Expensify vs Concur: The Best Choice for Managing Expenses
Businesses need expense management to keep an eye on their spending, stay on budget, and avoid extra costs. Tracking expenses allow them to find ways to save money, make things run more smoothly, and get better control over finances, which can help increase profits and cut down on waste.
Two popular tools that dominate this space are Expensify and SAP Concur. While both aim to simplify expense reporting and management, they cater to slightly different audiences and business needs. This comparison explores how these tools stack up in terms of usability, features, pricing, and scalability.
User Experience and Interface
Expensify is designed with simplicity in mind, offering a clean and intuitive interface that’s easy to navigate, even for users unfamiliar with tech-heavy platforms. Small and medium-sized businesses often appreciate this straightforward approach, as it minimizes the learning curve and gets employees onboard quickly. Its mobile app also mirrors this simplicity, making expense reporting on the go a breeze.
SAP Concur, on the other hand, leans toward a more feature-heavy and robust platform, which can feel overwhelming at first. The interface is more complex, and some users report needing additional training to fully utilize its capabilities. However, for businesses that require advanced reporting, travel management, and integrations, this complexity can be a worthwhile tradeoff. Large organizations often benefit from Concur’s extensive customization options, which allow them to tailor the platform to fit their processes.
Pricing Structures
Expensify offers flexible pricing plans, making it a cost-effective choice for businesses with limited budgets. Its plans start at $4.99 per user per month, with additional features available in higher-tier options. For small teams or freelancers, there’s even a free plan with basic functionalities. This transparency in pricing makes it easy to predict costs and choose a plan that aligns with specific needs.
SAP Concur operates on a higher pricing tier. Reports indicate that its plans often start at $8 per report, with monthly costs averaging around $80 per user. While this might seem steep compared to Expensify, the pricing reflects the added functionalities and integrations Concur provides. It’s a platform built for organizations that need comprehensive solutions to manage expenses, invoices, and travel in one place.
Feature Highlights
Both platforms focus on making expense reporting more efficient but do so in different ways.
Expensify’s standout features include receipt scanning, automatic expense categorization, and smart workflows for approvals. The app allows users to take photos of receipts, extracting relevant details automatically, saving time, and reducing manual data entry errors. Expensify also supports mileage tracking, which is especially helpful for professionals who log frequent business travel.
SAP Concur takes things a step further by offering a more integrated approach. Beyond expense management, Concur includes travel booking, invoice processing, and payment management. These additional features make it a one-stop shop for businesses handling a large volume of expenses and travel-related tasks. Its travel integration is particularly noteworthy, allowing users to manage itineraries, book flights, and receive real-time trip updates.
Mobile Functionality
The mobile apps for Expensify and SAP Concur cater to employees who are constantly on the move. Expensify’s app is simple and user-friendly, allowing users to capture receipts, log expenses, and track mileage with just a few taps. Its offline functionality ensures that users can save data even without internet access, syncing everything seamlessly once a connection is restored.
SAP Concur’s app is more feature-rich, offering additional tools like itinerary management and travel alerts. These features are ideal for businesses with employees who travel frequently and need a centralized place to manage their schedules and expenses. However, the app’s extensive features may feel overwhelming for users who only need basic expense tracking.
Comparing Expense Management and Automation
Expense Reporting Efficiency
Expensify simplifies expense reporting through its SmartScan technology, which automatically extracts data from receipts and categorizes expenses. Employees can quickly create reports, and managers can approve them with minimal effort. This level of automation significantly reduces manual errors and ensures quicker reimbursements.
SAP Concur also offers automation but targets larger organizations with more complex workflows. It provides customizable approval processes, policy compliance checks, and audit support, which are critical for companies with strict regulatory requirements. However, some users note that setting up these workflows requires time and expertise.
Invoice Processing
While Expensify offers basic invoice management tools, SAP Concur excels in this area. Its invoice matching capabilities help businesses automate invoice reconciliation, reducing errors and speeding up the payment process. For organizations dealing with hundreds of invoices monthly, Concur’s advanced tools can make a significant difference.
Integration with Accounting Systems
Both platforms integrate with popular accounting tools, but the scope of these integrations varies. Expensify works seamlessly with QuickBooks, Xero, and NetSuite, making it a great fit for small to medium-sized businesses. SAP Concur, on the other hand, offers integrations with enterprise-level ERP systems like SAP and Oracle, catering to large corporations with more complex infrastructures.
Scalability and Business Fit
Both Expensify and SAP Concur cater to different audiences, which reflects their scalability. Expensify is tailored for small and medium-sized businesses, startups, and freelancers who value simplicity and cost-effectiveness. Its flexible pricing and straightforward setup make it an excellent choice for growing businesses that want to avoid overpaying for features they don’t need.
SAP Concur is designed for enterprises with large teams and complex expense reporting needs. Its advanced features, robust integrations, and enterprise-level security make it ideal for organizations with multiple departments, global operations, and strict compliance requirements.
Security and Compliance
Security is a top priority for both platforms. Expensify uses data encryption and offers features like two-factor authentication to ensure user data remains secure. It also complies with industry standards, making it a safe choice for businesses of all sizes.
SAP Concur provides enterprise-grade security measures, which are crucial for larger organizations handling sensitive financial data. It complies with global financial regulations, ensuring that businesses remain audit-ready and compliant. This level of security is often a deciding factor for companies operating in highly regulated industries.
User Reviews and Feedback
User reviews provide valuable insights into the strengths and weaknesses of each platform. Expensify is often praised for its ease of use, fast setup, and efficiency in expense reporting. Users also highlight its affordability and responsiveness in customer support as major advantages.
SAP Concur receives recognition for its comprehensive features and scalability. Businesses with complex needs appreciate its advanced reporting tools and integration capabilities. However, some users mention a steeper learning curve and longer customer support response times as potential drawbacks.
Make Your Business Life Easier with Expense Management Software
Even though 37% of companies still handle expense reporting manually, using expense management software can save them time, money, and a lot of headaches. Doing it the old-fashioned way, with manual data entry, makes the process slow and tedious. Software helps prevent overspending, ensures real-time reimbursements, and cuts out errors, fraud, duplicate expenses, missing info, and delays in approvals. With the right tool, companies can streamline the whole process and avoid all the common issues that come with manual expense management.
