5 Tools To Improve Expense Tracking And Compliance

For any company, tracking expenses & managing compliance are unavoidable tasks. Most importantly, they are critical components of successful businesses.

Manual handling of expenses can be very time-consuming & causes fatigue. Mismanaged expenses that fail to be compliant can result in costly penalties. It also damages the company's reputation by large means.

Thanks to the numerous online tools that are available. They simplify the expense management process & help with compliance. These products are very capable of providing required insights into the company’s spending habits.

In this blog, we look into the top 5 tools that improve expense tracking & compliance.

Read on. The first on the list is FreshBooks.

FreshBooks

FreshBooks is a well-known expense tracking software that serves millions of clients, managing their expenses. It helps you keep your account books organized & eventually makes your business look professional. They have clients worldwide. You can try FreshBooks free for 30 days before jumping on to a paid plan.

Mike McDerment is the co-founder & CEO of this reputed organization. The other two co-founders are Levi Cooperman & Joe Sawada.

FreshBooks is headquartered in Toronto, Canada.

Pros

• This accounting software is extremely easy to set up & easy to use.
• FreshBooks provides top-notch customer support with quick turnaround times.

Cons

• You may find it expensive compared to similar services. However, it is worth the price.
• Sometimes, as your data grows, you may find it a little difficult to keep accounts accurate. However, you will get better with practice.

Pricing

• Lite - $5.70 USD per month
• Plus - $9.90 USD per month
• Premium - $18 USD per month

G2 Rating

• 4.5 out of 5.0

Expensify

Expensify is the next tool that falls under the expense tracking & compliance category. Expensify has helped more than 15 million people around the world. It perfectly fits businesses of all sizes. From freelancers to corporations.

This company was founded by David Barret in the year 2008. It is headquartered in Portland, Oregon, USA.

Pros

• Expensify provides the utmost flexibility in accepting receipts.
• The Auto Scanner feature can be a game changer & time saver.

Cons

• Sometimes setting up the account on your own can be confusing. Get help from experts for setting up.
• You can attach only one image per expense. Support for multiple images is required.

Pricing

• Collect - $5 USD per month
• Control - $9 USD per month

G2 Rating

• 4.5 out of 5.0

Zoho Expense

Zoho Expense belongs to Zoho Corporation that was founded by Sridhar Vembu. It has helped businesses streamline corporate travel, automate expense reporting, and gain complete control over spend.

It is headquartered in Austin, Texas, with international headquarters in Chennai, India.

It is another robust tool for managing expenses & compliance. Just like most other alternatives it helps minimize manual intervention.

Pros

• This product is well known for its user-friendly & intuitive interface.
• They provide detailed & efficient documentation for all of its features.

Cons

• There is a steep learning curve when you use more advanced features and go for customization
• It does not support two(i.e. Invoice date & Payment date) date factors at the same time.

Pricing

• Standard - Approx $1 USD per month
• Premium - Approx $2 USD per month

G2 Rating

• 4.5 out of 5.0

Brex

Brex was founded by Henrique Dubugras and Pedro Franceschi, headquartered in US.

Brex offers a different approach to expense management process by integrating a corporate card solution with built-in expense tracking and compliance features.

Notable features include real-time receipt capture, automatic categorization of expenses, policy enforcement, and detailed spend insights.

Pros

• Brex offers valuable rewards tailored to business such as travel and software, providing additional value beyond expense management.
• It is available in mobile & desktop versions, which is a versatile option if you are considering mobile usage for expense tracking.

Cons

• Brex is primarily focused on the U.S. market, so it is limited to global users from other countries.
• Brex’s bill pay might lack advanced features like automated recurring payments, detailed vendor management, or robust approval workflows

Pricing

• Premium - $12 USD per month

G2 Rating

• 4.7 out of 5.0

Emburse Certify Expense

Emburse Certify was co-founded by Bob Neveu and Alan Neveu, with headquarters in USA.

This product promises to humanize work while delivering expense and business travel solutions for growing organizations. Certify supports direct credit card transactions. It replaces manual tasks with time-saving automation.

Pros

• This product seamlessly integrates with existing business solutions.
• Certify is totally GDPR compliant. You need not worry about data privacy issues.

Cons

• Sometimes support takes a long time. Response time from customer support can be improved.
• Autofill option from basic fields of a photo can be better. It is expected this feature will improve over time.

Pricing

• Certify Now - $12 USD per month

G2 Rating

• 4.5 out of 5.0

Conclusion

Boosting the financial health and operational efficiency is the goal of implementing a expense tracking tools to your system.

By leveraging tools like the above ones businesses can significantly streamline their expense management processes, enforce compliance with company policies, and gain valuable insights into their spending patterns.

Reinforcing the importance of a solid expense tracking and compliance strategy not only helps businesses avoid costly errors and potential compliance issues but also saves valuable time that can be redirected towards more strategic initiatives.

So choose the right solution for your organisation and drive better financial outcomes.