Expense Management Software In 2020 - Latest Quadrant Ranking By 360quadrants
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.