Top 10 Business Expense Management Solution Companies - 2018

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 Expensify: Doing Away With The Arduous Task Of Expense Reporting

Top 10 Business Expense Management Solution Companies - 2018

Tracking and accounting the business expense is no longer an additional function of a business, but is pivotal for the organization’s growth and expansion. As expense reporting becomes more tedious and time-consuming, companies need to negate the use of conventional manual methods to track them and take a more digitized approach to calculate the payment processes. By switching to digital software, multiple organizations are remolding their expense claim workflow, as these systems offer online invoice approvals along with policy-defined asset purchasing and inbuilt as well as customizable expense reports for HR and accounting team. Additionally, advanced expanse management software also enables companies to eradicate human errors and recover tax invoices.

Now, when it comes to tracing a company’s expenses and cash flow, financial visibility plays a crucial role in allowing executives, CEOs, and CIOs in effective decision making, policy formulation, and cost-cutting. Further, organizations are also relying on BYOD (bring your own device) trend to facilitate their employees to work remotely. This also results in reduced operating costs of providing the workforce with the company’s devices. The businesses should hire skilled candidates or solution provider to ensure that the software, as well as the other methods they employ for expense management, is precisely monitored and handled.

A key trend observed this year is the increased adoption of the expense management system. The use of expense management software speeds up financial prudence in organizations. Additionally, the detailed insights into violations, category-wise expenses, and favored vendors for various expenses will facilitate finance leaders and allow them to make even more accurate forecasts. With fierce competition arising in the whole business world, it will be imperative for businesses of all sizes to cut down expenses and operate competently, and the area is where expense analytics comes into the picture. Organizations are looking to analytics strategically as a means of comparing their costs with budgets to ensure that they are not indulging in any excess spending.

Besides, information technology has already brought down frauds considerably. The implementation of expense management software will enhance an organization’s capability to curb instances of frauds. The execution of custom policies around various categories, cost-centers, and projects allows for effective and rapid audits. So, most leaders expect that the automation of expenditure will remove expense frauds and offer a robust infrastructure.

Additionally, as Artificial Intelligence (AI) and Machine Learning (ML) are sweeping the industry, several corporate companies are profoundly investing in the development of intelligent devices. Some expense management firms have already computerized many of the processes, comprising matching receipts to credit card charges, approving reports on behalf of managers, creating and submitting expense reports for users, and reimbursement. Some even use AI to auto-audit specific processes and flag uneven expenses or suspicious patterns for the managers.

Having recognized that expense management for businesses is imminent for them to attain the maximum hike in their growth, a distinguished panel of CEOs, CIOs, VCs, and analysts along with the editorial board of CFO Tech Outlook have listed the most reliable and proficient business expense management solution providers for the current year. These companies were chosen based on their innovative, unique, and distinct way of delivering expense management services.

We present to you CFO Tech Outlook’s ‘Top 10 Business Expense Management Solution Providers - 2018.’

    Top Business Expense Management Solution Companies

  • DATABASICS is a global solution provider in time and expense reporting. In recognition of its innovation, revenue growth, and leadership, the enterprise has earned a Deloitte Fast 50 award. DATABASICS takes the stress out of employee reporting, expense reporting, and vendor invoice management with an intuitive system that’s been shaped with real people in mind, saving them not only money but that most elusive of elements: time. The organization’s innovations, like Receipt EXPRESS and Time & Attendance, save time for their clients. Evidence of their commitment to customer service is in three Stevie Awards for customer service in the 2018 Sales & Customer Service Awards, a 2017 Gold Best in Biz Award for Most Customer Friendly Small Company of the Year, and a Stevie Award for Customer Service Department of the Year in the 2017 American Business Awards. The enterprise provides solutions for people in the industries of financial services, healthcare, manufacturing, research, retail, engineering, nonprofits/NGOs, technology, federal contractors, and more

  • Expensify is a leading financial services company that provides online expense management service for customers worldwide. Expensify is the quickest and easiest way to manage business expenses. The enterprise’s SmartScan technology will read receipt and input all the information for clients. The tool can automatically import expenses directly from bank and credit card and generate an IRS guaranteed e-Receipt. Expensify can also work as a prominent front end to businesses current expense report solution as it has seamless integrations with all major enterprise accounting packages. With free credit card import, rich mobile apps to log expenses on the go, powerful and easy exporting, and integrated direct deposit, Expensify is the clear choice for business expense reporting

  • mindWireless is an expense management company and is solely focused on corporate wireless management. The enterprise’s clients, all seeking mobility management, include Fortune 500 enterprises and organizations with over 2000 wireless devices. The enterprise specializes in strategic enterprise mobile management, billing optimization, corporate wireless help desk, asset management-procurement, and wireless TEM lifecycle management. mindWireless’s paramount practice lifecycle services can streamline wireless telecom management to manage the client’s wireless help desk, enrollment, and procurement processes, and perform monthly billing optimization

  • PayFileIQ makes money helping its clients save money while cutting the cost of processing Accounts Payable & Accounts Receivable transactions with quicker approvals and fewer journal entry steps all with less effort and cost. Requiring only an internet connection and a web browser, the business is focused on modernizing and personalizing the order-to-cash and procure-to-pay processes for customers that send and/or receive hundreds, or thousands, of invoices each month

  • Pivot Payables delivers applications that increase the value of customer investments in business processes and systems, particularly related to spend and payment management for the expense, invoice, and travel. The enterprise’s solutions connect independent systems to automate and improve workflow–increasing efficiency and giving greater visibility to critical data, while also enabling leadership with better management and decision-making tools. Pivot Payables’s specialties include software, cloud, ERP, accounting, billable expenses, invoice automation, expense management, payment processing, and concur. As an app center partner for Concur Technologies, their applications and services extend the value of Concur products.

  • vMOX has been helping businesses around the world better manage their corporate-liable mobility assets for over ten years. The company’s experienced team utilizes patented optimization technology and processes to significantly reduce your monthly wireless expenses (20% to 40% on average) without requiring a provider change or affecting clients end-users’ experience. vMOX also handles lifecycle management activities such as inventory management, device procurement, and carrier negotiation activities on client’s behalf. Customized reporting provides granular visibility into all the mobility expenditures, which further improves operational efficiencies. vMOX’s performance-based pricing model requires no upfront investment

  • Abacus Labs

    Abacus Labs

    Abacus is a real-time expense management solution to reimburse the client’s team, reconcile corporate cards, and automate the expense policy. By eliminating the month-end expense report, Abacus turns the submitting and approving expenses into a delightful, collaborative experience. With the enterprise’s mobile app, clients can quickly submit and approve expenses on the go, and reimbursements now happen within days. Abacus syncs with customer’s accounting software and auto-matches transactions for hassle-free bookkeeping. The company specializes in finance software, expense management, employee reimbursements, SaaS, expense reporting, accounting, finance, finTech, cloud accounting, and productivity software

  • Expenzing


    Expenzing offers software and solutions to help organizations in digital transformation for assured expense reduction. The enterprise provides an end-to-end suite of solutions in strategic sourcing, procurement and accounts payable for financial control. Expenzing offers solutions to all sizes of organizations across various industries to help them reduce spend, operating cost and mitigate risk. The company looks after the business objectives of CFOs, financial controllers, sourcing heads, procurement heads, A/P teams, employees, and business heads. Additonally, Expenzing’s solutions encompass all aspects of spend and payment: right from strategic sourcing, supplier management, procurement, e-invoicing, accounts payable, travel & expense management, asset management, imprest (petty cash management), and contracts. The company has clients from various industries like finance, insurance, consumer goods, industrial equipment and specialized products, information technology, not for profits, entertainment & media, pharma and biotech, services firms, and more

  • Rydoo


    Rydoo reinvents business travel and expense management for high-growth companies and enterprises. Thanks to the expertise of the two founding startups - Xpenditure and iAlbatros - it originated, Rydoo’s app covers the full scope of any trip or expense to contribute to a more fulfilling work environment. The enterprise’s prime solutions include expense management, Eexpense software, expense management software, expense app, Business expenses, receipt scanning, expense policy, fraud prevention, receipt scanning software, receipt scanning app, finTech, employee expenses, business travel, self booking tool, finance, technology, Business app , saas, and process optimization

  • Teligistics


    Teligistics is the leading experts in helping companies cut their telecom costs while providing complete visibility into their networks solutions. With over 20 years in the business, Teligistics has become a trusted strategic partner with clients across multiple industries. IT strategic sourcing; RFPs, contract negotiations, mobility device management, telecom inventory management, Telecom Expense Management (TEM), and hosting domestic and global scope of capability are some of the key offerings of the enterprise