Expense Management Software
The expense management software is commonly used to monitor all employee expenses. Expense management software helps businesses in assessing all types of business expenses including travel, supplies, utilities, leisure, entertainment, car rentals, meals and lunches and even small office expenses. Expense management software is very useful for small and medium enterprises that need to manage their employees’ expenses of their business partners. Expense management software is a tool that can dramatically decrease the cycle time of inventory asset management.
There are three main segments in the expense-management software market including web-based, desktop, and SaaS. Web-based is the cheapest among all segments with the lowest price being around $500. The software enables users to maintain expense accounts from anywhere in the world. Web-based software comes with a free trial period where the first 100 users can try the service free of charge. After the trial period is over, the next hundred users can get a free sample report of the product for further evaluation.
Companies that belong to the expense-management software market include Accruent Technologies Pvt Ltd. who offers travel and expense management software called Crossience. The software is available for an end-user to run at no cost. The company offers travel and corporate expense management software with free trial. The software has the following segments: Client Care, Salesforce, Global Solutions, Payroll, Accounts Receivable and Finance. The company offers a free sample report of its latest product called Eagle Look, a web-based applicant tracking system.
The other two major players in the market are Citrix Systems Incorporated (NASDAQ: CRED) and NetIQ Incorporated (NASDAQ: NJX). These companies have smaller market sizes than Crossience. Citrix has a global enterprise with divisions for mobile devices, enterprise services, consumer business, corporate business, financial business and technology. NetIQ has a global enterprise with its division for enterprise Solutions. The company is also in the enterprise software segment.
The travel and expense management software market includes two major segments. The first one consists of smaller companies manufacturing their own PC terminals and servers to manage the client’s records and the third one is for larger companies that have their own server and database for client data. The smaller companies with small market sizes can rely on a PC terminal for its basic functions. The larger companies need bigger software systems to support their client’s transactions.
Two other companies in the travel and expense management software market are CAGR, (the parent company of CIGR) and Ferdowsi International. They are both part of the larger Ferdowsi Group. Ferdowsi International is based in Budapest, Hungary. It is one of the largest producers of computer software designed for businesses, government institutions and corporations. CAGR is based in Budapest, the former Yugoslavia.
In terms of market size, the travel and expense management software market is not big by volume. Even if it were, the market growth would be very slow. Enterprise software for this market has not attracted any new enterprise-grade players. The few players have limited product lines, and they are all too small to have created a niche for themselves. As a result, the competition is still on slow growth but it is growing at a pace that any reasonable person will consider acceptable.
Travel and expense management software helps enterprises improve efficiency by reducing manual processes and eliminating redundancies. The main features of this type of software to help enterprises to: reduce overheads by automating bookkeeping, cash flows, expense management, payroll, benefit administration, etc; improve audit procedures by providing audit reports in real time; and improve customer services by making the whole process automated and integrated. A combination of technological and managerial improvements has led to the emergence of this specific line of products. CAGR is still developing better products that can meet enterprise needs.