Streamlining Expense Management for Small Businesses

Traditionally, returning from a trip meant sorting through receipts and manually creating an expense report. It was often a task many put off for weeks. Today, with modern expenses software, you can instantly capture receipts and submit claims on the go, making life easier for both employees and your finance team.

These platforms streamline the tracking, reporting, and approval process, ensuring small businesses can manage budgets effectively. Key features include mobile apps, real-time expense tracking, and integration with accounting systems.

How to Choose the Right Expenses Software

You should look for these features and benefits when choosing expenses software:

1. Ease of Use: Employees and administrators should find the system simple and intuitive.

2. Mobile App: Essential for capturing receipts and submitting claims while on the move.
3. Automated Approvals: Saves time by simplifying the approval workflow.
4. Digital Receipt Capture: Reduces the risk of lost receipts and ensures compliance.
5. Mileage Tracking: Automates mileage reimbursements, saving time and paperwork.
6. Integration with accounting software: Streamlines workflows and eliminates data entry errors.

Best Expenses Software for Small Businesses

ExpenseIn

Simple, affordable, and packed with features, ExpenseIn is a standout choice for small businesses. It offers a mobile app for capturing receipts, mileage tracking, and seamless integration with popular accounting systems like Xero, NetSuite, and QuickBooks. Its customer-centric pricing model means you only pay for active users.

Key Features:

• Mobile App: Capture receipts, submit expenses, and track mileage effortlessly.
• Automated Approval Processes: Customisable workflows to suit your team structure.
• Real-Time Reporting: Provides clear insights into spending and compliance with UK tax law.
• Card Reconciliation: Automatically matches transactions with receipts.
• Add-Ons: Invoice approval for suppliers and ad-hoc expense reimbursements for non-payroll users.

Pricing: Available on request. Flexible active user plans mean you only pay for users who create or submit an expense within any given month.

Caxton

Caxton offers an all-in-one finance platform that simplifies expense tracking with features like loadable corporate cards and bookkeeping integration. You can manage everything through Caxton’s dedicated app and sync with your accounting software to ensure seamless expense management processes.

Key Features:

• Mobile App: An easy-to-use app that allows you and your employees to manage expenses on the go.
• Corporate Expense Cards: You can get as many Sterling or Multi-Currency debit cards as you need.
• Connect Your Other Cards: As well as prepaid and virtual cards, you connect any card to the Caxton platform to record your business expenses in one place
• Integrated Bookkeeping: Sync with accounting software for seamless tracking.
• Automated Expense Reports: Reduces admin time and errors by allowing employees to capture and upload receipts for reconciliation at the point of purchase.

Pricing: Available on request

Spendesk

Spendesk provides a comprehensive spend management solution tailored for small to mid-sized businesses. Its flexible platform integrates expense tracking, invoice management, and budgeting, with scalable pricing tiers to meet growing needs.

Key Features:

• Cards and Wallets: Issue virtual and physical debit cards for employees.
• Expense Management: Employees can submit expenses, pay invoices, and track spending on one platform.
• Approval Workflows: Customisable approval policies for better control.
• Integration with Accounting Systems: Sync with Xero, QuickBooks, and more.
• Budget Tracking: Set budgets for teams and monitor spending in real time.

Pricing: Tiered plans include Starter, Essentials, and Scale, with features such as automated receipt collection and advanced reporting available in higher tiers.

By choosing the right expenses software, UK small businesses can save time, reduce errors, and focus more on growth. Whether you need simple receipt capture or a comprehensive solution for managing budgets and travel, there’s a platform tailored to your needs.