Expense Management Software

The beauty of technology is it makes our lives easier. Granted, there are some downsides for sure, but for the most part technology simplifies things and in conjunction opens space to dive deeper into how we manage certain things and identify areas for improvement. Expense management software falls neatly into this space, a financial management software tool that helps businesses of all sizes streamline and automate expense report management.

As businesses grow and become increasingly more complex, the same systems need to evolve and run in parallel. If one goes from having 5 employees to 10, the system said small business owner used with 5 employees won’t necessarily do the trick with 10. Centralizing expenses provides employers the capability to monitor, review and submit expense reports quickly and efficiently. But more than that, it drastically reduces the probability of data errors while providing more detailed insight into the micro-workings of a business.

Experts prognosticate the global expense management software sector growing by a rate of 12.4% up through 2025. Key players in this area are IBM, Oracle, SAP Concur, Sodexo, Intuit Inc., Insperity, Infor Inc., Workday Inc., Xero Limited, Coupa Software Inc., Zoho Corporation Pvt. Ltd., and Expensify. But more than simply the players, let’s drill down into two exceptional providers and examine their benefits in detail.

First up is MIP Fund Accounting. A monster in the management software game featuring a fully configurable accounting solution, MIP brings functionality for budgeting, payroll, procurement, fund accounting, fixed asset management, grant management, human resources and more. The MIP dashboard always receives rave reviews and the product is consistently ranked in the 4 to 5-star class. The government and non-profit sectors are the principal users of MIP, mainly because there exists excellent integration with general ledger level reporting to projects, grants, funds, etc over multiple locations and an array of users. MIP has won the coveted Campbell Award for several years running and customer support is top-notch.

Second is Xero, previously mentioned and based out of New Zealand. An accounting software product that is geared more at small businesses and even those seeking to dig into their personal finances, the latter (personal finance) is gaining steam with expense management software systems. More and more individuals each year are seeking to consolidate and expedite what is happening in their own homes to better control their finances. Xero is sold by subscription (a distribution model known as SaaS ) and requires a monthly fee. The total charge however is proportional to the number and type of company that the buyer manages. At the lowest end, a $9 per month starter pack is available which will support unlimited users and transactions alike. Next up is the $30 standard pack and then the $70 premium package which supports multiple sites, employees and currencies as well.

Exciting times, and it does not matter the size or complexity of the business at hand. Expense management software is here to stay, and most important, make your life easier!