What is expense management, exactly?

Your employees need to be reimbursed for their business expenses, and you need to make sure those expenses are all valid and properly accounted for.

That's where expense management comes in: with the right systems in place, employees can promptly report and get reimbursed for expenses, and you can accurately monitor and record them.

But the problem with traditional expense management systems is that they're anything but efficient. No employee wants to manually enter the price of every Uber ride they took during a business trip, and no admin wants to spend hours poring over haphazardly compiled reports.

Luckily, Expensify's expense management software turns those challenges into a thing of the past. With time-saving features, AI-powered technology, and a streamlined, easy-to-use interface, Expensify is designed for busy people who have other priorities to take care of.

What are the benefits of using expense management software?

So why should you bother using expense management software like Expensify? It all comes down to a few core benefits:

• Fewer mistakes: People make mistakes, but fine-tuned software is far less likely to. SmartScan, for example, eliminates the potential for human error when inputting information from receipts.

• Faster processing: Streamlined tools for creating, submitting, reviewing, and approving reports means those reports are taken care of in a snap.

• Increased productivity: The less time employees spend manually creating and examining expense reports, the more time they can spend doing, well, anything else.

• Reduced waste: Expense reporting mistakes cost money, both in unnecessary reimbursements and employee time. But when you leave the tedious calculations to expense management software, you can save that money for more important things.

And when it comes time to file taxes and validate employees' expenses, expense management software also makes it easier for companies to stay compliant and prevent fraud.

Save up to 75% of your team’s time with Expensify

Every company has expenses to manage, and everyone from the CFO to your top sales rep hates expense tracking — until now, that is. With Expensify, employees and admins can track, organize, submit, approve, reconcile, and reimburse expenses in 75% less time than it takes to manage expenses the old-fashioned way.

From unlimited receipt scanning and mileage tracking to next-day reimbursement and direct accounting integrations, automate your expense management and preaccounting workflow with Expensify's easy-to-use expense management software.

Highlights

Expensify is a simple but powerful expense management app that's designed to benefit small businesses just getting started, Fortune 500 companies with complex financial systems, and everything in between. Key features include:

What are the best practices for implementing effective expense tracking?

By adhering to a few best practices, you can ensure that your expense management strategy is as efficient and effective as possible.

• Establish a clear expense policy: Both employees and administrators should have a clear understanding of what qualifies as a business expense, how often expense reports should be created, who those reports should be sent to, and when they should be approved.

• Adopt easy reporting tools: Don't expect people to create Excel spreadsheets detailing all their expenses. Instead, choose expense management software that makes everyone's lives easier.

• Prioritize promptness: Keep employees and admins happy by ensuring that all expense reports can feasibly be processed in a timely manner. You can do so by setting deadlines by which employees must submit their reports, and giving admins a clear timeframe in which they must review and approve them.

• Embrace accountability: Make sure everyone knows who's responsible for ensuring all reports adhere to the expense policy.

• Audit often: Cut down on fraud by conducting regular receipt audits and keeping an eye out for overstated or mischaracterized expenses.