Expense management software is a digital tool designed to streamline the process of tracking, submitting, and approving business-related expenses. It helps organizations manage employee spending, from travel expenses to office supplies, by automating tasks such as receipt submission, expense reporting, and reimbursement.

How it works:

• Expense Submission: Employees can upload receipts and submit expense claims through the software, often using a mobile app. Some platforms even allow users to scan receipts, automatically extracting key details like date, amount, and merchant.
• Approval Workflow: Once submitted, the expense claim is routed to the appropriate manager or department for review and approval, ensuring compliance with company policies.
• Policy Enforcement: The software can be configured to flag expenses that violate company policies, such as exceeding spending limits or submitting claims for unauthorized purchases.
• Reimbursement: After approval, the software facilitates quick and accurate reimbursement, either through payroll integration or direct bank transfers.
• Reporting and Analytics: Managers can access real-time data and reports on spending trends, helping to improve budgeting and financial planning.

By automating these processes, expense management software reduces manual errors, speeds up reimbursement, and provides better visibility into company spending.

It all comes down to a few core benefits:

• Fewer mistakes: People make mistakes, but fine-tuned software is far less likely to. SmartScan, for example, eliminates the potential for human error when inputting information from receipts.
• Faster processing: Streamlined tools for creating, submitting, reviewing, and approving reports means those reports are taken care of in a snap.
• Increased productivity: The less time employees spend manually creating and examining expense reports, the more time they can spend doing, well, anything else.
• Reduced waste: Expense reporting mistakes cost money, both in unnecessary reimbursements and employee time. But when you leave the tedious calculations to expense management software, you can save that money for more important things.

Spend management refers to the broader process of controlling and optimizing a company's overall spending. This includes procurement, supplier management, contract management, and ensuring that spending aligns with company budgets and policies. It focuses on preventing unnecessary expenses before they occur and managing the entire lifecycle of spending.

Expense management, on the other hand, is more specific to tracking and processing employee-initiated expenses, such as travel, meals, or office supplies. It typically involves submitting, approving, and reimbursing employee expenses, and ensuring compliance with company policies after the spending has already happened.

In short, spend management is a more comprehensive, proactive approach to managing all company expenditures, while expense management deals specifically with tracking and reimbursing employee expenses.

Payhawk simplifies expense reporting and reimbursement processes by automating key tasks. Employees can easily capture receipts using their mobile devices, while the software automatically extracts relevant data, reducing manual entry. Expenses are categorized in real-time, and approval workflows are streamlined, ensuring faster processing. Additionally, Payhawk integrates with accounting systems, making reimbursements seamless and reducing administrative burden. This end-to-end automation not only improves accuracy but also saves time for both employees and finance teams.

You can track various types of expenses with Payhawk, including:

• Employee Expenses: Monitor individual spending across your team, including travel, meals, and office supplies.
• Subscription Payments: Keep tabs on recurring payments for software, memberships, and other services.
• Corporate Card Transactions: Track all purchases made using company-issued cards.
• Vendor Payments: Manage payments to suppliers, contractors, and other third parties.
• Reimbursements: Record and process out-of-pocket expenses submitted by employees.
• Travel Expenses: Track costs related to business trips, such as flights, hotels, and transportation.

Payhawk provides a comprehensive view of your business's spending, helping you manage and optimize your financial operations.

Payhawk helps ensure compliance with company expense policies by offering customizable spending controls, automated approval workflows, and real-time expense tracking. Administrators can set specific limits and rules for different teams or individuals, ensuring that all expenses align with the company's policies. Additionally, Payhawk integrates with accounting software to streamline reporting and auditing, making it easier to identify and address any non-compliant transactions.

Yes, Payhawk integrates with various accounting and ERP systems, streamlining financial workflows and improving efficiency. You can see the full list of integrations we support here.