Best expense management software in 2024 in Singapore

The traditional approach involves maintaining physical receipts, invoices, and documents manually. Employees would store all their business expense receipts till the end of the month and then create a comprehensive expense report of all the expenses they’ve incurred throughout the month with the receipts to verify them.

Once created, the employee submits them to the finance department for verification and processing. This also takes a lot of time as a team of just a few individuals might have to process reimbursements for several employees. This method is time-consuming, prone to errors, and lacks real-time visibility.

Interested to know about some of the common business expenses and the tax deductibility associated with it? Explore our comprehensive article to gain insights into essential business expenditures every business owner should know. Stay informed and optimize your financial strategies for success.

Many businesses use spreadsheets like Microsoft Excel or Google Sheets to track expenses. While spreadsheets offer some flexibility and customization options, they can be challenging to manage, lack automation, and may lead to data inconsistencies.

Even with a system like a spreadsheet, the expense data and reporting are not automatic. Employees or managers still have to enter the data manually. 

Experience the future of expense management! Discover the power of automation with our insightful article on expense management automation. Streamline your processes, save time, and improve financial efficiency.

Expense management software provides a comprehensive and automated solution to track expenses.

These software platforms offer features such as receipt scanning, expense categorization, policy enforcement, and reporting capabilities, making them an ideal choice for businesses seeking efficiency and accuracy in expense management.

Key features

Volopay provides real-time tracking of expenses, enabling users to monitor spending as it happens. You can issue both physical and virtual cards to employees, automate expense reporting, reduce manual work and its potential errors, and also seamlessly integrate with popular accounting software to make reconciliation hassle-free.

Pros

Volopay has a user-friendly interface that makes it easy for employees to submit expenses and for administrators to manage them. With multi-currency support, it is suitable for businesses with international operations. The software allows businesses to set spending limits and ensures compliance with company policies.

Cons

Some users may find the software's customization options lacking compared to other solutions. The mobile app may lack some features available on the desktop version as the app is mostly for monitoring, tracking, and basic control functions. 

G2 Rating

Volopay has an overall rating of 4.2 stars out of 5 on G2. 

Key features

Netsuite provides you with a complete suite of tools for expense management. The software offers powerful reporting and analytics features as well as an ERP system.

Netsuite seamlessly integrates expense data with other financial processes. It also allows businesses to define expense policies and ensure adherence to these guidelines.

Pros

The platform is suitable for both small businesses and large enterprises, as it can adapt to the evolving needs of a growing company. The system is also ideal for multinational companies, as it supports multi-currency and compliance with various tax regulations.

Cons

The Vast amount of features and functionalities might be overwhelming for some users, requiring more time for training. Netsuite's pricing may be on the higher side for small businesses with limited budgets.

Pricing

The pricing for using the Netsuite system is done on an annual basis and the exact amount is decided on a case-by-case basis. 

G2 Rating

Netsuite has an overall rating of 4.0 stars out of 5 on G2. 

Key features

ExpensePoint allows users to capture receipts and automatically extract relevant expense information. The software streamlines the approval process and businesses can set spending policies to receive alerts for any violations. It also seamlessly integrates with various accounting systems, reducing data duplication.

Pros

The platform is simple and quick to deploy without extensive IT assistance. The receipt scanning feature reduces manual data entry and increases accuracy. ExpensePoint offers a good balance of features at an affordable price point.

Cons

Some advanced functionalities available in other software may be missing in ExpensePoint. Users have also reported occasional issues with the mobile app's performance and stability.

G2 Rating

ExpensePoint has an overall rating of 4.8 stars out of 5 on G2.

Key features

Concur integrates travel booking and expense management, offering a seamless experience for business travelers.

The software simplifies receipt capture and categorization for easier expense tracking and automatically enforces expense policies to ensure compliance.

Their in-depth analytics and reporting help businesses gain insights into spending patterns.

Pros

Concur integrates with many third-party applications, such as CRM and ERP systems. Their mobile app allows employees to submit expenses on the go, increasing efficiency.

Cons

Concur's pricing is a bit higher for small businesses or startups with limited budgets. The platform's comprehensive features may require some time to fully explore and understand.

G2 Rating

Concur has an overall rating of 4.0 stars out of 5 on G2.

Key features

Aspire provides instant virtual cards for easy expense tracking and control. The platform categorizes expenses automatically, saving time on manual entry. Users receive real-time notifications for transactions and approvals and the platform also streamlines the expense approval process, reducing delays.

Pros

Aspire's focus on SMEs and startups makes it an attractive option for smaller businesses. The brand offers transparent pricing plans. Aspire's simple and intuitive interface makes it accessible for users with limited technical knowledge.

Cons

As the business grows, some users may outgrow the capabilities of Aspire. Compared to larger enterprise-level solutions, Aspire might lack some advanced features.

G2 Rating

Aspire has an overall rating of 4.5 stars out of 5 on G2.

When employees make expenses using the financial tools provided by the expense management software, they should be recorded instantly.

This will give you complete visibility over how allocated budgets are being spent by each employee as well as other teams. 

Probably the most important element of an expense management tool is the ability of finance and accounting executives to enforce budget controls on how money is spent.

The software should let you set spending limits on financial tools like corporate cards and also set up approval systems to ensure that payments are not made without verification. 

The spend management tool that you choose should let you set up approval workflows that are automated.

This means that it allows you to create custom approval systems that are triggered whenever an employee is trying to make a payment.

Many companies like to stick to their methods of having employees spend through their personal funds and then make reimbursement claims.

For such organizations, it is important that there is a reimbursement module within the expense management tool that lets employees instantly submit expense claims.

Related read: How to design employee expense reimbursement policy?



For companies that want to move away from the hassle of reimbursements, expense management software providers often have a corporate card program for their users.

This lets the business issue corporate cards for employees that they can directly spend from using the company budget.

There’s no point in tracking all the expense data if you can’t measure it. The spend management software you select should give you detailed analytics on the spending behavior of your employees.

This data helps derive important insights about budget utilization within the company and take necessary financial decisions.

Once you have all the expense data on a central dashboard, you should be able to sync and export all the data easily into your existing accounting software.

This is another feature that the expense management tool you choose should have.

The biggest benefit of using expense management software for reimbursement is that you can immediately submit an expense claim after you make it rather than waiting till the end of the week or month to submit your expense claims.

This reduces the need for employees to constantly carry around a bunch of receipts.



Lastly, the expense management platform you choose should be able to integrate easily with your existing accounting software. You should be able to easily export and sync all the expense data into your accounting tool without much hassle. 

Interesting read: Direct debit vs recurring payment: Which to choose?

The errors that companies face in manual entry or the time that it takes to create expense reports and process them can be avoided using modern expense management software.

Expense management software eliminates manual data entry and automates repetitive tasks, saving time and reducing human error. Employees can focus on value-added activities rather than administrative burdens. 

By automating expense tracking, the software ensures consistent and accurate reporting. It eliminates calculation errors, and duplicate entries, and enables businesses to maintain compliance with tax regulations.

Without a system to keep expenses in check, there might be too many errors that may go unnoticed and cause a lot of damage in the form of inaccurate accounting of expenses. 

Navigate the complexities of expense management with our comprehensive article on ensuring expense report compliance. Uncover proven strategies and best practices to maintain accuracy, adhere to policies, and avoid costly pitfalls.

Without a centralized platform like an expense management tool, it is impossible to keep track of all expenses being made by employees in real-time.

Expense management software provides real-time insights into spending patterns. Businesses can monitor expenses, set budget limits, and identify cost-saving opportunities.

Suggested read: 7 Effective ways to reduce business expenses

Leading expense management software seamlessly integrates with accounting systems, enabling the smooth transfer of data. This integration streamlines financial processes, reduces duplication, and enhances overall financial visibility. This is a major benefit for the business as it reduces the manual work of rentering all the expense data into another platform. 

With automated expense management, businesses can maintain organized and easily auditable expense records. The software generates detailed reports, stores receipts digitally, and ensures compliance with audit requirements.

The auditor will also be able to benefit from this organized and structured system as they will be able to carry out their tasks faster and complete the audit on time. 

You cannot stop fraud from happening if you are not aware that it is happening within your organization.

Expense management software incorporates robust controls and policy enforcement mechanisms, reducing the risk of fraudulent expenses. It helps identify non-compliant claims and ensures adherence to company policies.

Compliance with expense policies and regulations becomes more manageable with expense management software.

It enables businesses to define spending limits, enforce policy rules, and identify potential compliance issues.

As businesses expand, managing expenses becomes more complex. Expense management software scales with the growing needs of the organization, offering flexibility and adaptability to accommodate increased transaction volumes and evolving financial processes.

Assess the specific needs of your organization, considering factors such as the volume of transactions, reporting requirements, integration capabilities, and budget constraints.

Conduct thorough research to identify expense management software providers that align with your business requirements.

Evaluate factors such as features, user-friendliness, customer support, and pricing models.

Define implementation timelines, allocate necessary resources, and communicate the implementation plan to key stakeholders.

Ensure the software aligns with your existing financial systems and workflows.

Customize the software to match your organization's expense policies, approval workflows, and reporting requirements. Set up user roles and permissions, expense categories, and policy rules.

Establish integration between the expense management software and your accounting system to ensure seamless data transfer and eliminate manual data entry.

Thoroughly test the software's functionality and workflows before implementing it company-wide. Provide comprehensive training to employees on how to use the software effectively and adhere to expense policies.

Continuously monitor the performance of the expense management software, gather feedback from users, and identify areas for improvement.

Regularly review expense policies and adapt them as needed to ensure optimal usage and compliance.

Volopay allows you to issue corporate cards for each employee and also create unlimited virtual cards to handle all your online payments. 

Our system has a robust infrastructure to help you transfer money to all your vendors. Whether you want to make a domestic payment or an international transfer, using Volopay, you’ll be able to make fast payments and save money on transfer fees.

The platform allows you to hold money in many different currencies. This makes it seamless to transfer money in different countries and avoid the hefty FX charges. 

Volopay natively integrates with some of the industry-leading accounting software including Xero, Netsuite, Quickbooks, Deskera, MYOB, and Tally.

Even if you use a different accounting tool, you will be able to integrate with our system thanks to the Universal CSV feature.

Interesting read: Travel and expense management with Volopay and TruTrip

Tailor the expense management software to match your company's unique workflows and policies. Customize expense categories, approval hierarchies, and reporting structures to reflect your business processes.

This ensures that the software becomes a tailored solution rather than a one-size-fits-all approach.

Extensive training plays a pivotal role in optimizing user acceptance and reducing reluctance during transitions. It is imperative to conduct in-depth training sessions for employees tasked with utilizing the software.

These sessions should encompass not only fundamental navigation but also delve into the intricacies of advanced functionalities. Furthermore, crafting user-friendly guides or manuals for convenient reference can prove invaluable in reinforcing learning.

To foster a supportive environment, continuous assistance should be provided to address any queries or apprehensions that arise, ensuring a seamless and confident integration of the expense management software into the daily operations of the business.

In preparation for the full-scale implementation of expense management software across the entire organization, it is prudent to commence with a pilot test involving a select group of users.

This preliminary phase serves as a valuable opportunity to detect and address potential issues, while also affording the chance to gather constructive feedback that can be instrumental in refining the software's functionality.

You could also craft comprehensive user guides and documentation that serve to streamline the pilot testing procedure, ultimately fostering a more intuitive comprehension of the software's nuances among the participants.

Effective communication is vital to garnering buy-in from employees. Craft engaging procedures that outline the benefits of the expense management software, addressing concerns and showcasing its value.

By creating persuasive and informative materials, you can ensure that employees understand the software's significance and are motivated to adopt it.

Continuous support is essential for a seamless transition. Develop comprehensive training materials, including user manuals, video tutorials, and FAQs.

The extent to which you provide support can play a crucial role in enabling users to navigate the expense management software effectively and feel confident in its usage.

Regularly assess the software's performance and usage patterns. Utilize analytics to identify any areas of improvement or user challenges.

Enforcing this practice can aid in disseminating reports on the software's impact and encouraging users to provide valuable feedback for ongoing enhancements.

Align the software's features with company expense policies. Provide training and parameters that educate users on how to adhere to these policies and enforce the same while using the software.

Clearly articulate the importance of compliance and reinforce it through persuasive communication materials.

Technology evolves rapidly, and you should work towards keeping your employees informed about updates and new features.

Regularly share information about software enhancements and improvements, showcasing how these changes contribute to their efficiency and overall experience.

You should also make sure the software itself is kept updated and in tune with the latest technological trends.