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When it comes to the nitty-gritty of running a business, having software and specialized apps on your side can make all the difference. This is especially true when handling your business finances, considering how complicated taxes and compliance are in the UK.
There is a way to make things easier: expense apps for businesses. Expense apps help track, visualize, and organize business expenses, making it easier for us all to do smarter busy, save money, and increase our returns.
However, not all expense apps for businesses are created equal. Some are better and more robust than others, and we’ve made it our business to find the best option for you.
So, here are our choices for the top 5 expense apps for businesses and why each would be a good fit for your business needs.
Xero
Xero is an intuitive business expenses app with a robust ecosystem that is perfect for modern business. The expense manager is part of the larger Xero accounting software suite and aims to simplify business expense management.
With the app, users can submit and approve expenses instantly and enjoy features such as receipt scanning, mileage tracking, and real-time employee spending monitoring.
The app is also mobile-friendly, a must for any business. It allows employees to manage claims on the go and reduces paperwork, freeing up time for teams to focus on what matters.
But the digital transformation doesn’t stop there. Xero’s smart features automate time-consuming tasks, like data entry, and help businesses stay organized with expense categories and labels.
All these impressive features and data are available from users’ dashboards, providing actionable insights into business spending and budget forecasts. In short, Xero is a compact, powerful, and game-changing expense app.
Expensify
Expensify is a leading expense management app with a large and loyal following. The app’s user-friendly interface and robust mobile app make it ideal for the modern business, offering simplified expense tracking no matter where you are.
With features like SmartScan, users can convert physical receipts into digital ones and streamline their expense tracking in real-time. This not only saves users a lot of time but also provides quick, up-to-date expense insights for better financial health.
Expensify is a global app option with multi-currency support. GPS mileage tracking and seamless third-party integration with popular accounting software like Xero and Quickbooks make it ideal for international teams or teams that travel often.
It’s a robust system with great features that streamline much of the expense-tracking process.
SAP Concur
SAP Concur is the ideal business expense app for enterprise-level businesses. With a comprehensive range of expense and travel management features, users can enjoy streamlined expense management from one central dashboard.
Much of the app’s power lies in its automation features, which are a boon in enterprise-level business management. It automates expense reporting through quick receipt capture, expenditure categorization, and detailed reporting.
It also integrates with third-party systems like Microsoft Dynamics and Oracle, making it ideal for large businesses that want to manage expenses, travel bookings, and supplier invoicing from one place.
However, its biggest strength is its reporting. SAP Concur provides in-depth and customizable reports with real-time travel and expense data visibility. It makes monitoring and adjusting business expenditures to optimize budgets much easier.
Lastly, SAP Concur comes with compliance support, helping businesses track corporate travel policy and international regulation. This is a great feature for managing compliance in a large organization.
Zoho Expense
Zoho Expense is another top-tier expense app option with amazing expense management automation features. Zoho Expense is part of the larger Zoho ecosystem, allowing businesses to manage expenses from one central app to invoicing.
The most popular features on Zoho Expense include receipt scanning, expense categorization, and a policy-driven approval process. In other words, users can ensure that every expense complies with company policy from the start.
Another winning feature is its reporting capabilities. Users can access customizable analytics that provide valuable insights into business spending trends. Managers can track employee spending and enforce budgets through company policy alerts, ensuring no one spends more than the company can.
Best of all, however, Zoho Expenses’ scalability makes it a great choice for SMEs.
Ramp
While Ramp is new to the expense management industry, it’s quickly gaining traction and a loyal following.
Ramp offers a unique approach to expense management. It combines the features of a credit card with advanced expense management tools, allowing for easy real-time tracking, spending categorization, and company policy enforcement. One of its biggest selling points is the system’s ability to track and detect spending anomalies.
Ramp also allows third-party integration with popular account platforms, including NetSuite and QuickBooks. Businesses can seamlessly synchronize financial data across multiple systems.
Smart insights, a user-friendly interface, and seamless integration make it ideal for smaller businesses or startups just getting their feet under them.