How to Choose the Best Employee Expenses App for Your Business

(This article was last updated on 17 October 2024.)

Managing employee expenses can often feel like a never-ending hassle, bogged down by time-consuming processes and inevitable errors.  

That's where an employee expenses app comes in, offering a way to streamline these tasks and improve overall efficiency.

In this guide, we'll help you choose the best app to manage employee expenses for your business in 2024. 

Whether you’re running a small business or a large enterprise, finding the right expense app can make a significant difference. 

Why Your Business Needs an Employee Expenses App in 2024

Managing employee expenses can be time-consuming and error-prone. An employee expenses app can make this process simple and efficient.  

Here’s why your business needs an employee expenses app in 2024: 

1. Save Time and Work More Efficiently

Imagine what your team could achieve if they didn't have to spend so much time on tedious expense reports.

Did you know that about 60% of employees file expense reports daily or weekly, and around 75% say it takes them over 15 minutes each time?

That means at least an hour each month is spent on admin tasks that pull them away from their core responsibilities. Over a year, employees end up losing more than a full day's worth of productivity just sorting out expenses.

But with a business expense tracker app, your employees can:

• Snap photos of receipts with their smartphones.

• Let the app extract important information using Optical Character Recognition (OCR) technology.

• Enjoy AI-driven categorisation that automatically sorts expenses into the right categories.

This not only speeds up the process but also significantly reduces the chance of errors.

2. Reduce Manual Work

Manual expense reporting is a recipe for errors and inefficiencies.

Can you believe that over 40% of companies are still managing expense reports by hand? Even more surprising is that nearly half of these organisations don't track how much it costs them to process these reports.

This means many businesses might not realise how much time and money they're losing with outdated methods.

By adopting an employee expenses app, you can:

• Automate data entry and categorisation, drastically cutting down on mistakes.

• Simplify the entire expense reporting process, which is why 82% of businesses have invested in this kind of tech.

This ensures you have:

• Accurate and complete expense reports.

• Reliable financial records for making informed decisions.

Embracing automation not only improves accuracy but also frees up your team to focus on what they do best, boosting overall productivity.

3. Track Expenses in Real Time 

Wouldn't it be great to keep an eye on expenses as they happen? With an expense management app, you can.

This real-time visibility allows managers to:

• Monitor spending immediately. 

• Keep budgets on track. 

• Quickly spot any unusual or unauthorised expenses. 

Plus, employees can see their spending limits, helping them stay within budget.

4. Stay Compliant Without the Hassle

Keeping expenses in line with company policies doesn't have to be difficult.

Interestingly, about a third of employees admit they've spent outside of their company's expense policies. What's more, nearly 40% of them weren't even aware they were breaking the rules.

To top it off, over 10% had to repay their organisation the full amount, which can put an unexpected strain on personal finances.

An employee expenses app can help prevent these issues by:

• Flagging receipts that exceed allowed amounts.

• Preventing policy violations before they happen by providing clear guidelines and automatic checks.

This way, everyone can stay compliant and follow the rules effortlessly, saving both the company and employees from unnecessary stress and financial loss.

5. Make Reporting and Audits Easy

Preparing for audits and generating reports becomes so much easier with an employee expenses app.

These apps can:

• Create detailed, customisable reports. 

• Provide insights into spending patterns and categories. 

• Organise expense data for quick access during audits. 

6. Boost Employee Happiness and Productivity

Let's face it—no one enjoys the old way of submitting paper receipts and waiting ages for reimbursements.

In fact, over 50% of organisations report that their biggest headache with expense management is employees losing paper receipts or submitting expenses without them. This not only frustrates your team but also wastes valuable time chasing down missing information.

By using an employee expenses app, you can make your team happier by:

• Simplifying expense submission: Employees can scan and submit receipts instantly using their smartphones, eliminating the hassle of keeping track of paper receipts.

• Speeding up reimbursement times: Did you know that 43% of organisations take eight days or more to process, approve, and reimburse an expense report? With an automated system, you can significantly reduce this time. In fact, some companies are able to do it in just one to three days.

This not only boosts morale but also enhances productivity, as your employees spend less time worrying about expenses and more time focusing on their work.

10 Must-Have Features in an Employee Expenses App 

Choosing the right employee expenses app can make a world of difference in how smoothly your business handles expenses.

To help you find the perfect fit, here are ten essential features you should look for that will meet your needs and boost efficiency:

1. Robust Mobile Capabilities

Your employees are always on the go, so your expenses app should keep up with them.

Look for a mobile app with strong mobile capabilities that allow employees to:

• Submit expenses and receipts directly from their smartphones.

• Access the app on both iOS and Android platforms, ensuring everyone in your company can use it seamlessly.

2. Receipt Scanning and Storage 

No one enjoys dealing with piles of paper receipts. An expenses app with receipt scanning and digital storage is vital.

Find one that:

• Uses Optical Character Recognition (OCR) technology to automatically capture receipt details.

• Lets employees snap a photo of their receipts, with the app extracting and storing all necessary information securely.

This feature saves time and ensures receipts are easily retrievable whenever you need them.

3. Automated Policy Compliance Checks

Keeping expenses in line with company policies can be tricky. An employee expense app with built-in policy compliance checks can make this simple by:

• Flagging any expenses that exceed set limits or don't adhere to guidelines.

• Preventing unauthorised spending before it becomes an issue.

This helps enforce company policies effortlessly and keeps spending under control.

4. Intelligent Expense Categorisation 

Staying organised is key to effective expense management. Look for an app that:

• Automatically categorises expenses based on predefined criteria like business travel, meals, office supplies, and more.

• Utilizes AI-driven categorisation for even more accuracy.

• Allows you to create custom categories specific to your business needs.

This makes it easier to track and analyse spending patterns, providing valuable insights for financial planning.

5. User-Friendly Interface 

An app that's difficult to navigate won't win over your team.

Make sure the expenses app has a user-friendly interface that's:

• Intuitive and easy to use, reducing the learning curve for employees.

• Designed to make expense submission and management a hassle-free experience.

A well-designed app encourages widespread adoption and consistent use.

6. Custom Workflows and Approval Processes

Every company has its own way of handling approvals. Your expenses app should:

• Allow you to set up custom workflows for expense approvals that match your company's processes.

• Offer approval notifications to alert approvers when their input is needed, speeding up the workflow.

This ensures expenses go through the proper channels before they're finalised.

7. Integration with Accounting Software 

To keep your financial management seamless, the app should integrate with popular accounting software like QuickBooks, Xero, and Sage.

This integration:

• Automatically synchronises expense data with your accounting system.

• Reduces manual data entry and minimises the risk of errors.

8. Real Time Data Synchronisation 

In this day and age, real-time data synchronisation is a must. This feature ensures:

• Expense data is updated instantly across all devices.

• Employees can submit expenses on the go, and managers can review and approve them in real time.

This improves transparency and speeds up decision-making.

9. Customisable Reporting Tools 

Every business has unique reporting needs. Look for an app that offers:

• Customisable reporting tools to generate detailed reports tailored to your requirements.

• The ability to analyse expenses by category, department, or employee.

These insights are invaluable for budgeting and strategic financial planning.

10. Multi-Currency Support 

If your business operates internationally, multi-currency support is essential. The app should:

• Handle expenses in various currencies without any hiccups.

• Automatically convert expenses to your home currency based on current exchange rates.

This feature is crucial for accurate financial reporting and managing international expenses effectively.

How to Evaluate the Best Employee Expenses App for Your Business 

Here’s a simple guide on how to evaluate the best app to manage expense receipts and meet your business needs: 

Step 1: Identify Your Business Needs

First things first—understand what your business specifically requires. Consider:

• Volume of expenses: How many expenses do you process monthly?

• Types of expenses: What categories do these expenses fall into (e.g., travel, meals, office supplies)? 

• User base: How many employees will use the app, and how tech-savvy are they?

• Integration requirements: Does the app need to integrate with accounting software like Netsuite or Sage? 

By clearly defining your requirements, you can narrow down your options and focus on apps that truly fit your needs.

Step 2: Compare Features of Different Expense Apps 

Now that you know what you're looking for, it's time to compare the features of various employee expenses apps. Look for the features covered in the previous section.

Here’s a quick reference: 

• Mobile capabilities: Is there a mobile app for on-the-go expense reporting? 

• Receipt scanning & storage: Can the app scan and store receipts digitally using OCR technology? 

• Policy compliance checks: Does it enforce company policies and flag non-compliant expenses? 

• Expense categorisation: Does it automatically categorise expenses? 

• User-friendly interface: Is the interface intuitive and easy to use? 

• Custom workflows & approvals: Can you customise approval workflows to match your company’s processes? 

• Integration with accounting software: Does it seamlessly integrate with your existing accounting systems? 

• Real-time data synchronisation: Does it update expense data in real time across all devices? 

• Customisable reporting: Can you generate detailed and customised reports? 

• Multi-currency support: Is it capable of handling expenses in multiple currencies? 

Step 3: Read User Reviews and Ratings for Expense Apps

User reviews and ratings can provide valuable insights into an app's performance and reliability. Look for feedback on:

• Ease of use: Is the app user-friendly?

• Customer support: How responsive and helpful is the support team?

• Reliability: Are there any recurring issues or bugs?

• Overall satisfaction: Are users generally happy with the app?

Real-world feedback can highlight potential red flags or confirm the app's strengths.

Step 4: Analyse the Cost vs. Benefits of Expense Apps 

Before making a decision, weigh the costs against the benefits. Consider:

• Subscription costs: What's the monthly or annual price?

• Implementation costs: Are there additional fees for setup or training?

• Time savings: How much time will the app save in processing expenses?

• Error reduction: Will it reduce errors and improve accuracy?

• Compliance & control: How effectively does it enforce policy compliance and control spending?

A thorough cost-benefit analysis will help you determine if the app offers good value for its price.

Step 5: Book a Demo

Finally, before settling on an app, book demos with the top expense management software on your list. During the demo:

• Ask questions: Clarify any doubts about features, integrations, and support.

• Test key features: Ensure the app's main functions work as expected and meet your needs.

• Evaluate user experience: Assess how intuitive and easy the app is to use.

Demos provide hands-on experience, allowing you to see how the app performs in real-world scenarios.

ExpenseIn: The Top Employee Expenses App for 2024 

When it comes to managing employee expenses efficiently, ExpenseIn stands out as the top employee expenses app for 2024.  

This all-in-one solution simplifies every aspect of expense management, making it easier for businesses to handle expense reports, approvals, and reimbursements. 

Key Features 

• Automated expense claims: ExpenseIn automates the entire expense claim process. Employees can submit, approve, and get reimbursements quickly, significantly reducing manual effort and speeding up workflows. 

• Mobile app: Allows employees to submit expenses on the go, scan receipts in real-time, and track business expenses directly from their smartphones, available on both iOS and Android. 

• Real-time receipt scanning: With advanced OCR and AI technology, ExpenseIn captures and categorises receipt data instantly, making record-keeping and reporting easy. 

• Automatic mileage & carbon emission calculations: Integrating with Google Maps, the app simplifies mileage tracking and offers carbon emission reporting, which is perfect for sustainable businesses. 

• Customisable approval workflows: Tailor approval processes to fit your organisation’s needs, ensuring efficient and accurate expense oversight. 

• Integrated policy enforcement: ExpenseIn automatically checks each expense submission against company policies, flagging any discrepancies to ensure compliance. 

• Real-time reporting & analytics: Get detailed insights into spending patterns, helping you make informed financial decisions and optimise budgets. 

• Seamless software integration: Syncs easily with popular ERP and accounting systems like QuickBooks, Xero, and Sage. 

• HMRC compliant & secure UK data storage: Ensures adherence to tax regulations and provides robust data security with UK-based data storage. 

ExpenseIn offers flexible plans that charge only for active users each month, making it an economical choice for businesses of all sizes. 

How to Implement an Employee Expenses App Successfully 

Implementing a new employee expenses app might seem overwhelming, but with the right approach, you can ensure a smooth transition.

Here's a step-by-step guide to help you successfully integrate the employee expenses app into your business operations:

Step 1: Develop a Solid Implementation Plan 

A well-thought-out plan is essential for seamless integration. Start by:

• Creating a timeline: Establish key phases such as data migration, training, testing, and full deployment. Setting clear deadlines helps keep the project on track.

• Defining roles & responsibilities: Assign specific tasks to team members—like data migration, training, and system setup—to ensure accountability and smooth progress.

Pro Tip: egularly update all stakeholders and hold meetings to address any issues promptly. Open communication keeps everyone on the same page.

Step 2: Organise and Prepare Your Data

Organised and clean data is crucial for a successful transition. 

• Gather expense records: Collect all current expense records and receipts to ensure you have all necessary documentation ready for migration.

• Clean your data: Verify and validate the data to avoid issues during migration. Remove duplicates and outdated information.

Pro Tip: Maintaining clean data ensures accuracy and integrity during and after the migration process.

Step 3: Customise and Configure the Expense App

Tailoring the app to fit your business needs will maximise its effectiveness. 

• Set custom policies: Configure the expense app to enforce your company’s expense policies and match your organisational requirements.

• Integrate systems: Connect the expense app with your existing accounting, HR, and ERP systems for seamless data flow and improved efficiency. 

Pro Tip: Test the setup thoroughly and run pilot tests to identify and fix any issues before full deployment.

Step 4: Educate and Train Your Team 

Effective training is key to ensuring that all users are comfortable with the new app.

• Conduct training sessions: Organise comprehensive training sessions with hands-on demonstrations and Q&A. 

• Provide support materials: Develop user guides, FAQs, and video tutorials for ongoing support. Offer live chat support for immediate assistance. (ExpenseIn, for example, has an extensive resource library with free guides and live chat support for any immediate questions.)

Pro Tip: Regular refresher training and continuous support can help maintain proficiency, especially when new features are introduced.

Step 5: Launch the Expense App 

The go-live phase is the final step in transitioning to the new system. 

• Deploy to all users: Roll out the app across the entire organisation to ensure everyone starts using it simultaneously. 

• Monitor initial usage: Track how the app is used initially and gather feedback to address any issues promptly. 

Pro Tip: Keep communication open during the rollout to refine processes and ensure a smooth transition. 

Step 6: Continuously Monitor and Improve 

Ongoing monitoring and optimisation ensure the app remains effective and beneficial. 

• Collect feedback: Regularly gather user feedback to identify areas for improvement. 

• Optimise processes: Use the insights to make necessary adjustments and improve efficiency continuously. 

Pro Tip: Schedule regular check-ins to ensure the app continues to meet your business needs and remains efficient. 

Real-Life Success Stories & Testimonials for Expense Apps 

Implementing an employee expenses app can significantly improve efficiency and accuracy in expense management. 

Here are some real-life success stories and testimonials from businesses that have benefited from using ExpenseIn. 

Habitech Limited: Saving Time & Reducing Errors 

Habitech Limited, a leading distributor of specialised AV, lighting, and network systems, faced challenges managing expenses with spreadsheets. Their process was time-consuming, error-prone, and often led to misplaced receipts and added costs. 

Challenges: 

• Manual updates and advanced formula knowledge are required for spreadsheets. 

• The time-consuming process of sending, scanning, and emailing receipts. 

• Errors and missing receipts lead to difficulties in reclaiming VAT. 

Solution:  

Habitech Limited adopted ExpenseIn for its reliable system that allows users to take pictures of receipts and upload them through an app for approval by managers and the finance team.

The app's pricing model, which only charges for users who submit claims, was also a key factor. 

Results: 

• Significant time savings with automated processes. 

• Reduced errors and streamlined approvals. 

• Seamless integration with NetSuite, eliminating manual processing. 

• Positive user feedback and professional support during implementation. 

Testimonial:  

W Denis Insurance Brokers: Cutting Paperwork & Streamlining Invoicing 

W Denis Insurance Brokers, an independent insurance broker, struggled with a paper-heavy invoicing process that involved scanning documents, using spreadsheets, and manual entry into Sage. This led to delays and inconsistencies in payments. 

Challenges: 

• Extensive paper scanning and manual data entry. 

• Difficulty in maintaining a consistent payment schedule. 

Solution:  

They chose ExpenseIn for its intuitive features, mobile app capabilities, and ability to digitise and streamline their workflow. 

Results: 

• Drastic reduction in paperwork. 

• Elimination of manual data entry into Sage. 

• Consistent and efficient weekly payment process. 

• Automated tasks integrated into one efficient workflow. 

Testimonial:  

Benefits Experienced with ExpenseIn 

• Time savings: Automated processes save significant time on expense and invoice management. 

• Error reduction: Reduced errors with real-time receipt scanning and automated policy enforcement. 

• User satisfaction: Positive feedback from users who find the system quick, easy, and efficient. 

• Seamless integration: Smooth integration with existing systems like NetSuite and Sage. 

• Cost-effectiveness: A pricing model based on active users ensures cost-efficiency. 

These testimonials highlight how ExpenseIn helps businesses improve their expense management processes by saving time, reducing errors, and enhancing overall efficiency.  

Discover how ExpenseIn can streamline your expense management and save you time and money. Book a free demo with ExpenseIn today and see the difference it can make for your business.