8 most efficient travel and expense management software in 2024

Managing corporate travel and expenses can quickly become overwhelming. Without a reliable system, you risk inefficiencies, lost receipts, missed reimbursements, and budget overruns. This is where travel and expense management software comes into play - designed to automate, streamline, and control the entire process from start to finish. But what exactly is it, and how do you choose the best one for your business?

In this article, we'll uncover everything you need to know about travel and expense (T&E) management solutions, the benefits and key features to look out for, and best software options currently in the market.

What is travel and expense management software?

Travel and expense management tools help businesses monitor, approve, and manage expenses related to corporate travel and other employee costs. It automates the expense management process, approvals, and reimbursements, all while ensuring compliance with company policies. For businesses managing hundreds of trips or transactions each month, these systems are indispensable for ensuring transparency, efficiency, and cost control.

Benefits of using a travel expense management software

Travel expense management software delivers significant advantages for businesses of all sizes. Here’s how implementing one can transform your operations:

1. Efficiency

One of the biggest benefits of travel and expense management software is its ability to automate routine tasks. Manual processes like filling out paper forms, gathering receipts, and chasing approvals can be time-consuming and error-prone. With travel and expense software, employees can quickly submit expenses through mobile apps, while managers can review and approve them in real time. Automated policy enforcement ensures that all expenses are compliant, freeing up your finance team of administrative burden so they can focus on higher-value tasks. By reducing manual work, you not only increase productivity but also cut down on delays in processing reimbursements.

2. Real-time visibility

Travel and expense management platforms give you instant visibility into where your company’s money is going. Whether it’s travel bookings, meals, or miscellaneous expenses, every transaction is captured as soon as it happens. This real-time tracking ensures that finance teams can monitor spending, approve requests, and prevent budget overruns. This level of transparency also allows you to spot discrepancies or unusual spending patterns early, helping businesses stay on top of their expenses without the need to wait for monthly or quarterly reports.

3. Control

Effective expense management is about more than just tracking - it’s about maintaining control over your company’s finances. With T&E software, businesses can set strict spending limits for corporate cards and employee expenses. You can define limits by department, project, or individual employees, ensuring that spending stays within predefined budgets. The system can also automatically enforce company policies, blocking non-compliant transactions or flagging them for further review. This degree of control minimises the risk of overspending and improves compliance with internal policies.

4. Integration

Modern T&E software integrates seamlessly with your existing financial and accounting tools, such as Xero, MYOB, QuickBooks, and ERP systems. This integration simplifies the process of reconciling expenses, reducing the likelihood of manual errors when transferring data between systems. It also allows for better synchronisation of financial data, ensuring that expenses are automatically categorised and aligned with your company’s financial reporting standards. By eliminating the need for double data entry, you save time and reduce the risk of inconsistencies.

5. Data-driven and actionable insights

Corporate travel and expense management software provides businesses with in-depth reporting and analytics that offer valuable insights into spending patterns, employee behaviour, and overall financial performance. With access to detailed reports, finance teams can make more informed decisions when it comes to budgeting, forecasting, and cost-saving measures. You can easily identify areas where spending can be optimised or where policy adjustments might be necessary. These data-driven insights not only help in day-to-day financial management but also support long-term strategic planning, ensuring that your expense policies evolve with your business needs.

Key features to look for when selecting a travel and expense management software

When choosing a business travel and expense management software, it’s crucial to consider the features that will best meet your business needs. Here are the essential features to look for:

• Real-time expense tracking: Always know where and how your company’s money is being spent.
• Corporate cards: Automatically capture and track expenses through corporate cards linked directly to the software.
• Policy enforcement: Ensure compliance with company spending policies.
• Approval workflows: Simplify the approval process for managers.
• Spending limits: Keep tight control on employee spending.
• Mobile accessibility: Enable employees to submit expenses on the go.
• Integrations: Ensure the software integrates with your accounting and ERP systems for seamless financial management.

To further assist finance teams in streamlining their expenses, we've developed a comprehensive Travel Expense Policy Guide. Click here to download.

The 8 best travel and expense management software for 2024

With travel and expense management becoming increasingly vital for organisations aiming to optimise costs and streamline operations, the right software can make all the difference. In 2024, there are several standout options designed to simplify expense tracking, automate approvals, and provide finance leaders with powerful insights into their company’s spending. Below, we’ve curated a list of the top travel and expense management solutions to consider this year, each offering unique features to meet the diverse needs of modern businesses.

1. TravelPerk

Best for: Businesses seeking a comprehensive travel management platform.

TravelPerk is an effective travel management solution that offers businesses a complete suite of tools for booking and managing corporate travel. Its user-friendly interface allows employees to easily book flights, hotels, and transportation, all while adhering to company policies. TravelPerk also provides access to a range of travel options and prices, ensuring businesses get the best deals.

Key features:

• Real-time booking: Instant access to a wide range of travel options.
• Compliance tools: Enforce travel policies at the time of booking.
• Trip management: Centralised platform for managing all travel itineraries.
• Expense integration: Sync with expense management tools for seamless tracking.

Pros:

• Comprehensive travel booking and management.
• User-friendly interface for easy navigation.

Cons:

• Pricing can vary significantly depending on the services used.

2. Zoho Expense

Best for: Businesses already using Zoho’s suite of products.

Zoho Expense is part of Zoho’s wider suite of business tools, making it a great option for those already using the Zoho ecosystem. It offers simple yet effective expense management, helping small businesses manage receipts and streamline approvals. Zoho Expense integrates easily with Zoho Books, CRM, and other tools, providing a cohesive business management experience.

Key features:

• Easy integration with Zoho products.
• Approval workflows: Customise approvals based on spending thresholds.
• Mobile app: Submit expenses from anywhere.
• Multi-currency support: Perfect for businesses with international operations.

Pros:

• Great for businesses already using Zoho.
• Affordable pricing with scalable plans.

Cons:

• Feature set is limited compared to standalone platforms.

3. Weel

Best for: Companies seeking a comprehensive, all-in-one solution with robust policy enforcement.

Weel is an end-to-end comprehensive solution for businesses looking to control and simplify employee expenses. It offers both physical cards and virtual cards, which automatically sync transactions with the platform, providing real-time visibility. Finance teams can view expenses as they happen, streamlining the reimbursement and reporting process. Weel goes beyond standard expense management by enforcing spending policies - if employees fail to upload receipts, they’re temporarily locked out of the system, ensuring compliance.

Key features:

• Real-time expense tracking for immediate visibility.
• Policy enforcement: Employees are locked out for non-compliance such as delays in receipt capture.
• Spending limits: Customisable for individual employees.
• Seamless integration: Connect with Xero, QuickBooks, MYOB, and more.
• Detailed reporting: Access in-depth insights to manage budgets.
• Corporate cards: Issue both physical and virtual corporate cards instantly. You can easily issue, block, and adjust spending limits with just a click, giving you complete control over your team's spending.

Pros:

• Complete control with a range of advanced features.
• Excellent compliance tools with real-time tracking.
• Deep integrations with accounting software and custom workflows.

Cons:

• Features are best suited for companies with 20+ employees.

Want to try Weel out for yourself? Take the product tour or book a demo today.

4. Rydoo

Best for: Global companies with frequent business travellers.

Rydoo specialises in simplifying both travel booking and expense management, making it a great fit for businesses with global teams or frequent travellers. The platform provides real-time insights into travel spending, ensuring compliance and control across international locations. It’s especially popular with companies needing a smooth travel booking process alongside expense management.

Key features:

• Travel booking: Book flights, hotels, and transportation within the platform.
• Real-time expense tracking: Monitor expenses as they occur.
• Multinational support: Manage expenses in different currencies.
• Mileage tracking: Track distance for reimbursing travel expenses.

Pros:

• Excellent for managing global travel and expenses.
• User-friendly interface with quick onboarding.

Cons:

• Higher pricing tier for premium features.

5. SAP Concur

Best for: Enterprises with complex travel needs and global teams.

SAP Concur is a comprehensive solution designed for large corporations that need advanced travel management and expense tracking. It not only helps manage expenses but also integrates travel booking directly into the platform. This makes it ideal for companies managing large teams of frequent travellers, offering both expense management and travel planning in one place.

Key features:

• Integrated travel booking: Book flights, hotels, and car rentals.
• Policy enforcement: Automatically flag out-of-policy expenses.
• Global compliance: Ensure spending compliance across multiple regions.
• Expense categorisation: Automate categorisation for recurring expenses.

Pros:

• Comprehensive travel and expense management.
• Suitable for multinational corporations with complex needs.

Cons:

• Higher cost compared to other solutions.
• Complex setup may require dedicated IT support.

6. Ramp

Best for: Companies looking for an expense management platform with financial insights.

Ramp combines corporate cards with expense management, offering companies an easy way to track spending while providing valuable insights into financial health. The platform helps businesses identify potential savings and optimise spending, making it a suitable choice for startups and growing companies.

Key features:

• Corporate card integration: Automatically track expenses with linked cards.
• Real-time reporting: Access instant insights into spending patterns.
• Savings recommendations: Identify areas where businesses can cut costs.
• Budgeting tools: Set and manage budgets effectively.

Pros:

• Comprehensive insights into spending patterns.
• User-friendly interface with real-time data.

Cons:

• Limited to businesses in the U.S. market.

7. Volopay

Best for: Businesses seeking a combination of expense management and financial controls.

Volopay is a versatile platform that combines expense management with a prepaid corporate card solution. It allows companies to set budgets for different departments while tracking spending in real time. With its easy-to-use interface, Volopay offers a comprehensive approach to managing company expenses.

Key features:

• Prepaid corporate cards: Control spending by preloading cards.
• Expense tracking: Monitor expenses as they occur.
• Budget management: Set spending limits for different teams.
• Reporting tools: Generate detailed reports on spending trends.

Pros:

• Combines expense management with financial control.
• Flexible budgeting features.

Cons:

• May lack some advanced reporting capabilities found in competitors.

8. Egencia

Best for: Companies looking for a full-service travel management solution.

Egencia, part of the Expedia Group, offers a comprehensive travel management solution that helps companies manage their travel needs effectively. From booking to expense reporting, Egencia provides tools to streamline corporate travel, ensuring employees have a smooth travel experience while staying within budget.

Key features:

• End-to-end travel management: Comprehensive booking and expense reporting.
• Real-time travel insights: Monitor travel spending and trends.
• Integration with HR systems: Seamlessly manage employee travel information.
• 24/7 support: Dedicated customer service for travel inquiries.

Pros:

• Comprehensive travel management solutions.
• Strong support network for corporate travellers.

Cons:

• Pricing can be on the higher side for smaller companies.

Conclusion

As the landscape of business travel continues to evolve, having the right travel and expense management software becomes crucial for maintaining control over corporate spending. Managing employee expenses can often feel like a never-ending cycle of lost receipts, tedious reconciliations, and constant follow-ups on approvals. By leveraging a robust travel and expense management solution, you eliminate the hassles that come with performing manual tasks.

For example, Weel provides a solution to this common headache. With its real-time expense tracking, your team gains immediate visibility into every transaction, ensuring that nothing falls through the cracks. The integrated corporate cards capture expenses automatically, making reconciliation seamless and reducing the time spent on manual data entry. Our policy enforcement features help maintain compliance, so you can rest easy knowing your spending is under control without micromanaging each transaction.

Choosing Weel as your expense management software solution equips your organisation with a powerful tool that not only empowers employees to manage their expenses efficiently but also gives finance teams the oversight they need to keep budgets in check. Whether you’re a small business or a large enterprise, Weel adapts to your specific requirements, providing a single platform where financial management is simplified and transparent.

Ready to experience the advantages of Weel for yourself? Take the product tour or book a demo to see how Weel can fit within your organisation.