Best expense management software in 2023 in Singapore
There are many elements of an expense management tool that make it worth considering for a business.
Many of the best expense tracking software for small businesses will be the ones that are affordable but at the same time provide a host of features and seamless control to enable a company to manage its budgets efficiently.
Some of the best expense management software for small businesses are the ones that can be accessed online through a web app or mobile app.
This is a type of platform enables companies to track, manage, and control budget allocation for all employees.
The software application essentially acts as a centralized system for employees to make payments and for the finance and accounting team to carry out necessary financial and accounting tasks.
Netsuite is a leading software application in the industry with great features and a well-rounded expense management product for most businesses.
The downside is that it is pretty expensive to start off with and is hence not very suitable for small businesses looking for an affordable solution.
This platform is a pretty good solution with all the basic features that any company would need to manage all its expenses. It has a good reimbursement module for companies to manage their expense claims.
SAP Concur is a cloud-based expense management solution for businesses. It is a great overall solution for businesses. But some users have faced issues is in the invoice processing department which can affect your vendor relationships.
Volve is an expense management tool that focuses on financial collaboration for remote teams. It is a good tool to help employees tack and manage funds from anywhere at any time.
This is a cloud-based tool that is an all-in-one accounting and business operations management platform. It has receipt management and approval process controls but lacks important features like spending controls and corporate cards.
Out of all the expense management software for small businesses that exist in the market, you should look for the one that provides the most value in terms of the overall management of budgets.
Listed below are a few must-have features for an expense management system.
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.
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.
Volopay is among the best expense management software for small businesses. Our platform is a complete expense management ecosystem for businesses. You can easily track, manage, and control all expenses in a single dashboard.
We have a web app for all the major functions and a mobile app that allows you quick access to certain features like card controls, reimbursement claims, and approval notifications.
• Corporate cards: Volopay allows you to issue physical corporate cards for each employee and also create unlimited virtual cards to handle all your online payments.
• Bill pay: 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.
• Multicurrency wallet: 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.
• Flexible Credit: Volopay provides credit to its users after a stringent financial health and stability check. This credit allows users to maintain positive cash flow and improve their financial status.
• Accounting integrations: 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.
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