Top 5 Corporate Expense Management Software Picks for 2024

Struggling to manage your small business expenses in Singapore? You’re not alone. Managing expenses is important for the survival and growth of any small business, especially in a fast-paced market like Singapore. The right expense tracker management software can help business owners streamline their finances, improve cash flow visibility, maximise tax deductions, and reduce human error in financial reporting.

In this blog, we will explore the benefits of using expense management software for small businesses in Singapore. We will also provide an overview of the top 5 expense management software options available in Singapore in 2024.

Quick Overview: Top 5 Corporate Expense Management Software Picks for 2024

Here’s a quick look at the top five corporate expense management software options that can help streamline financial workflows, boost visibility, and improve overall business efficiency in 2024:

Grof Expense Management

A homegrown solution tailored for Singaporean SMEs.

Automates expense tracking and real-time data management.

Offers integrated accounting services and compliance with local regulations.

Xero

Ideal for small businesses with global ties.

Offers multi-currency support, automated bank feeds, and customisable reports.

Great for expense tracking and payroll management but may have a learning curve for beginners.

Zoho Expense

Part of the Zoho ecosystem with seamless integration into Zoho Books.

Features auto-scan receipts and customisable expense categories.

Scalable which is another good choice for growing businesses.

QuickBooks Online

A user-friendly platform with automated expense tracking.

Mobile app and GST support make it ideal for Singaporean businesses.

Offers multi-user access for team collaboration on expenses.

Expensify

Simple and intuitive software for streamlining expense claims.

Features receipt scanning and customisable approval workflows.

Supports multi-currency transactions, great for international business.

What Is Corporate Expense Management Software?

Expense management software is a digital tool that automates and streamlines the process of tracking, managing, and optimising expenses for businesses. It simplifies key aspects of expense management, including reporting, approval workflows, receipt tracking, and analytics.

How Does Corporate Expense Management Software Benefit Small Businesses?

Managing expenses is a crucial part of running any business, from business costs to client lunches, and all expenses need to be properly audited, approved, and reimbursed. Without the right tools, handling these tasks manually requires paperwork and spreadsheets, which can be time-consuming and error-prone.

Here’s a snapshot of a typical manual reimbursement process:

Employees submit paper receipts, which are recorded in spreadsheets.

The finance team audits and approves these receipts, sending them to managers or executives for further review.

Managers approve some reports and return the unapproved ones to finance for follow-up with employees.

Approved and verified reports are then filed for tax and accounting purposes.

The accounting department assigns the correct tax codes and enters the data into the company’s system.

Finally, the reimbursement is issued to the employee or their credit card company.

This process, while necessary, can be burdensome even in the most straightforward cases. Lost receipts, unclear policies, and poor visibility into employee expenses only add to the difficulty. And this doesn’t even take into account the effort employees must put into managing their employee expenses or the analysis required by the finance team after reimbursement is complete, which complicates policy enforcement.

So, What’s The Solution?

Corporate expense management software automates and simplifies the entire process, taking the pressure off your finance and accounting teams. It can efficiently handle employee-initiated claims from start to finish, ensuring everything is processed, audited, and paid with minimal effort.

By automating these tasks, the software not only boosts the efficiency of your teams but also tracks receipts, reduces errors, enforces company policies, and streamlines approval workflows. It fosters better budgeting, monitoring, and analysis, which helps prevent overspending and ultimately saves your business money.

Top 5 Corporate Expense Management Software for Small Businesses in Singapore

Managing business expense tracking is crucial for the survival and growth of any small business, especially in a fast-paced market like Singapore. The right expense management software can help business owners streamline their finances, improve cash flow visibility, and reduce human error in financial reporting. Here are the top five expense management software solutions designed for small businesses in Singapore.

1. Grof Expense Management

Grof Expense Management is a cloud-based solution specifically designed to cater to small and medium-sized enterprises (SMEs) in Singapore. This platform is tailored to automate and optimise the financial workflows through easy-to-use, feature-rich tools.

Key Features:

Automate: Streamline expense management by converting paper receipts into digital information with receipt capture and smart reporting, making it easy to track expenses without manual data entry.

Streamline Processes: Optimise your expense workflow for seamless reporting, categorisation, approvals, and reimbursements, ensuring everything from submission to approval is handled efficiently.

Real-Time Visibility: Get instant spending insights with real-time data, allowing for proactive financial control and management to avoid surprises.

Upload Bills: Easily upload bills on the go or from the comfort of your desk, offering maximum flexibility for handling financial transactions.

Pay Bills: Ensure timely bill payments every time with integrated solutions that streamline payment processes.

Corporate Card: Streamline expense tracking and reconciliation with integrated corporate cards, making it easier to monitor team and departmental spending, stay within budget, and manage business expenses efficiently.

Export Statements: Access detailed transaction histories for comprehensive record-keeping and analysis, supporting financial transparency and accountability.

Why It’s Ideal for Singaporean SMEs: Grof Expense Management offers a comprehensive suite of features tailored to Singapore’s dynamic market, providing small businesses with the tools they need for efficient financial management. With a strong focus on automation and real-time data, Grof empowers SMEs to keep tight control over their expenses while focusing on growth. As a homegrown brand, Grof not only understands the unique needs of local businesses but also ensures compliance with Singaporean financial regulations. In addition, our integrated accounting services provide full support for businesses looking to scale new heights, making Grof a reliable and complete solution for SMEs.

Sign up for free: https://grof.co/sg/business-account

2. Xero

Xero is a cloud-based accounting platform ideal for small businesses that need to manage their expenses efficiently. It offers a comprehensive suite of tools that help with expense tracking, payroll management, invoicing, and budgeting.

Key Features:

Multi-currency support for global businesses

Automated bank feeds that sync with over 700 banks worldwide

Integration with third-party applications like Stripe and Shopify

Real-time expense tracking with customisable reports

Mobile app for on-the-go management

Why It’s Ideal for Singaporean SMEs: Xero’s simplicity, combined with its robust functionality, makes it a great tool for Singapore’s small business owners, many of whom run startups with global ties. I However, for those with no prior experience in accounting or accounting software, there may be a learning curve. While Xero offers great features, it can take some time to get familiar with the platform, but once mastered, it can significantly streamline financial management.

3. Zoho Expense

Zoho Expense is part of the broader Zoho ecosystem, which is popular among SMEs for its affordable yet powerful software solutions. This platform is dedicated to automating and simplifying expense reporting.

Key Features:

Auto-scan receipts feature

Seamless integration with Zoho Books for complete accounting solutions

Supports multi-level approvals and policy compliance

Customisable expense categories

Advanced reporting with analytics

Why It’s Ideal for Singaporean SMEs: Zoho Expense’s scalability is ideal for businesses that are rapidly growing. Its affordability and ease of use make it a great option for small business owners who are looking for an all-in-one solution without breaking the bank.

4. QuickBooks Online

QuickBooks Online is a household name in the world of accounting software, offering powerful expense management features tailored for SMEs.

Key Features:

Automated expense tracking by connecting your bank and credit card accounts

Customisable reports for a quick overview of profits, losses, and expenses

Supports multi-user access with different permissions

Integrated mobile app for on-the-go expense tracking

GST support for Singaporean businesses

Why It’s Ideal for Singaporean SMEs: QuickBooks Online is known for its user-friendly interface, which is perfect for small business owners without extensive financial backgrounds. The mobile app, coupled with real-time data syncing, makes managing expenses efficient and convenient.

5. Expensify

Expensify is another popular solution for businesses seeking to simplify their expense reporting and approval workflows. It’s highly intuitive and eliminates much of the manual labour involved in managing receipts and expense claims.

Key Features:

Auto-categorisation of expenses for seamless reporting

Integration with accounting platforms like Xero, QuickBooks, and NetSuite

Receipt scanning and automatic generation of expense reports

Customisable expense policies and approval workflows

Multi-currency support for international businesses

Why It’s Ideal for Singaporean SMEs: Expensify’s simplicity and affordability make it a solid choice for small businesses in Singapore that need to streamline expense claims. Its strong mobile app support allows business owners to manage expenses from anywhere, making it perfect for SMEs with employees on the move.

Key Features of the Best Corporate Expense Management Software

There are many corporate expense management software options available, but after evaluating them, we found that the best ones typically share these essential features:

Affordability: The ideal expense management software should fit within your budget. Most options offer tiered pricing based on features and the number of users, so select a plan that matches your needs to ensure you’re getting the best value.
Ease of Use: The purpose of implementing software is to simplify tasks, so choose one that integrates seamlessly with your workflow. Look for software that includes tutorials or onboarding resources to help you quickly understand its functionality.
Automated Workflows: Automation is a key feature of top spend management tools. Automated billing, invoicing, and fraud detection save time and reduce the need for manual intervention, allowing you to focus on more important tasks.
Effective Budget Tracking: Budget tracking is critical for managing finances. The best software monitors invoices, bills, and reports to identify excess spending, helping you control expenses before they spiral out of control.
Compatibility with Accounting Software: Integration with your existing accounting tools is essential for streamlining processes. Spend management software that syncs with your accounting software will help you close financial books faster and with fewer errors.
Corporate Card Integration: Corporate card functionality gives you greater control over employee spending. You can set limits, review payments, and access detailed transaction histories, ensuring full transparency over expenses.
Reliable Customer Support: Quality customer support is crucial for any SaaS product. Before committing, read reviews and speak with current users to ensure the software provider offers timely and effective customer service when you need it.

How to Choose the Best Corporate Expense Management Software for Your Business in 4 Simple Steps

Identify Your Goals

Start by assessing your specific needs and the problems you aim to solve with spend management software. Common challenges for small businesses include:

Overspending beyond the budget

Excessive time spent on creating expense reports

Inaccurate financial data leading to poor decision-making

Cases of fraud with no clear resolution

Delayed reimbursements causing employee dissatisfaction

Difficulty in tax compliance

Consider these issues and set clear, measurable goals for how spend management software can improve your processes.

Prioritise Essential Features for Your Business

SaaS products come with a wide range of features, but not all will be relevant to your needs. It’s important to distinguish between “must-haves” and “nice-to-haves” early on.

For example, small businesses often require solutions like:

Integration with ERP and accounting systems

Expense reporting

Real-time analytics and fraud detection

Compliance with tax regulations

Mobile app availability

Updated exchange rates for global currencies

While additional features like an intuitive dashboard and user-friendly design can enhance the experience, they may not be essential.

Evaluate Other Key Criteria

Consider these three critical factors:

Budget: Choosing the right software doesn’t always mean opting for the cheapest option. A quality spend management tool can reduce costs over time, so prioritise long-term value over short-term savings. Look for software like Grof, which offers comprehensive features with transparent pricing. Also, factor in any training costs that might impact your overall budget.

Time: Consider how long it will take to train your employees and reach your financial goals with the new software.

Compare Your Options

Once you’ve assessed your goals, features, budget, and timeline, compare the available software options. It’s a good idea to involve key members of your finance team in the decision-making process to ensure you choose the best fit for your business.

Make the Right Choice

We’ve outlined the top five spend management software options available on the market. Now that you understand what to look for in an expense management solution, including the potential benefits of enterprise plans, you’re well-equipped to make the best choice for your business. Just remember to consider factors like budget, technological compatibility, and the time required for implementation before finalising your decision.