Singaporean companies increasingly seek the best spend management and expense software to automate their expenses. Time-intensive manual data entry and analysis are prone to human error and take up unnecessary time employees could spend on other tasks. Automating the process is the solution.
In this article, we'll explain the key features to look for in business expense management software, compare the best software available for Singaporean businesses, and run you through the benefits of Summit Employee Expense Management.
Expense management software uses technology to centralise and track all money spent through bill payments, company cards, and employee reimbursements. Effective expense management software as software-as-service (SaaS) that's part of broader business spend management will contain the following features:
The right expense management software for your business should include all the above features and more. With the right automation and smart tools, your expense management system should help in easing the daily workflow of your employees, allowing them to spend more time on strategic tasks instead of manually writing expense reports. It should work in tandem with your accounting software, which manages your day-to-day accounting needs, such as bookkeeping, by centralising all company expenses.
Centralising all spending to an expense management software should simplify financial management. Your finance team should be able to use it to create detailed insights into spending patterns without having to sift through reports and look for trends manually. Accessing these insights in real time also empowers leaders to make more informed decisions. This elevates the role of the finance team from a cost centre to a key business partner in corporate decision-making.
Here, you’ll find the best expense management software available to businesses and enterprises in Singapore. Some companies listed are primarily known for their accounting software, but we've included a range to help you make an informed decision.
Summit's Employee Expense Management software is an intuitive, centralised system that simplifies and streamlines your financial operations. Employees can submit claims on the go with the mobile app or at work on their desktops.
With Summit, all non-payroll spending is centralised, allowing employees to generate their digital expense reports instantly. It uses AI-powered smart scanning to auto-populate receipt details and simplify reimbursement requests. Advanced approval automation removes bottlenecks in time-intensive approval process by routing reimbursements to the correct approvers and flagging non-compliant claims.
Summit will seamlessly integrate with accounting and ERP systems, including NetSuite and Xero, syncing data and eliminating manual entry. Clients who purchase our management software receive comprehensive training, with personalised onboarding sessions and customer service.
Like NetSuite and Xero, Quickbooks is primarily known as accounting software. It features expense tracking tools and receipt capture via its mobile app, and it can connect bank and credit card accounts.
These features effectively solve the problems of smaller businesses desiring a centralised accounting and expense management system. However, it has a higher learning curve than Summit and struggles to support more complex expense management.
Expensify can also save businesses hours of manual data entry and expense approval. Its mobile app offers debit cards, receipt scan and upload technology, and the ability to connect company credit cards for automatic reconciliation against bank statements.
However, unlike Summit, it currently serves the American, British, Australian, and New Zealand markets. Therefore, it may struggle to cater to the unique financial needs of local Singaporean businesses.
Switching to spend management software will drastically improve your business's ability to manage spending. With a centralised system, manual data entry is automated, confirming where funds are going and what can be changed to benefit employees and the company.
Summit offers Singaporean companies a comprehensive spend management solution that integrates with their existing software. If you want to try Summit's Employee Expense Management, contact us to talk to one of our representatives. They will schedule a free demo and are happy to answer any questions you have about our products.