Expense management software allows businesses and employees to more easily track, attribute, and reimburse employee expenses. It centralizes the management process, and can automate routine manual tasks, saving time for managers and accountants. Expense management software should always have the ability to document receipts, have a mobile application or interface, have some approval routing configuration, and be able to work with accounting software. This type of software should not be confused with spend management, which focuses on procurement expenses such as raw materials, business services, or investments.
One of the key trends observed in the expense management software market is the access to the expense portal though the internet and mobile applications which have, in turn, raised the demand for the expenses software to manage employee expense reimbursement process on a real-time basis. Therefore, many large enterprises are adopting this travel and expense management software. This software enables enterprises to scrutinize medical bills, travel, and other tickets and automate the reimbursement process. It also helps prevent fraud and human error in the expense management process.
360Quadrants, the most granular solution comparison platform, has released a study on the top companies in the expense management software market to assist businesses make faster and more strategic decisions when selecting an ideal expense management software provider. SAP Concur, Zoho Expense, Expensify, ReceiptBank, and Paycom dominated the global expense management software market in 2020.
360Quadrants conducts sa comprehensive SWOT analysis and specifically assesses the companies selected for review. This helps in understanding future prospects and where competitors are lagging. It also helps consumers choose the most appropriate solution and manufacturer as per their specifications.
Expense Management Software 360quadrants Categorization
20+ companies offering expense management software solutions were analyzed and ranked, of which, ten companies were positioned on a 360Quadrant that categorized them as Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.
Visionary Leaders: Visionary leaders primarily lay emphasis on new product launches, innovative developments, and business strategy executions. These players have extensive ranges of products. Visionary leaders are organizations that have a wide range of offerings and are pioneers in making decisions. SAP Concur, Zoho Expense, Expensify, ReceiptBank, and Paycom are considered as Visionary Leaders and placed on the 360Quadrant.
Innovators: Innovators primarily concentrate on technological innovation and invest heavily on R&D in order to have wider and stronger product portfolios. They actively add features to their software and services and have the potential to expand over regions and markets and then become challengers. Deem is recognized as an Innovator in this category.
Dynamic Differentiators: Throughout the expense management software domain, businesses are completely reliant on efficient R&D programs. Some companies have minimal product offerings relative to the Visionary Leaders, but do have a network of dedicated clients for their offerings. The Dynamic Differentiators in the Expense Management Software space are Divvy and Expend.
Emerging Companies: As companies worldwide provide expense management services to various customer segments, the sector presents a major challenge to small organizations that have yet to establish their footprints. Emerging Companies are majorly small or specialized companies with the capacity to expand with the right strategic choices. Companies such as Happay, Fyle, and PEX are categorized as Emerging Companies.
360quadrants Company Evaluation Methodology
Using the following scoring pattern, the top expense management software companies are assessed:
Considerable evaluation was undertaken to generate a list of software developers by a highly trained team of consultants and technical experts. A patent-pending mechanism was used to gain inputs from various stakeholders, experts, consumers, product suppliers, and 360Quadrants analysts focused on more than 95 criteria for product portfolio and market strategy development.
Core parameters under Product Portfolio include Digital Invoices, Recurring Invoices, Invoice Templates, Due Dates, Cash flow, KPIs Monitoring, Payment Tracking, Expense Automation, Mobile Functionality, Internationalization, Embedded AI / Machine Learning, Mileage Tracking, and Receipt Capture. Other parameters analyzed are Deployment Options, Policies and Regulations, Reporting Features, Client Invoicing and support provided by the vendor.
Geographic reach, partner network which includes Distributors / VARs / OEMs, Agencies & Consultants, Managed Service Providers and System Integrators / Builders, financial capability, and client coverage or market footprint constitute criteria within market strategy development.
A proportion dependent on data collected pertaining to the above parameters as well as specific inputs were assigned to each factor. The findings are analyzed, and a definitive rating is given to each service provider. Based on the rating after the finalization of the scores, the service provider is placed in the most relevant quadrant.
360Quadrants is the largest marketplace looking to disrupt USD 3.7 trillion of technology spend and is the only rating platform for solution providers in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insights using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7,500 solution providers. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in niche spaces, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.