We’ve entered the second year of the COVID-19 pandemic and rates of infection have begun to dwindle in countries with high vaccination rates. While some major companies are asking their workers to return to their offices, others are experimenting with full-time remote work and hybrid work schedules.
Regardless of which work arrangement your organization adopts, you need to supply your employees with the right task management and project management software to help them do their jobs properly. This commitment to providing full support extends to ensuring that your organization is using the best accounting software, bookkeeping software, and expense management software for remote and hybrid work.
If you need help selecting accounting, bookkeeping, and expense management software for your organization, then you’ve come to the right place. Use these tools to accurately record and analyze your company’s financials, as well as record and reimburse expenses.
Consistently ranked among the best expense management software, Expensify seamlessly tracks expenses, generates invoices, settles bills, collects payments, and manages company credit cards. Users can also use their Expensify account to track their business travel expenses for reimbursement at a later date.
Expensify is notable for its array of time-saving automations: the auto-approve feature, for example, allows minor, compliant requests to be processed without managerial approval. Users can also scan unlimited receipts using the app’s SmartScan feature. Users simply snap a photo of their receipt and SmartScan automatically captures all the details for expense reporting.
Expensify also integrates with Uber and Lyft, making rideshare expenses easy to track and submit for reimbursement. Other practical integrations include direct links with small business accounting software (e.g. QuickBooks Online, Xero, and Sage) as well as bill payment systems.
Concur Expense simplifies the expense management process by allowing organizations to capture spending from multiple sources, reimburse employees more quickly, and plan spending decisions based on accurate data.
Using the SAP concur mobile app (available on Android and iOS), users can submit their expense reports for review and approval on the go. The app uses ExpenseIt to turn receipts into reports with just one click. The user simply snaps a photo of their receipt and ExpenseIt will automatically create, itemize, and categorize expense entries.
Aside from making tracking receipts a breeze, ExpenseIt reduces the errors that come with manual encoding. Concur Expense also readily integrates travel, expense, and invoice data with your existing ERP, CRM, HR, and accounting systems, giving your organization an accurate and comprehensive financial picture. These financial connectors enable your organization to create up-to-date reports and boost policy and regulation compliance.
The Rydoo app allows users to automate the entire expense management process, from capturing and submitting claims to reimbursement. Instead of manually approving expenses one by one, administrators can create approval workflows based on their own criteria. Administrators can also set expense policies, and users will be automatically sent warnings in case of non-compliance.
Meanwhile, the Insights feature allows organizations to understand where they’re overspending and identify partnership opportunities. And similar to Concur and Expensify, Rydoo allows users to scan their receipts using the mobile app. All key data from the receipts will be extracted (including the date, merchant, amount, and currency) using OCR technology.
Pleo's smart company cards (available in both virtual and plastic format) allow employees to cover their business expenses. When employees use their Pleo cards to make a purchase, they’ll get an instant notification on their smartphones. Employees can then snap a picture of their receipts and add any important details to the Pleo app—doing away completely with the need for reimbursements and expense reports.
Administrators can set individual spending limits and oversee expenses in real-time. Pleo also integrates seamlessly with your accounting systems, simplifying audits and taxes.
Touting itself as the world’s first global financial superapp, Revolut is among the group of companies that are disrupting the personal finance and expense management space. Unlike conventional banks, Revolut allows users to set up a current account without paperwork using their phones.
While the most basic current account is free, the other plans (Plus, Premium, and Metal) charge reasonable monthly fees. Next, users have to top up their accounts with funds from a verified existing bank, as well as scan proof of identification through the app. Customers can order either a virtual or physical debit card, with the latter being a prepaid contactless Mastercard which can be used for retail payments around the world.
Some of Revolut’s most practical features include spending analytics (which give users weekly insights on their spending), capped monthly spending budgets (which allow users to better manage their spending by setting a monthly budget), and instant spending notifications (for monitoring transactions in and out of their accounts).
QuickBooks Online offers accounting tools for small and growing businesses, freelancers, as well as professional accountants and bookkeepers. Suitable for a variety of industries (including restaurants, retail, construction, non-profits, and professional services), QuickBooks also lessens the learning curve for all users via tutorials and free live webinars.
Features for Small Business Owners
Depending on their plan, small business owners can:
Features for Accountants and Bookkeepers:
Aside from its invoicing and billing features for small business owners, FreshBooks also offers an array of easy-to-use double-entry accounting tools. These make it easy to identify revenue items and their corresponding expenses, giving users an accurate estimate of profits and losses.
Meanwhile, automatic checks and balances ensure that debit and credit card amounts are equal, greatly reducing potential errors when taxes are filed. Freshbooks’ Double-Entry Accounting Tools make it easier to calculate the cost of running your business and forecast your earnings.
Key Features
Wave’s accounting software is specifically designed for entrepreneurs, freelancers, and small businesses. The various built-in features help them better understand their income and expenses, as well as efficiently manage payroll, invoicing, and payments.
Wave can also connect users to their bank accounts, sync all expenses, balance their books, and get their financial records ready for taxes. Financial information is neatly organized in Wave’s dashboard using the double-entry system, making all records easier for accountants to understand. Other useful features include credit card processing and receipt scanning.
Using the software’s bank reconciliation tools, users can manage all of their bank account and credit card information in real-time. This helps them improve the accuracy and efficiency of their bookkeeping processes. Businesses can also readily generate reports that integrate crucial data points, such as cash flow, profit/loss, and sales tax.
Key Features
Xero Accounting Software’s array of features allow SMBs, accountants, and bookkeepers to perform various tasks. These include paying bills, claiming expenses, and generating accurate accounting reports.
The Bills Payment feature lets businesses keep track of and settle their bills on time, as well as get a clear overview of accounts payable and cash flow. Businesses can simplify employee expense claims—including capturing, submitting, and approving expenses, as well as reimbursing claims. Invoice payments can be easily processed by connecting to Stripe and other payment solutions.
Key Features
NetSuite cloud financials and accounting software seamlessly integrates core financial and accounting functions with strong financial management. This results in stronger business performance and significant reductions in back-office costs.
Organizations are given real-time access to live financial data, helping them generate statements and disclosures that comply with multiple regulatory financial compliance requirements, including GAAP and SOX.
Key Features
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