If your finance team is buried in paper receipts or relying on spreadsheets to keep track of spending you’re not alone. Finance teams dedicate over 20 hours each month1 to manually processing expenses, that’s more than half a workweek spent on tedious administrative tasks that could be automated. But with the right tools, managing your expenses could be so much easier.
The latest expense management software can save your finance team hours of admin work, reduce manual errors, and help you stay compliant with company spending policies. The numbers speak for themselves: a study2 by SAP Concur (2019) found companies implementing automated expense management software experienced a 70% reduction in time spent on expense processing.
But with so many platforms available, from lightweight apps to enterprise-grade systems, pinpointing a solution that meets your business’s needs can be a complicated task. This guide breaks down what expense management software is, how it works, and how the leading Canadian platforms compare side by side. We’ll also explore how businesses with global operations are simplifying their expenses with OFX Spend Management.
Summary:
• What is expense management software?
• How can manual expense processes be improved?
• 9 of the best expense management software solutions in 2025
• What are the benefits of modern expense management systems?
• Key features to look for in expense management software
• Compare the top 9 expense management solutions in Canada
• Best practices for implementing expense management software
• How expense management software saves time & money
• Why are Canadian businesses choosing OFX for expense management?
• Best expense management software FAQs
What is expense management software?
Expense management software helps businesses record, approve, and reimburse business expenses. At its core, expense management software is designed to:
Key functions typically include:
- Recording employee expenses, such as travel, meals, or subscriptions
- Submitting and approving expense claims
- Upholding company spending policies
- Syncing data with accounting software for easier financial reporting
Smarter Spend Management with OFX
Track spend, issue corporate cards, and manage reimbursements all in one place with integrated expense management software.
How can expense management software improve manual expense processes?
While no two platforms are the same, most expense management systems follow a similar basic structure:
- Submit expenses: Employees scan receipts or enter purchase details for their own expenses using a mobile app or desktop dashboard.
- Approve expenses: Managers review each expense and approve or reject based on company guidelines.
- Reimburse employees: Once approved, reimbursements are processed through integrated payroll or banking systems.
- Sync to accounting: All data is synced with your accounting software to keep financial records up to date.
However, with the right tools this system can be made even more efficient. Most modern software solutions also offer:
- OCR receipt scanning to capture data from paper receipts
- Automated approval workflows that match your internal processes
- Policy enforcement tools that ensure expense claims are compliant
- Multi-currency support for businesses with global operations
- Real-time expense reports for greater financial visibility
These features help reduce manual errors, eliminate unnecessary delays, and give finance teams the clarity they need to make well-informed decisions.
9 of the best expense management software solutions in 2025
To help you narrow your search for the right platform, we’ve reviewed some of the top expense management software providers available to Canadian businesses:
1. OFX
OFX is a unique offering, combining global payment tools with expense management capabilities. With multi-currency accounts, corporate cards, receipt capture, and spending controls, it’s an excellent fit for businesses that manage international expenses. OFX integrates with platforms like Xero and QuickBooks plus offers dedicated Canadian support.
2. QuickBooks
QuickBooks is a household name for small business accounting in Canada. Its expense tracking features allow users to scan receipts, tag categories, and view financial reports in real time. While affordable and widely adopted, QuickBooks doesn’t offer built-in corporate cards for managing employee spend, which may require businesses to add another provider.
3. SAP Concur
SAP Concur is a global leader in enterprise-grade expense management. Designed for large companies, it supports complex approval workflows, mobile submissions, and deep integration with enterprise resource planning (ERP) systems. It’s robust, scalable, and ideal for businesses that manage large teams with complex needs. With so many features and a high cost (SAP Concur only offers custom pricing), it’s not often suited to smaller businesses with modest needs.
4. Expensify
Expensify is a mobile-first platform trusted by many Canadian SMEs. It automates receipt capture, matches transactions, and integrates with accounting tools like QuickBooks and NetSuite. While user-friendly, pricing is based on a per-user model, which may prove too expensive for some businesses.
5. Zoho Expense
Zoho Expense combines flexible pricing with a powerful set of features, including receipt scanning and custom approval flows. While setup may take a bit of time, it’s particularly well-suited for businesses already using other Zoho apps, thanks to smooth integration across the full suite.
6. Sage Intacct
Sage Intacct is designed for mid-market and enterprise companies needing deeper financial controls. It features advanced reporting, approval automation, and multi-entity management. It’s an ideal option for businesses that have outgrown basic accounting tools.
7. Workday
Workday is a full ERP system trusted by large enterprises. Its expense module supports mobile reporting, approval workflows, and integration with payroll and finance tools. Workday is a powerful solution, but it typically requires in-house IT for setup and maintenance.
8. Xero
Xero is a cloud-based accounting software that’s gaining popularity in Canada. It supports expense tracking, multi-currency reporting, and easy integration with third-party apps. However, it lacks corporate cards, so businesses needing this functionality might need to choose an alternative provider.
9. FreshBooks
FreshBooks is a Toronto-based accounting software ideal for freelancers and small teams. It offers straightforward tools for tracking expenses, capturing receipts, and managing client billing. While accessible, it may lack some of the advanced features needed by larger businesses.
What are the benefits of modern expense management systems
Modern expense management systems provide advantages that can directly impact your bottom line. By transitioning from manual processes to automated solutions, you can experience benefits across the following areas of your business operations.
Operational Efficiency
- Reduced Processing Costs: Automated systems cut expense processing costs by up to 70% 2 compared to manual methods
- Time Savings: OCR technology decreases data entry time by 50% 3 or more, allowing your team to focus on strategic work
- Streamlined Workflows: Approval processes that once took weeks can be completed in days or even hours
For example, your accounting team can process hundreds of receipts in the time it previously took to handle dozens, saving hours, reducing errors, and letting your people stay focused on what really matters.
Financial Control and Visibility
- Error Reduction: Automated validation catches mistakes before they become costly problems
- Fraud Prevention: Built-in compliance checks flag suspicious activities, potentially saving expensive fraudulent claims
- Real-Time Reporting: Access to current spending data enables better budgeting and forecasting decisions
This level of visibility into spending patterns, makes it easier to spot potential cost-saving opportunities that could be missed with paper-based processes.
Enhanced Employee Experience
- Faster Reimbursements: Employees could receive their money back in days rather than weeks
- User-Friendly Interfaces: Mobile apps allow for receipt capture and submission anywhere
- Reduced Frustration: No more lost receipts or confusing submission processes
When your team spends less time managing expenses, workplace satisfaction improves. Employees appreciate efficient systems that respect their time and ensure prompt reimbursement.
Key features to look for in expense management solutions
As expense management technology evolves, certain features have become essential for businesses seeking efficiency and control. Here’s what to consider in 2025:
Must-Have Capabilities:
Automated Receipt Capture – Look for advanced OCR technology that extracts data with 99%+ accuracy from receipts, invoices, and bills, eliminating manual entry completely.
Corporate Card Integration – Real-time transaction syncing between your expense platform and corporate cards to provide instant visibility into spending, eliminate out of policy payments and help prevent fraud with automatic merchant identification.
Customizable Approval Workflows – Your solution should offer configurable multi-level approval paths that adapt to your organizational structure and spending thresholds.
Accounting Software Integration – Seamless connections with platforms like Xero, QuickBooks, and Employment Hero are now standard expectations for data consistency.
Mobile Accessibility – Robust mobile apps that function offline and allow receipt scanning, expense submission, and approvals from anywhere are non-negotiable.
Compare the top 9 expense management solutions for Canadian businesses
| Software | Corporate Cards | Multi-Currency | Receipt Capture | Accounting Integration | Best For |
|---|---|---|---|---|---|
| OFX |  | | | Xero, QuickBooks | Businesses with global spend |
| QuickBooks | X | | | QuickBooks | Canadian small businesses |
| SAP Concur | X | | | ERP | Large Canadian enterprises |
| Expensify | | | | QuickBooks, Netsuite | SMEs |
| Zoho Expense | | Limited | | Zoho Suite | Zoho users and SMBs |
| Sage Intacct | | | | Sage Intacct | Mid-size to large businesses |
| Workday | | | | Workday ERP | Large enterprises |
| Xero | X | | | Xero | Startups and tech firms |
| FreshBooks | X | X | | Freshbooks | Freelancers and startups |
Comparing Pricing
Here’s a high-level breakdown of the price range for each platform:
- OFX: $25 per user/month4
- QuickBooks: $24–$140 per user/month6
- SAP Concur: Custom pricing7
- Expensify: $8-$30+ per user/month9
- Zoho Expense: $8–$12 per user/month10
- Sage Intacct: Custom pricing11
- Workday: Custom pricing12
- Xero: $25–$75 per month13
- FreshBooks: $22–$216 per month15
Comparing Features
Choosing the right expense management software starts with understanding your business’s unique needs. From there, it’s all about weighing up features, pricing, and scalability. Here’s how the top providers stack up:
OFX
Pros:
- Great for businesses with international payments and global operations
- Physical & virtual multi-currency corporate cards with built-in spend controls
- Automated expense capture, categorization and approvals workflows
- The OFX Business App enables you to manage spending wherever you are
Cons:
- Sync with Xero, QuickBooks but not all niche accounting integrations available
QuickBooks
Pros:
- Strong accounting tools and receipt tracking
- Widely used among small businesses and accountants
- Supports integrations with PayPal and Shopify
Cons:
- Lacks built-in corporate cards
- Some features can be overly complex for small teams
SAP Concur
Pros:
- Powerful ERP integration for enterprise-level visibility
- Ideal for managing travel and large-scale expenses
- Deep compliance and customization tools
Cons:
- Long setup time and high cost
- May need dedicated IT resources
Expensify
Pros:
- Easy-to-use mobile app
- Auto-categorises expenses and matches receipts
- Syncs with QuickBooks, Xero, and more
Cons:
- More advanced features may require training
Zoho Expense
Pros:
- Strong value for SMBs
- Ties into Zoho CRM, Books, and more
- Customizable workflows
Cons:
- Setup may be time-consuming
- Limited integrations outside Zoho’s ecosystem
Sage Intacct
Pros:
- Ideal for mid-size to enterprise companies
- Robust reporting and scalability
- Good for Canadian tax and compliance
Cons:
- High cost of implementation
- Not designed for smaller businesses
Workday
Pros:
- All-in-one ERP system for finance and HR
- Ideal for large Canadian enterprises
- Strong audit and compliance features
Cons:
- Expensive and complex
- Requires long onboarding and IT involvement
Xero
Pros:
- Cloud-based, flexible access from anywhere
- Good multi-currency support
- Integrates with a wide range of tools
Cons:
- Requires a third-party solution for employee card spend tracking
- Pricing increases with team size or multiple users
FreshBooks
Pros:
- Great for freelancers and micro-businesses
- Clean interface and easy invoicing
- Affordable pricing
Cons:
- Limited tools for scaling teams
- Basic reporting options
Best practices for implementing expense management software
Successful implementation of expense management software requires careful planning and execution. Here’s how to ensure your rollout delivers maximum value:
Pre-Implementation Planning
- Assemble your team: Involve key stakeholders from finance, IT, and HR early in the process to gain cross-departmental buy-in and address concerns proactively.
- Assess current workflows: Document your existing expense processes, identifying pain points and opportunities for improvement.
- Define clear policies: Update or create comprehensive expense policies that the software will enforce, ensuring they align with your business needs.
- Set measurable goals: Define what success looks like with specific KPIs such as processing time reduction and compliance improvement.
Implementation Strategies
- Start with a pilot: Launch with a small group of users to test functionality and gather feedback before company-wide deployment.
- Ensure system integration: Work with your IT team to confirm seamless integration with existing financial systems, ERP, and HR platforms.
- Customize thoughtfully: Configure the software to match your expense policies and approval workflows, but avoid over-customization that may complicate updates.
- Develop a communication plan: Create clear messaging about why you’re implementing the new system and how it benefits employees.
Measuring Success and ROI
- Track time savings: Measure the reduction in time spent processing expenses compared to your previous system.
- Monitor compliance: Check if policy violations decrease after implementation.
- Survey user satisfaction: Collect feedback on ease of use and feature adoption.
- Review cost savings: Calculate ROI by analyzing reduced processing costs, error rates, and fraud prevention.
How expense management software saves time & money
Managing expenses manually isn’t just slow, it’s a drain on productivity. Receipts go missing, spreadsheets become outdated, and following up on approvals takes up time that could be spent on other high-value tasks. Modern expense management software changes that.
- Save time: Eliminate the back-and-forth with automated approvals and one-click receipt uploads.
- Reduce errors: Tools like OCR help extract accurate data from receipts, reducing manual input mistakes.
- Boost compliance: In-app policy enforcement means fewer out-of-policy claims and better audit trails.
- Increase visibility: Access real-time dashboards that track spending across departments, teams, and even countries.
- Streamline reimbursements: Shorten reimbursement times with direct deposits and auto-approval rules.
- Support smarter spending decisions: Centralize expense data so you can analyze trends and set informed budgets.
With the right software, you’ll spend less time managing expenses and more time managing your business.
Why are Canadian businesses choosing OFX for expense management
OFX offers a comprehensive solution to manage your business spend with a cutting-edge platform that’s designed to simplify your financial operations. With tools designed for Canadian businesses that trade across borders including:
- Multi-Currency Business Account: Manage funds in over 30 currencies, allowing you to simplify your operations across borders.
- Corporate Cards: Issue physical or virtual cards instantly to your team and track expenses in real-time.
- Spending policies built-in: Issue employees cards with spending policies built-in and prevent unauthorized spend. Control everything from spend limits, expense category, merchants to locations.
- Integrated expense tracking: Sync employee card transactions with the platform, enabling automatic merchant identification further reducing the risk of unauthorized expenses.
- New intelligent AI receipt matching: Upload an expense or copy the receipts email and send it in via email. Our smart AI will automatically attempt to match to the card transaction and fill out all the expense details.
- Cashflow visibility: With 2-way sync to Xero accounting software, the data flows between the tools. This means you only need to complete tasks once, in one place, so it’s easier to get real-time cash flow visibility across platforms.
- Automated receipt capture: Snap a photo of your receipt with our in-app receipt capture and OCR data extraction tools. Automatically populate info and submit for approval.
- Approval workflows: An intuitive interface allows you to assign approvals to different teams and individuals with ease.
- Batch Bulk Payments: Streamline your payment processes by sending bulk payments domestically or internationally with ease.
- Accounting Integrations: Integrate with accounting software like Xero and QuickBooks to automatically sync, categorize and reconcile your transactions.
- Mobile App Access: Manage your expenses on the go with the OFX Business App, ensuring you’re always in control.
- 24/7 Customer Support: Access to around the clock phone support from real people, a dedicated account manager and help onboarding.
Enjoy the benefits of smarter, more efficient expense management with OFX. Sign up for a free trial to OFX Business Pro, take a virtual tour or contact us today to take control of your business finances.
Best expense management software FAQs
What is the best expense management software for businesses in Canada?
The best software depends on your business size, budget, and needs. QuickBooks and FreshBooks are popular among smaller teams thanks to their simplicity and affordability. Zoho Expense also provides excellent value for growing SMBs. If your business deals with global transactions, OFX offers competitive multi-currency features designed to simplify international spending.
How does expense management software integrate with accounting systems?
Most platforms include built-in integrations or APIs for connecting with accounting software like QuickBooks, Xero, or Sage. Once connected, approved expenses are automatically synced for faster reconciliation and more accurate financial records. OFX integrates with QuickBooks and Xero to streamline international accounting workflows.
Can expense management software handle multi-currency expenses?
Yes. For businesses that operate across borders, multi-currency support is critical. OFX offers corporate multi-currency cards and accounts that let you spend in local currencies and avoid unnecessary exchange fees. Xero and SAP Concur also provide multi-currency capabilities, though without linked card functionality.
How does expense software help ensure compliance?
Most tools include custom policy settings and auto-flagging for non-compliant claims. This makes it easier to stay on top of tax rules, internal guidelines, and audit requirements. Digital trails for your expense management process also improve transparency and help reduce fraud or errors.
Can these tools reimburse employees automatically?
Yes. Many systems automatically reimburse expenses once a claim is approved. This reduces delays and cuts down manual banking tasks. You’ll need to connect your payroll or bank details to activate this feature.
Do these tools support virtual corporate cards?
Some platforms, including OFX, offer virtual corporate cards. These are great for online purchases or controlling recurring software subscriptions. You can set spending limits, cancel cards instantly, and monitor usage in real time.
Is expense software worth it for small teams?
Absolutely. Even with just a few employees, automated expense software can save time, reduce errors, and improve oversight. Most platforms scale as you grow, so you won’t need to switch systems later when your business expands.
What are the top expense management software solutions in Canada in 2025?
Here are some of the top expense software solutions in Canada:
- OFX Spend Management
- QuickBooks
- SAP Concur
- Expensify
- Soho Expense
- Sage Intacct
- Workday
- Xero
- Freshbooks
What’s the best option for managing global spending?
OFX stands out for Canadian businesses managing international expenses. Its multi-currency cards, global account access, and international payment tools make it ideal for cross-border operations.
Save money. Reclaim time.
Meet the financial platform that does both.
Sources:
1. https://www.cpapracticeadvisor.com/2020/08/03/finance-departments-spending-520-hours-per-year-on-manual-ap-tasks/39599/
2. https://www.concur.com/en-us/resource-center/reports/forrester-improve-travel-expense-invoice-management-solution-to-drive-better-ex
3. https://www.peeriosity.com/shared-services/articles/2018/04/improving-accounts-payable-processing-efficiency-through-ocr-technology/
4. https://www.ofx.com/en-ca/business/pricing/
5. https://quickbooks.intuit.com/ca/
6. https://quickbooks.intuit.com/ca/pricing/
7. https://www.concur.ca/expense-management
8. https://www.expensify.com/
9. https://www.expensify.com/pricing
10. https://www.zoho.com/ca/expense/pricing/
11. https://www.sage.com/en-ca/sage-business-cloud/intacct/product-capabilities/extended-capabilities/time-and-expense-management/
12. https://www.workday.com/en-ca/products/spend-management/expenses.html
13. https://www.xero.com/ca/pricing-plans/
14. https://www.freshbooks.com/expenses-and-receipts-tracking
15. https://www.freshbooks.com/en-ca/pricing
IMPORTANT: This article was written in June 2025. The information is based on our online research at time of publication. This publication is provided for general information purposes and a reader should consider the specific requirements of their business when evaluating providers. This information does not constitute legal, tax or other professional advice from CanadianForex Limited trading as OFX or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. If you would like to request updated information, please contact us at business@ofx.com. Please see our pricing pages for the most up to date OFX pricing and fee information.
