What is Expense Management Software?
Businesses utilize expense management software to process, pay, and audit employee-initiated expenses. The software includes capabilities for employees to input expenses for approval through a browser or mobile application. Expense management software simplifies and automates a business’ expense entry, streamlines review, eliminates paper trail, and reduces administrative effort. Expense management software allows administrators to have full visibility of and track employee use of business financial resources. Expense management software analyses overall expenses, identifies cost-saving opportunities, and controls excessive spending. Expense management software is commonly integrated with time tracking software, travel management software, payroll software or accounting software, and workforce management software.