The employees don't have to juggle with paper receipts to get reimbursed. It helps in eliminating paperwork and reducing manual errors. The expense management software simplifies, and automates the entire expense reimbursement and reconciliation process. The expense management software cannot be confused with spend management that takes care of different expenses of an organization like procuring raw materials, investments, and availing services.

What is Expense Management Software?Įxpense management software is a solution that is used by businesses to manage travel costs, business calls, lodging, meals, shipping of documents or work-related items, incurred by the employees, managers, officers, etc.during their business trips or within office hours. Here, we have listed the top 8 free and open source expense management software which you can consider to streamline the expense management process, which can have a big impact on your business.īut, before you go through the details of each software, we would like to brief you about what exactly is an expense management software, how does it work, its benefits, and tips to pick the one for your business. In this context, using an expense management software becomes important as it helps in tracking, controlling, and monitoring the expenses of the employees while saving their time so that they can do their core job without any distractions. The key challenges faced by the business finance professionals due to lack of accurate expense management system include. Unavailability of systematic expense management software also increases the frustration of the employees as the time consumed and the effort required by them to report their expenses can otherwise be utilized in acquiring more business and revenue for the company. Many companies end up overpaying for their employees' travel and entertainment expenses due to lack of accuracy in expenses management and reporting. Tracking expenses is vital when it comes to the overall financial planning of the company.

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