Expense management software focuses on the input of costs for a business, and also how those costs are paid. Examples include Bilr for Enterprises, Concur, and Coupa. The software functions as a portal through which users can submit, track, process, and reimburse employee expenses. It can also be used as a method for invoicing billable hours or reimbursable project expenses. Software with the capability to manage expenses can be found bundled with broader tools for financial processes or as a standalone product.
Cost allocation software functions similarly to expense management software, as it also tracks expenses, but it goes the extra mile and allows for cash-flow analysis, thus providing guidance on decisions about pricing, facilities, make-or-buy, and compensation, amongst other costs.
On that same thread, private equity software such as Resolvr offers forms of risk management and performance assessment in order to better a firm’s credibility, which in the realm of private equity, is directly tied to return on investment. These firms should utilize this software to scale their investments and increase returns to shareholders without compromising their operating efficiency.
Expense management software caters to three main user groups:
The best expense management software platforms can increase revenue through the use of digital data streams and artificial intelligence. Both serve to optimize expense allocation and increase funds’ profit margins. Expense management software can also streamline communication on-platform for team members and vendors, further ensuring efficient workflows and turnarounds. This optimization of operations reduces invoice processing time, spurring along the company to bigger and better things.