In the UK, about a third (32%) of workers deal with work expenses. Among those who do, many are professionals and administrative staff.

Interestingly, even though expense management software exists, only 40% are using software to manage business expenses. Many are relying on old-school methods: 35% use basic spreadsheets and 10% still use pen and paper for expense management. [source]

In this digital age, using old-school methods for managing business expenses only means putting an additional burden on your head. Without any smart software handling your routine financial paperwork, you would only have mountains of receipts of coffee runs, travel through vouchers, invoices, bills, and purchase orders left at your desk.

Expense management software helps you reduce the hassles of regular expense approvals and repayments. It lets you track costs, scan receipts, get reimbursed faster, and even see where you spent every single penny.

A good expense management software could be an all-in-one expense assistant for you. It saves you time, cuts down on errors, and doesn’t let our business finances leave the track.

In this article, we will explore the top 10 expense management software options available in the UK. Evaluating the pros and cons, we will try to figure out which one fits well with your business expense management needs.

Top 10 expense management software options in the UK

Contents:

1. Workday
2. N2F
3. SAP Concur
4. Expensify
5. Spendesk
6. Zoho expense
7. Quickbooks
8. Emburse
9. Rydoo
10. Pleo
11. Final Thoughts – Why You Need To Use Expense Management Software?

1. Workday

Workday expense management software lets you track your business expenses, get approvals, and see your spending in real-time. It even helps businesses save money by giving them insights into spending habits and the power to negotiate better deals with vendors. It brings a comprehensive suite of tools and features that simplify expense reporting, approval workflows, and reimbursement processes.

Pros and Cons of Workday Expense Management Software:

Pros:

• Fast and Reliable: Workday gets things done efficiently and accurately, keeping your finances and HR tasks on track.
• User Interface: The interface is well-organized, so you can find information about your pay, benefits, and tax forms quickly.
• Stay in Control: It lets you set spending limits, track approvals, enforce policies, manage cash advances, and monitor budget goals (with Workday Budgets).
• Mobile Readiness: You can use the app on your phone or tablet to capture receipts, track expenses on the go, and approve reports remotely.

Cons:

• System Performance: Sometimes the system gets sluggish when there are a lot of expense reports being processed at once.
• Learning Curve: Workday can be a bit complex for new users, especially if you need to customize it for your business. It might take some time to get used to everything.
• Limited Currency Conversion: Converting between different currencies could be a bit smoother.

2.N2F

N2F is an expense management software that helps businesses manage work expenses with a cloud-based system. From snapping photos of receipts to getting approvals, it simplifies the process of tracking work expenses. It even has features to fight fraud and keep your data safe. It integrates with several other business software you may already use and features automatic mileage tracking.

Pros and Cons of N2F Expense Management Software:

Pros:

• Easy to Use: Users say they found N2F to be super easy to learn and navigate.
• Mobile readiness: The handy mobile app of N2F lets you track expenses and scan receipts with your phone with the SmartScan technology.
• Adaptability: N2F is adaptable to different company needs, even non-profit organizations. It offers a range of features and customizations that can work for various situations.
• Time-Saving: Features like smart scan and automation can help you zip through expense reports in no time.
• One-Stop Solution: It tracks all work spending in one place, from employee expenses to travel costs and invoices which makes it perfect for businesses of all sizes.
• Transparent Pricing: N2F shows their prices online, and you can test the solution free of charge for 20 days.

Cons:

• Learning Curve: While easy to use, some users say it might take a little while to get the hang of all the features.
• Cost Considerations: N2F might be a bit expensive for smaller businesses or non-profit organizations.

3. SAP Concur

SAP Concur automates everything from booking trips and tracking receipts to getting reimbursed.  It gives businesses a clear view of all their expenses, cuts down on errors, and helps them stay on top of finances.  It also allows employees to submit and approve reports on their phones which makes the whole expense management process faster and smoother.

Pros and Cons of SAP Concur Expense Management Software:

Pros:

• Efficiency: SAP Concur automates tasks like tracking expenses, booking trips, and handling invoices, saving you time, and reducing errors.
• Easy to Use: People find the app user-friendly and smooth-running, with options to customize it for your business needs.
• One-Stop Solution: It tracks all work spending in one place, from employee expenses to travel costs and invoices which makes it perfect for businesses of all sizes.

Cons:

• Customer Service and Onboarding: Some users report issues with customer service and getting started with the software. Syncing credit cards can also be a hassle.
• Error Resolution Challenges: Fixing errors within the system can be tricky and sometimes requires restarting the entire process, which can be frustrating.
• Support and Problem Resolution: There have been complaints about getting help when problems arise.

4. Expensify

Expensify is another expense management software that automates expense tracking and receipt scanning and makes it smoother to keep tabs on your work expenses. It even works with accounting software you already use and categorizes expenses for you. Moreover, its features like automatic mileage tracking and global currency support make Expensify a comprehensive suite of tools for managing all your expenses.

Pros and Cons of Expensify Expense Management Software:

Pros:

• User-Friendly Interface: Expensify makes it easy and efficient to generate expense reports to manage for users.
• Smart Receipt Scanning: The SmartScan technology captures info from your receipts and puts it right into your report without any effort and error.
• Automatic Accounting Sync: Expensify works seamlessly with the accounting software and keeps everything in sync.
• Multi-layer Approval Workflows: Set up custom rules and multi-level approvals to ensure expenses follow company policies.

Cons:

• Customer Service Limitations: Some users, especially smaller companies, have reported difficulty getting help from customer service.
• Pricing Concerns: Make sure the features you need justify the cost. Expensify might not be the best fit for everyone.

5. Spendesk

Spendesk gives finance teams a handle on everything – company cards, reimbursements, invoices, and even automatic accounting. It helps track spending in real time, see what teams are requesting, and keep an eye on everyone’s expenses. Spendesk works with most accounting tools, making it a great option for businesses of all sizes to streamline their money management.

Pros and Cons of Spendesk Expense Management Software:

Pros:

• Faster Reimbursements: Automated payouts using Spendesk ensure employees get their money back quickly and easily.
• Smart Approvals: Set up clear approval workflows to keep expenses in check and make sure everything follows company policy.

Cons:

• Pricing Concerns: Spendesk can be a bit pricey, so make sure the features justify the cost for your business.
• Customer Service: Some users have mentioned occasional issues with customer support, so getting help might not always be easy and quick.

6. Zoho expense

Zoho Expense cuts the hassle out of work expenses. It simplifies the complexities of making expense reports every day. It even connects with Zoho Books (their accounting software) to keep everything up-to-date automatically. Plus, Zoho Expense lets you set expense rules, see reports, and customize it to fit your business perfectly.

Pros and Cons of Zoho expense Expense Management Software:

Pros:

• User-Friendly Interface: You don’t need any tech skills to use Zoho Expense as it’s straightforward and easy to learn for everyone.
• Automation and Efficiency: The software automates tasks like expense reports, reimbursements, and approvals.
• Versatility and Accessibility: Zoho Expense works on any device, so you can add expenses with photos, typing, upload receipts, or even track mileage.

Cons:

• Manual Report Creation: While adding expenses is easy, you’ll need to manually create reports yourself.
• Enterprise-Level Limitations: Zoho Expense might not be the best fit for very large companies with many travelers, as it may not have all the features they need.

7. Quickbooks

Quickbooks comes with a bunch of tools that work together to track your spending, get approvals fast, and see your finances in real time.  This software helps you figure out project costs, stick to budgets, automate expense reports from start to finish, and connect with other accounting software. It helps you keep a close eye on your money and make smarter financial decisions.

Pros and Cons of Quickbooks Expense Management Software:

Pros:

• Comprehensive Reporting: QuickBooks gives detailed reports that help you track every penny spent and help you make smart decisions.
• Scalability: QuickBooks works for small companies just starting out and can handle the needs of even large corporations.

Cons:

• Cost Considerations: QuickBooks can be a bit more expensive than some other options, especially for smaller businesses.
• Learning Curve for Tech Novices: There might be a bit of a learning curve at first, especially if you’re not familiar with financial software.

8. Emburse

Emburse automates expense reports, tracks spending, and even stores receipts for you. It helps businesses make sure everyone follows spending rules, gets reimbursed quickly, and sees exactly where the travel and expense money go.

Pros and Cons of Emburse Expense Management Software:

Pros:

• Ease of Use: Filling out reports and managing expenses is easy with the user-friendly interface of Emburse.
• Automation and Efficiency: The software automates tasks like creating reports, getting approvals, and tracking spending in real time, saving you tons of time.
• Deep Data Visibility: Finance managers get all the data they need to make smart decisions, with deep insights into travel and expense spending.

Cons:

• Potential Learning Curve: There might be a bit of a learning curve at first, especially if you’re used to doing things manually.
• ACH Payment Functionality: Some users have reported occasional issues with ACH payments, so you might need to use a different method sometimes.

9. Rydoo

Rydoo is another business expense management app. It automates expense reports, streamlines reimbursements, and helps you keep a tight grip on company spending.  Trusted by businesses worldwide, Rydoo offers a user-friendly interface, automates tedious tasks, and keeps everything in sync with your existing software. Moreover, it prioritizes security and compliance.

Pros and Cons of Rydoo Expense Management Software:

Pros:

• Automation and Efficiency: Rydoo automates approvals, tracks expenses in real time, and speeds up reimbursements.
• Integration and Innovation: It works seamlessly with your accounting software and other business tools, keeping everything in sync.

Cons:

• Minor Technical Issues: There have been some reports of minor glitches like the app not syncing perfectly with the web version or slow response times.
• Cost Considerations: Rydoo might be a bit expensive for smaller businesses, and it doesn’t handle reimbursements or bookkeeping itself.

10. Pleo

Pleo, the cloud-based software, gives employees handy company cards and automates expense reports.  Everyone can see spending in real time, and finance teams have complete control. Pleo makes expense reports generation simple, helps analyze spending habits, and works seamlessly with your accounting software. Pleo lets employees spend responsibly and keeps finance teams in the loop, all with an easy-to-use system.

Pros and Cons of Pleo Expense Management Software:

Pros:

• Ease of Use: Take a picture of your receipt, pick a category, Pleo handles the rest and you don’t need to tangle up in the hassles of paperwork.
• Automation and Efficiency: Pleo automates expense management, sets spending limits, and even offers virtual cards for online subscriptions.
• Customer Support: Pleo’s customer support is top-notch and always available to assist you.

Cons:

• Acceptance of Cards: Pleo cards might not be accepted by all vendors, so check before using them for specific purchases.
• Cost Considerations: While Pleo is great, it might not be the most budget-friendly option for all businesses. There might be more cost-effective solutions out there.

Final thoughts – Why do you need to use an expense management software?

Business expense management tools can do for you in minutes what takes hours to be done if done manually. They not only save a lot of time and effort but minimize the chances of human error. These tools give you a real-time view of all your expenses. It helps you make smarter decisions and track your money easily. They let your employees focus on more important things by streamlining workflows and approvals.

Not only that, these tools use data analysis to help you find ways to save money and grow your business even faster.  Moreover, they enforce company spending policies and catch any mistakes to make sure everyone plays by the rules.

The above-mentioned business expense management tools in the UK can release your management burdens for all kinds of expenses. The choice of the right tool for your business depends upon your requirements.