The past number of years has seen an increasing number of expense management apps entering the market.
They all have the objective of solving one major problem that employees, business owners and finance teams have in common - they hate doing expenses!
Not only can submitting expenses be time-consuming and frustrating, but it can be hugely inefficient and unproductive. Fortunately, there are now a number of cloud-based expense management software solutions such as SAP Concur, Expensify, Receipt Bank and RIP Expenses (just to name a few).
However, it can be difficult to determine which is the best expenses app. We look at how they compare to RIP Expenses, and how to decide which one is the best for you.
If you’ve looked into expense management software before, you’re bound to have come across SAP Concur. SAP Concur promises automated fast and accurate expense management. Using their expenses app you can capture receipts quickly using your phone’s camera, see all your expense data in one place, and get reimbursed faster through more efficient approval processes.
With the largest portion of the global expenses market, they have a huge user base, primarily amongst large corporates. However, being built for larger companies means the platform may not necessarily meet the needs of smaller companies.
With the slogan - because you weren’t born to do expenses - Expensify have set out to automate the entire receipt and expense claim process.
Similarly to SAP Concur, one of Expensify’s key selling points is that it provides one-click receipt scanning which essentially means you can take a photo of your receipt on your phone and the smart software completes and submits your expense report for you. Expensify says that expense claims using their app takes 83% less time than manual methods, freeing up teams and organisations to focus on more important things.
Primarily targeted at accountants and bookkeepers, Receipt Bank offers to help capture, process and automate their clients’ receipts and expenses in order to streamline the process from end-to-end. Similar to the other products it uses snap and send technology so you can take a photo of your bills, receipts and invoices from your phone on the go and send to the Receipt Bank app which stores and organises your data.
Plans are priced around the number of receipt and invoice scans per month.
A new smart app solution, RIP Expenses is built for businesses of all sizes who want to stop wasting time on receipts, and increase their productivity. But different to other expenses apps, RIP Expenses removes the need for receipts directly at the source.
Now you can complete your expense without even touching a paper receipt at all participating RIP Expenses stores. All you have to do is scan a QR code at the till, pay and walk away, a contactless experience for both the user and the merchant. No keeping receipts, no double-handling, or manual data entry. If buying something from a non-participating store or online, you can still also take a photo or upload to the app - whatever works best for you.
Developed with both the end-user and business in mind, RIP Expenses is super easy for employees to use and categorise expenses, while also ensuring that expenses are tax compliant and adhere to company policies. What’s more RIP Expenses is now a Xero and MYOB partner with 2-way integration between the expenses app, and your accounting software.
By no means an exhaustive list or summary, it’s important to do your research in order to choose the best expenses app for you and your company. Start by making a list of the functionality you need from a receipts app, how many expensing employees you have, and how much you are willing to pay per user to save the company time and increase productivity.