Last Updated on: November 7, 2024 at 5:18 am
Whether you’re managing an online store, a restaurant chain, or an insurance business, you must ensure that expenses are tracked accurately, and payments happen safely. There are a growing number of corporate travel expense management solutions that can help organizations meet these objectives more effectively.
Let’s quickly look at the main benefits of business expense management solutions.
With automatic payments and expense reimbursement, there are fewer back-and-forth conversations between stakeholders and less manual data entry required for accounting tasks. Because all transactions are stored in one unified system, businesses have access to detailed reports on spending habits which can be used to make strategic decisions around budgeting and forecasting.
This article will review ten popular corporate travel expense management solutions to help you choose the right one for your business.
In this article, we'll take a look at:
Starting price: S$10/month
Based in Singapore and with teams in Vietnam and Indonesia, Aspire provides an all-inclusive finance operating system for businesses. This platform allows you to perform numerous tasks without resorting to any other external tool. It provides businesses with several features that help them accurately scale their spending while maintaining visibility and control. Real-time budget enforcement allows businesses to capture key insights related to revenue management. Users can also integrate payment with an end-to-end approval workflow.
Reimbursements for out-of-pocket expenses are quick and easy, as is creating employee cards for delegated purchases. Automated corporate travel expense management, auto-reminders, and reconciliation all come standard with Aspire, which ensures all details and documents sync correctly with your accounting software. With this platform, you can also save on FX fees by providing free local transfers and multi-currency cards. Even for international transfers that charge a fee, you will spend up to 3 times less than when using traditional banks. Since the starting price is only S$10 a month, Aspire probably provides the best value if one considers the number of integrated services it offers.
Starting price: S$39/month
Spenmo is a venture-capital-backed company based in Singapore. Its main service is a payment management solution available to companies of all sizes. This integrated platform features automated invoice payments, bank transfers, internal spending management, corporate cards, automated bill payments, approval workflows, and accounting reconciliation. Spenmo offers various advantages to its clients, including no hidden fees or sign-up charges. With every use of a card, users receive 2% cashback. International transfers are made more affordable through 0% FX markups. On top of that, Spenmo offers a credit line starting at $5K.
Starting price: free tools available
As the third technology unicorn company in Australia, Airwallex continues to serve companies of all sizes by supplying financial software and services. Established in 2015 in Melbourne, the firm provides foreign exchange transactions through its proprietary banking network and API. Users can access multi-currency accounts, virtual or physical payment cards, and competitive fees. Business expenses can be monitored and controlled easily with Airwallex and through its integration with Xero.
Starting price: free
In 2021, two Malaysian entrepreneurs created Swipey to simplify business operations for SMEs. This solution makes it easy to keep tabs on expenditures and paves the way for cost-saving measures. Swipey provides many advantages to businesses, such as flexibility in assigning different cards to various uses, top-notch safety with VISA’s esteemed international network, personalized pre-paid cards for better spending control, and privacy protection. Thanks to their innovative thought process, SMEs can save time and money while maintaining accurate records.
Wise is a financial technology company founded in London by two Estonian businessmen in 2011. Small and mid-sized businesses can use Wise’s payments platform to exchange funds across different countries rapidly and seamlessly. Moreover, it allows freelancers to securely process payments from their clients. Wise features multi-currency accounts, global money transfers, taxes compliance, customized payment pages, internal accounting management, and transaction monitoring. Additionally, users have access to a centralized dashboard for tracking accounts’ expenses and payrolls. It also provides real-time updates on sent and received payments. Users can also use Wise to generate custom invoices or receipts and share them with customers.
YouTrip is a fast-growing Singaporean start-up founded in 2016. It offers a multi-currency payment app and pre-paid Mastercard® designed for frequent travellers. Youtrip’s users can conveniently exchange and store ten international currencies well in advance with the help of the in-app exchange feature. This makes budgeting for international trips easier and allows travellers to access local currencies wherever they are. Furthermore, funds are kept safe on the pre-paid Mastercard®, which provides an added layer of security when overseas.
Starting price: $75/month (free demo available)
Volopay is a Singapore-based financial tech startup with offices in Bangalore, India. Its two founders met while working at MoneySmart, a financial services comparison platform. The company offers a helpful platform that integrates expense tracking, accounting tools, and multi-currency corporate cards. Its clients are primarily small Singaporean tech companies with 25 or more employees. However, the company is ambitiously expanding its operations to Indonesia and Australia. Its advanced spending management solution helps organizations streamline their administrative tasks, maximize control and get unparalleled insights into their finances. Volopay encompasses all business payments, such as software subscriptions, petty cash, business travel expenses, online advertising, and vendor payouts. Furthermore, it eliminates the need for organizations to juggle multiple bank accounts and solutions
Zoho is a multinational technology company with headquarters in Chennai, India. It is mainly known for its online office suits. However, it also offers a SaaS accounting platform known as Zoho Books, an intelligent, cloud finance solution that simplifies back office operations, automates processes and enables secure collaboration with accountants.
Zoho designed this platform for organizations of any size, including service firms, marketing agencies, and consultancies. It provides a wide range of features to help manage cash flow, generate invoices (both one-time and repeatable), prepare balance sheets, track purchase orders and create automated workflows. Overall, a great mix of world-class expense tools.
Starting price: $100/month (free trial available)
Peak flow is another promising Singaporean financial start-up that launched in 2021. Its client base currently includes around 50 medium-sized companies and start-ups in Southeast Asia. Users can enjoy its uncomplicated API and easy integration with accounting software to simplify their financial operations. Peakflo helps companies streamline their accounts payable by allowing customers to pay via the internet or an app. Moreover, it offers solutions to control cash flow, prevent issues with late payments, and a birds-eye view of the organization’s accounts payable system. It also enables expense supervision and provides detailed insights into process optimization.
Big Pay is a provider of online payment services founded in 2017. It hails from Kuala Lumpur and offers cutting-edge financial payment solutions through point-of-sale technology. It allows customers to make safe and cost-effective transactions online with pre-paid and loyalty cards.
Big Pay’s secure architecture ensures that all transactions are handled with the utmost safety, reassuring clients that their data are kept safe at all times. It’s particularly beneficial when spending or making withdrawals in Malaysia. You can open a Big Pay account for free and quickly access your funds via a dedicated app. This makes queuing up at the bank no longer necessary. This online platform makes managing your money as straightforward as possible, saving customers time and energy.
Travel and expense (T&E) management is an important part of business for companies of all sizes. TruTrip is on the lookout for B2B partners including expense management companies, HR platforms and business communities. Find out more and reach out to us about partnerships here. If you’re on the lookout for a reliable and innovative travel management platform solution, start a free trial or schedule a demo with us today.
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