It is critical to keep your company’s spending under control. It is quite easy to exceed spending limitations if you do not have some form of regulation in place. What can your company do with its restricted budget when business travel charges must be incurred? When calculating expense reports with the help of the expense reimbursement app, you have two choices – a fixed per diem and actual expenses.
The phrase “per diem” implies “for each day.” Per diem is more valued since it allows employees to travel for business without spending cash out of their wallets. It covers expenses including lodging, meals, and incidental expenses. Before the employee departs for business, per diem can be provided. In addition to that, per diem can be paid afterward. The per diem is necessary because there is no need for any form of proof of purchase. It also gives you, as the business owner, a greater understanding of the numerous travel expenditures provided to your company.
Nonetheless, actual expenses are ideal for unusual travel situations. Because this method necessitates the submission of documents, it is a more time-consuming and labor-intensive process for employees. Your employees are expected to keep receipts, and your accountants spend more time reviewing trip expenses.
Best Expense Claim Apps
In this article, we will go over some of the apps that provide both “per diem” and “actual expenses” options. We made certain to select the apps that help in tracking expenses for reimbursement after thoroughly reviewing their features, compatibility, functionality, and developer support.
Elegance and lightness are about the Expense Sensei application that can satisfy the needs of almost any team, be it a small startup or a well-known company. It’s very simple for both managers and accountants and your team members. The app offers a flow to sort all employee expenses, categorize them, and put everything in one place, in one form that has a given number of required fields. In fact, the whole process of sending an expense report does not take more than a minute: you just need to take a photo of the receipt and enter the required data, and you’re done. The app has both paid and free versions, which are completely similar, however, there’s a limited number of users that are allowed in a Free version (up to 15).
Zoho Expense is a corporate expense reimbursement app that comes with a free plan for sole traders. In addition to that, Zoho Expense also provides an option to upgrade to a paid plan. It offers features for up to 10 employees. Even better, the free plan comes with the option of adding an extra seven users. If you choose either plan, you will be able to track mileage charges, per diem allowances, expense policy enforcement, and manage numerous currency transactions when going abroad. Zoho Expense is an all-in-one expense management solution that no company should be without. You can use this app for tracking expenses for reimbursement.
Fyle is a user-friendly solution. It is ideal for companies with over 100 employees and under 5000 employees. It comes with essential features such as automated credit card reconciliation, real-time expense analytics, mileage tracker, expense approval workflow, mileage, and per diem rates. The UI is easy to use and contains all of the features required to assist you in sorting out spending within your firm. The simplicity with which email and fyle can be integrated. The plugin is quite useful. You will also appreciate the fact that you could combine expense reports into one final report and submit it for approval. It is also useful for integrating the cost from the photo library.
Because of its affordable price point, ExpenseIn is a fantastic business travel expense tracker for small companies, while still offering extensive functionality for medium to large companies in any industry. It is the best expense claim app that comes with features that include real-time reporting, receipt data extraction, automatic mileage calculations, flexible approval routing, purchase, mileage, and time expenses. Moreover, this expense reimbursement app has compatibility with IOS, Windows, and Android.
TripLog app is an app that provides simple mobile and web software-as-a-service to simplify compliance, increase transparency, time-saving when it is related to business expense reporting. It is an expense claim app that is perfect for self-employed individuals, mid-sized businesses, and enterprises. It comes with excellent features including travel policy application, tax-compliant mileage reports, digital receipt capture, centralized web dashboard, and many more. In short, this is another best app for tracking expenses for reimbursement.
Rydoo is another business expense management software that reimburses business expenses. It has features that might assist you in streamlining the cost processing and approval without the need for excessive paperwork and labor hours. Moreover, Rydoo allows you to submit and approve expenses through the web or on the move using the app. It saves recent accounts so you don’t have to search for them each time you are adding receipts. Since it’s an app for tracking reimbursement expenses, it matches transactions quickly and reads receipt details accurately. In addition to that, it offers international expense tracking with optical character recognition (OCR) scanning.
Expense tracking can be really not so enjoyable. Manually sifting through paper receipts and keying in every transaction from the previous month is time-consuming—another thing you don’t have at the end of the month. It may be much simpler—the top apps can find business expenses on their own. Choose one of these 6 of the best expense reimbursement apps and use it for managing expenses!