Compare the top 8 expense management software and tools in Australia 2025

Technology is changing faster than businesses can adapt. Due to rolling and rapid innovations, the way we work changes daily, and the expense management space is no different.

Using spreadsheets for business spend management can be inefficient for growing businesses, as it requires manual data entry and analysis. Imagine how much more you could be achieving if you automated your expenses. 

In this article, we’ll cover how to choose business expense management software and the features to look out for. We’ll also take you through the best expense management software in Australia and why Airwallex might be a good fit for your business.

What are expense management tools and software?

Expense management software and tools provide a comprehensive solution to streamline the process of tracking, reporting, and reimbursing employee-initiated expenses. These powerful expense management solutions automate workflows, enforce spending policies, and provide real-time visibility into company spending, empowering businesses to make informed financial decisions.

According to our Simplifying Global Spend Report, 28% of companies report ineffective software is one of the biggest spend management challenges. As companies continue to grow, it's important that they tackle this problem by finding the best expense management software. 

How does expense management software work?

Expense management software provides a centralised platform to help businesses track, approve, and reconcile expenses more efficiently. Typically accessed through both web and mobile applications, these tools automate the end-to-end process and reduce the need for manual input.

The standard workflow looks like this:

• Employees submit expense claims, often by scanning receipts via a mobile app.

• Approvers receive notifications to review and approve claims based on company policy.

• Approved expenses are reimbursed or matched to corporate card transactions.

• Expenses are automatically categorised and integrated with accounting software.

• Finance teams can monitor spending and generate reports in real time.

Many platforms integrate with accounting or ERP systems and support multi-currency transactions. This helps improve accuracy, maintain compliance, and gives finance teams clearer oversight of business spending.

The top 8 expense management software platforms in 2024

• Airwallex: Airwallex is a global financial platform with a leading expense management solution built to support companies at every stage of growth. It offers multi-currency corporate cards, real-time expense tracking, automated approval flows, and direct integrations with leading accounting software. It's a strong choice for managing local and international business spend from a single platform.

• Expensify: Expensify simplifies expense management with mobile receipt scanning, automatic categorisation, and streamlined approvals. It integrates with accounting platforms like QuickBooks, Xero, and NetSuite, making it easy to manage and reconcile expenses as they occur.

• SAP Concur: Established in the US, SAP Concur is a widely used tool for managing travel, expense, and invoice workflows. With mobile submission, configurable approval rules, and integration with ERP systems, it's designed for larger organisations that need deeper control over company-wide spending.

• MYOB: MYOB is used by Australian small businesses for managing expenses, GST, payroll, and invoicing. It's accessible and user-friendly but lacks features like multi-currency support and corporate cards, which may limit its use for growing or global companies.

• Quickbooks: QuickBooks provides expense management as part of its broader accounting platform. Businesses can scan receipts, assign categories, and generate reports. It supports integration with various apps and suits small to mid-sized businesses looking for an all-in-one solution.

• Xero: Xero is a cloud-based accounting tool often used by startups and small businesses. It includes features for tracking reimbursements, paying bills, and managing multi-currency expenses. However, it doesn’t include employee cards, so businesses may need to connect it with another tool to manage staff spend.

• Volopay: Volopay is a financial platform focused on companies across the APAC region. It provides virtual and physical cards, automated workflows, and expense controls. Integration with platforms like Xero and MYOB makes it easier to manage business spend without manual tracking.

• Zoho Expense: Zoho Expense is part of the broader Zoho business suite. It offers travel and expense tracking, receipt scanning, custom approval flows, and reporting tools. It works well for teams already using Zoho applications and offers flexible pricing for small to medium-sized businesses.

Top features to look for in expense management software 

There is no shortage of options when it comes to expense management software, but not all software is built the same. Here are a few key features to look for when comparing solutions: 

• Physical and virtual cards: Expense management providers often allow businesses to issue physical and virtual cards in the name of employees or the company. Cards can draw from company funds with pre-set limits and don't leave the employee out of pocket.

• Mobile receipt capture and OCR scanning: Look for solutions that offer easy receipt capture through mobile apps, allowing employees to snap photos of receipts on the go. OCR technology automatically extracts relevant data from receipts, reducing manual data entry and errors. 

• AI categorisation and anomaly detection: Newer platforms use AI to automatically sort expenses into the right categories and flag anything that looks out of the ordinary. It helps speed things up while keeping everything compliant.

• Customisable approval workflows and spend policies: Choose a solution that lets you create custom approval workflows based on your organisation’s unique needs. The ability to set spending limits, define approval hierarchies, and automate policy enforcement ensures that all expenses align with company guidelines.

• Real-time spend categorisation, tracking, and reporting: Real-time visibility into company spending is important for making informed financial decisions. Look for platforms that offer interactive dashboards and customisable reports, enabling you to monitor expenses by category, department, project, or employee. Real-time alerts and notifications help you stay on top of potential policy violations or unusual spending patterns.

• Multi-currency support for global expenses: Multi-currency support is a must-have feature for businesses with international operations or employees travelling abroad. Look for solutions that automatically convert costs incurred in foreign currencies, apply up-to-date exchange rates, and handle VAT (Value Added Tax)/GST (Goods and Services Tax) compliance requirements.

8 of the best expense management software solutions

We’ve compared eight leading platforms side-by-side so you can see which tools offer the features your business actually needs.

Compare features and additional fees 

Airwallex 

Founded in Australia, Airwallex is an end-to-end global financial solution which includes an advanced expense management tool. Designed for businesses with local and global ambitions, Airwallex offers multi-currency expense management, corporate cards, and automated approval workflows, making it easier to manage team spend. Tracking expenses is also made easy with expense reports, Bill Pay, and seamless accounting integrations. 

Airwallex is an all-in-one financial operations platform, also offering Global Accounts, FX, Payment solutions, high-rate savings solutions, and more. Airwallex is great for businesses looking for an expense management software solution as part of a centralised platform rather than a standalone service. 

Pros 

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards, and more.

• Multi-currency cards to easily track global employee spend. 

• Extensive analytical tools and processes for recurring payments.

Cons

• No physical branches – digital only platform and service.

• Does not serve sole traders.

• Physical POS functionality isn’t available yet, but it is on the roadmap.

Expensify 

Expensify offers employee cards, bill and invoicing tools, expense approval workflows, and third-party card feeds. It integrates seamlessly with QuickBooks Online, Xero, NetSuite, and Sage Intacct. 

These features may be a better fit for larger businesses, as they may incur a higher cost due to the per-user fee structure. 

Pros

• User-friendly interface. 

• Categorises expenses and matches receipts to transactions. 

• Integrates with numerous accounting software.

Cons 

• Pricing can be inaccessible for small businesses and individuals. 

• Manual entry may be required when autoscanned receipts aren’t showing the correct data.

• Complexity in advanced features can lead to a steeper learning curve for teams and admins.

SAP Concur

SAP Concur helps automate expense management with tools like mobile receipt capture and flexible approval workflows. It’s generally better suited to larger businesses, as setup and integration usually need support from an in-house tech team.

Pros 

• Integrates with SAP and other ERP systems. 

• Supports multiple currencies and global compliance. 

• Extensive features for managing expenses, travel, and invoices.

Cons

• No multi-currency corporate cards.

• Non-transparent pricing – custom quote required.

• Lengthy implementation time – may take several months. 

MYOB 

MYOB’s starting bundle, ‘Business Lite’, is designed for small businesses as it allows businesses to track GST and lodge BAS, manage inventory, and add payroll for up to two employees. They also offer expense reports and bill payments, but are limited as they don't offer multi-currency support, likely making it unsuitable for businesses with global operations. Whilst subscription costs are relatively accessible, MYOB’s premium features like payroll and online invoice payments aren’t included. 

Pros 

• Reimbursement tracking and associated features like receipt scanning. 

• Local ANZ support. 

• Relatively intuitive interface for new users.

Cons

• Limited third-party integrations.

• No employee cards to track spend.

• Subscription plans do not include premium features, which may make it less accessible for smaller businesses.

Quickbooks

QuickBooks offers flexible plans with app integrations, a mobile accounting tool, cloud storage, and access for external accountants. Pricing depends on the plan selected. However, not all features are available on mobile, and there are no refunds for early cancellation of annual subscriptions, which may limit its appeal for some businesses.

Pros 

• Multi-user use for external parties. 

• Easy integration into third-party apps and services.

• Generally suitable for small to medium-sized businesses. 

Cons 

• Software can be considered complex when using more advanced features.

• Higher-tier plans may be less accessible for smaller businesses.

• No employee cards to track employee spend. 

Xero 

Xero has various features like accounting software, multi-currency expense management, bill payment, and expense reports. While it’s generally used by startups and small businesses, it is limited. It does not offer physical or virtual employee cards, requiring businesses to source this from another fintech like Airwallex or a bank. 

Pros 

• Extensive features for tracking reimbursements and bills. 

• Offers a wide range of integrations.

• Cloud-based software, so it can be accessed from anywhere with internet.

Cons 

• No cards for employees are available. 

• Can be expensive with added users and more features.

• Payroll may be limited compared to payroll-specific software.

Volopay 

Volopay is a business expense management platform that supports multi-currency funds and includes features such as corporate cards, invoice tracking, procurement, subscription management, and ERP integrations with tools like Xero, Netsuite, and MYOB. While it covers a broad range of essentials, it may not suit businesses with highly specialised or industry-specific needs.

Pros 

• Supports multi-currency spending and activity.

• Physical and virtual debit cards are available for employees.

• Automations and approval workflows are customisable.

Cons

• May not be suitable for specific industries.

• Limited customer support, being relatively new in the market.

• Limited reach and may not support global compliance requirements. 

Zoho Expense 

Zoho Expense's travel and expense management platform offers features including automated expense reporting, travel management, corporate card reconciliation, purchase requests, and comprehensive analytics. The platform supports mobile apps for iOS and Android, enabling employees to manage expenses on-the-go. It also integrates with other Zoho products like Zoho CRM, Zoho Books, and Zoho People, benefiting those already in the Zoho ecosystem. 

Pricing is based on the number of active users, which may be suitable for startups and small businesses. However, the platform may require some initial setup and training. 

Pros 

• Affordable pricing plans for small to medium-sized businesses. 

• Robust mobile app for receipt scanning. 

• Customisable workflows and approval processes. 

Cons 

• Initial setup and configuration may be time-consuming. 

• Limited integrations are available with non-Zoho software. 

• Users might find the customisation options complex.

How can you save time and money with an expense management tool? 

Implementing an expense management tool can help businesses reduce costs and optimise their spending in several ways:

• Eliminate manual processing: By automating expense submission, approval, and reimbursement processes, expense management tools significantly reduce the time and resources required to manage expenses manually. This eliminates the need for paper-based processes, data entry, and manual reconciliation, saving staff time and reducing associated labour costs.

• Enforce spend policies: The best expense management software allows businesses to set up custom spend policies and automate policy enforcement. By defining clear rules around expense categories, approval limits, and reimbursement guidelines, businesses can proactively control spending and reduce the risk of fraud or policy violations. Real-time alerts and notifications help catch potential issues early, preventing costly mistakes.

• Negotiate better rates: With detailed, real-time expense data at their fingertips, finance teams can easily identify spending patterns and areas for potential savings. This visibility enables them to negotiate better rates with suppliers, vendors, or travel providers based on their company’s specific spend profile and volume. Businesses can secure discounts and preferential rates by consolidating spending and leveraging their purchasing power.

• Streamline reconciliation: Expense management tools that integrate seamlessly with corporate card programs and accounting software automate the reconciliation process. This eliminates the need for manually matching expenses with card statements or bank transactions, saving significant time and reducing the risk of errors. Automated reconciliation also enables faster month-end-close processes and more accurate financial reporting.

• Optimise cash flow: By providing real-time visibility into company spending, expense management tools help businesses make informed decisions about budgeting, forecasting, and cash flow management. Finance teams can easily track accrued expenses, monitor departmental budgets, and identify opportunities to optimise working capital. This proactive approach to spend management helps businesses allocate resources more effectively and avoid cash flow bottlenecks.

• Reduce fraud and compliance risks: Expense management tools that enforce spend policies, provide audit trails, and offer robust security features help businesses mitigate the risk of fraud and ensure compliance with regulatory requirements. By automating policy checks, flagging suspicious transactions, and maintaining detailed records, these tools reduce the likelihood of financial losses due to fraudulent activities or non-compliance penalties.

By leveraging these cost-saving benefits of expense management tools, businesses can significantly reduce their overall expense processing costs, optimise their spending, and drive bottom-line profitability. As companies grow and their expenses become more complex, investing in a robust expense management solution becomes increasingly critical for long-term financial success.

What questions should you ask when onboarding an expense management solution? 

To help you decide which expense management tools work best for your business, you may consider these questions: 

• What are the platform’s strongest features, and do these features support my business’s needs?

• How well can it handle foreign currency expenses and payments?

• What integrations do they support? 

• Can they support other financial services? 

• What is their pricing model?

• What level of customer support is available, especially during onboarding?

•  How to implement expense management software?

Why manage business expenses with Airwallex? 

In the market for the top expense management software? Airwallex gives users full visibility and control over spending, minus the spreadsheets and guesswork. Automate approvals, issue unlimited virtual cards, and integrate with accounting tools for faster reconciliation. With multi-currency support and global reach built-in, it’s designed for growing teams that don’t want to waste time chasing receipts or switching between platforms.

With direct integrations into platforms like Xero, NetSuite, and SAP, plus features like multi-level approval workflows, built-in budget controls, and unlimited Corporate Cards, it helps finance teams stay on top of every transaction. Support for global payouts and multi-currency functionality also makes it a strong fit for businesses with domestic and international operations.

Sources

1. https://veridion.com/blog-posts/spend-management-statistics/

2. https://use.expensify.com/expense-reports

3. https://www.expensify.com/pricing

4. https://www.concur.com.au/get-quote-form

5. https://www.myob.com/au/pricing

6. https://www.myob.com/au/products/myob-business/lite

7. https://quickbooks.intuit.com/au/pricing/

8. https://www.xero.com/au/pricing-plans/ 

9. https://www.volopay.com/au/pricing/

10. https://www.zoho.com/au/expense/

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221), read the Product Disclosure Statement (PDS) for the Direct Services available here.