policy: An organization can have a different expense policy for each team, hierarchy level, project, etc. An expense report software can automate all these policies and help avoid compliance issues by highlighting any digressions.

Typical features of Expense Report Software

• Approval process control: Allow managers to create the approval process based on the type of expense and other factors.
• Receipt management: Allow employees to add cash expenses to expense reports by uploading snapshots of the receipts.
• Corporate card management: Fetch data from corporate credit cards and match them with the receipts submitted to generate accurate expense reports.
• Reimbursement management: After approval of expenses, reimburse the approved amount into the employee’s bank account.

The cost of Expense Report Software

Most products in the market are priced on a per user, per month basis and can be divided into three pricing tiers based on their starting price.

Price ranges*:

• $3 - $5
• $5 - $8
• $8+

*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on March 2, 2020. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from the vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise or premium product, that is priced higher, may include additional features such as multicurrency support and global tax law compliance.

Considerations when purchasing Expense Report Software

• Check for currency and compliance support: If the business has a global presence, check that the vendor supports multiple currencies and complies with global tax laws.
• Check for third-party integrations: Check if the tool supports third-party integrations. Integrating the tool with accounting software can make it easier to input expense data and supporting documents into books of accounts. Similarly, integrating the tool with financial reporting software can help provide the data required to create financial reports.

Relevant Expense Report Software Trends

• AI for faster expense entry and review: Artificial intelligence (AI) can help enter expenses automatically. Employees can upload expense receipts, and AI can automatically fetch travel details from the booking websites, emails, or corporate cards. By studying approvals and rejections, it can learn how to approve and reject expenses.
• ICR for faster data extraction: Intelligent character recognition (ICR) can help extract data from the image of an expense receipt and automatically convert it into a line item. The technology can also extract information from handwritten receipts and learn what data to input into which category.