Online accounting software is already a big aid in simplifying bookkeeping and reducing tedious administrative tasks. Sometimes, however, such software is not enough to successfully manage a business. Especially if said software lacks handy features like expense reporting. Thankfully most of the accounting companies offer and support an API, meaning that you can integrate third-party software to your accounting solution; and expense reporting software are not an exception. These neat solutions make it easier to create and submit expenses, track the work-related ones, automate expense submission and reimbursement processes, and even generate reports for tax purposes.
But which one to choose? Below you will find a brief description of three expense reporting software, all of which can be integrated into the most popular accounting solutions: Xero, QuickBooks, FreshBooks and FreeAgent.
With Expensify you can simply and quickly add cash expenses and automatically import credit/debit card transactions to your account. The software even auto-categorizes your expenses based on the relevant accounting policies and can turn said expenses into invoices with a click. Expensify is capable of immediately processing receipts captured with your mobile device’s camera; all you have to do is match the receipt to the expense, which is then recorded in the software. The mobile application, which is available for Android and iOS devices, is astonishing: not only you can add travel plans in real-time, track mileages and work time, but you can use these features online and offline as well. Expensify comes in two pricing plans for smaller businesses: Team for $5 per user per month and Corporate for $9 per user per month, including the 30-day free trial.
Mobile and web-based Abacus was created in 2013 for two purposes: faster submission and faster payment of expenses. This expense reporting solution can auto-categorize your expenses by geo-location, or by any categories, and automatically send the reimbursement for the expenses once they are approved by your client. You can choose from 16,000 financial institutions that could be synced with Abacus. You are also able to set up an approval hierarchy, so unauthorized personnel could never work behind your back, and automated expense policy for real-time expense monitoring.
As a nice addition there is a built-in chat feature for you and your co-workers with which you can discuss disputed expenses. And with the help of dynamic reporting and analysis, which is completely automated, you don’t have to bother with reporting anymore. Abacus is available for iOS and Android platforms, and its pricing policy is super simple: the single Standard package is $9 per user per month, but the first month of use is free of charge.
Xpenditure, which has offices in the Americas and in Europe, has many products intended for sole proprietors, smaller and larger businesses, and even for accountants. The super-simple software has all the major features a decent expense managing solution needs like capturing and processing receipts with the mobile application,available for iOS, Android and even Windows Phone devices, which is also capable of tracking time and mileage. It can also display expenses in real time, flag duplicates and even alert you when certain expenses are entered into the software. And, of course, the software automatically creates reports, so all you have to do is manage your business.
Xpenditure, which is the only solution that can be integrated into FreshBooks and FreeAgent as well, has two pricing plans: one for one user and the other for up to 50 users. Single is €5 per month, while Team is €7 per month per user; however, if you choose the annual subscription, you can save 20% of your monthly fee.
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