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5 Best Travel & Expense Management Software in 2024
According to Statista, 80% of corporate travel managers believe that a standard system of measurement would positively impact corporate travel. Luckily, the solution is simple; travel and expense management software.
Travel and expense management software is an all-in-one system that allows you to track travel and expenses under one single platform. From travel booking and managing travelling employees to creating expense reports, you can now control all of this using a unified travel and expense management system.
In this article, we bring you the six best travel and expense software out there. But before we get to the list, we’ll break down what travel and expense management software is, when you should use one, and what to look out for in the software. Read on to find out more.
Why Use a Travel and Expense Management Software?
Travel and expense management software has become an essential tool for companies to streamline their travel expense management process. Here are some reasons why you need a travel and expense management software:
1. Automate and simplify the process
Travel and expense management software helps automate and simplify the entire process of managing travel expenses. From booking travel to submitting expense reports, everything can be done in one place, reducing the need for manual data entry and paperwork. This automation not only saves time but also reduces the risk of human error.
2. Keep accurate records
Using travel and expense management software enables businesses to keep more accurate records of travel expenses. The software automatically tracks and records every expense, making it easier for businesses to reconcile their accounts and provide accurate reports to stakeholders.
3. Ensure Compliance with Company Policy
Travel and expense management software can be customised to enforce company travel policies. This ensures that employees adhere to company policies, such as booking travel within a certain budget or using approved vendors. This helps businesses save money and avoid unnecessary expenses.
4. Gain insights into travel expenses
Using travel and expense management software provides businesses with valuable insights into their travel expenses. The software can generate reports that show which expenses are the most significant, which departments are spending the most, and which vendors are being used the most. This information can be used to identify areas where cost savings can be made.
5. Improve employee experience
Using a travel and expense management software can improve the employee experience by making it easier for them to book travel and submit expenses. The software can also provide employees with real-time updates on their travel plans and reimbursements, reducing the need for them to follow up with the finance department.
Overall, a travel and expense management software is an essential tool for businesses looking to streamline their travel expense management process, save time and money, and gain valuable insights into their travel expenses.
Things to Consider When Choosing the T&E Management Software
Here are some things to keep in mind when choosing a T&E management software:
1. User-Friendliness
The software should be easy to use and navigate, with a simple and intuitive interface. It should also be accessible on multiple devices, including desktops, laptops, and mobile devices.
2. Integration
The software should be able to integrate with other systems that your business uses, such as accounting software, HR systems, and travel booking platforms. This will ensure that data can be shared seamlessly across different departments, reducing the risk of errors and saving time.
3. Customisation
The software should be flexible enough to meet the unique needs of your business. It should allow you to customise fields, reports, and workflows to match your specific requirements.
4. Security
The software should have robust security features to protect sensitive data. This includes encryption, two-factor authentication, and regular backups.
5. Pricing
The software should be priced competitively and offer transparent pricing plans. It should also provide value for money, with features that meet the needs of your business without unnecessary extras that you won’t use.
Top 6 Travel Expense Management Software
When it comes to managing business travel expenses, there are a number of software options available that can help streamline the process. Here are six of the best travel expense management software solutions on the market today:
1. Clooper
Clooper is a user-friendly platform that simplifies the process of booking and managing business travel. With Clooper, users can easily search book flights, hotels, and manage your company’s travel expenses. The platform also offers a range of features to help users stay organized, including real-time employee updates and expense tracking.
The platform’s intuitive interface simplifies the reimbursement process, and real-time tracking of employees, enhancing both employee and finance team experiences.
Clooper ensures a seamless booking experience for accommodations, offering a vast array of options tailored to the unique preferences and needs of business travellers.
Key Features:
- Seamless accommodation booking experience.
- Comprehensive expense management tools.
- Sustainability initiatives: 1 booking = plant 1 tree + feed 1 person.
- Exclusive offers, including complimentary airport lounge access and meal vouchers.
- Personalized service by handling flight bookings manually upon client request.
- 247 support via email
Trustpilot rating: 4.4/5 based on 15 reviews.
2. Navan (formerly TripActions)
Navan, formerly known as TripActions, is a comprehensive travel management platform that offers a range of features to help businesses manage their travel expenses.
With Navan, users can book flights, hotels, and rental cars, as well as manage their itineraries and track their expenses. The platform also offers a range of reporting tools to help businesses stay on top of their travel spending.
Key features
- Automate expense management from swipe to reconciliation — no data entry is required
- Earn a 1% rebate on eligible spending through corporate cards
- Easy onboarding and a user-friendly platform
- Book business travel and manage expenses in one place
- Support is available 24/7/365 via chat or phone
3. Happay
Happay is an expense management platform that offers a range of features to help businesses manage their travel expenses. With Happay, users can easily track their expenses and submit expense reports, as well as manage their travel itineraries and book flights, hotels, and rental cars. The platform also offers a range of reporting tools to help businesses stay on top of their travel spending.
Key Features
- Integrated self-booking tool
- Enterprise-grade security
- AI-powered expense filing
- Unified employee expense card
- Business tool integration
- Complex approval workflow
4. Fyle
Fyle is a cloud-based expense management platform that offers a range of features to help businesses manage their travel expenses. With Fyle, users can easily track their expenses and submit expense reports, as well as manage their travel itineraries and book flights, hotels, and rental cars. The platform also offers a range of reporting tools to help businesses stay on top of their travel spending.
Key Features
- Manage receipts and business travel details
- Save or submit digital expense reports
- Set travel compliance aligned with your business
- Credit card management software
5. TravelPerk
TravelPerk is a business travel management platform that offers a range of features to help businesses manage their travel expenses. With TravelPerk, users can easily search for and book flights, hotels, and rental cars, as well as manage their itineraries and expenses. The platform also offers a range of reporting tools to help businesses stay on top of their travel spending.
Key Features
- Multiple user profiles for travel booking
- Compliance with company expense policy
- Third-party integrations
- Customer support with an average of 15-second response time
- In-depth expense reporting and data insights
6. SAP Concur
SAP Concur is a cloud-based travel and expense management platform that offers a range of features to help businesses manage their travel expenses. With SAP Concur, users can easily book flights, hotels, and rental cars, as well as manage their itineraries and expenses. The platform also offers a range of reporting tools to help businesses stay on top of their travel spending.
Key Features
- SAP Concur supports e-receipt import
- It offers approval process control, ensuring that all expenses adhere to company policies
- Multi-currency support enables seamless transactions
- expense tracking in various international currencies.
- Facilitates efficient reimbursement management
FAQs
Which travel expense management software offers the best value for small businesses?
Small businesses with limited budgets may benefit from using Ramp, which offers a range of expense management and accounting automation tools. The platform provides virtual and physical cards for spending, along with a comprehensive platform to control, analyse, and optimise spending. Ramp also offers more than 1000 integrations, making it a great tool to add to your tech stack.
How to track employee travel expenses using software?
To effectively track employee travel expenses, companies should look for software that provides real-time visibility into all travel-related expenses. Clooper offers an expense management feature that allows finance teams to track and approve expenses in real-time, ensuring that all expenses are accurately reported and reimbursed.
Any robust free travel expense management software options available?
While there are some free travel expense management software options available, they may not offer the same level of functionality and support as paid options. However, Zoho Expense offers a free plan that includes basic expense management features, making it a good option for businesses on a tight budget.
Can personal expense management software be adapted for business travel expense tracking?
While personal expense management software may offer some basic expense tracking features, they may not be suitable for business travel expense tracking. Business travel expense tracking requires more advanced features such as real-time expense reporting, customisable expense policies, and integration with other business tools. Therefore, it is recommended that companies use specialised travel expense management software for this purpose.
