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Expense management is the processing, management and organisation of employee expenses within a business. Managing these expenses often falls to accounts payable officers or bookkeepers to perform. However, as businesses grow and scale and the amount and value of employee expenses increase, approval levels change. It's no longer as simple as just asking your manager to approve emergency office supplies or a team meeting coffee run. Instead, it can take weeks for accounting teams to receive approvals and, as a result of human error and other more conflicting priorities, things can get missed.
The solution? Expense management applications and software that automate expense data-entry, streamline approval reviews, eliminate paper trails and reduce administrative efforts. Many have functions that allow for full visibility of employee expenses through to department or branch expenses. These are great tools for senior managers to understand where they can cut down on expenses within the business.
But which expense management application or platform is worth investing in?
In this blog, we compare two industry leaders: Hubdoc and Dext, touching on the features, pricing, ease of use, integration into accounting software, and their customer support functions.
Features
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Pricing
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Ease of use
| Hubdoc | Dext |
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Accounting software integration
| Hubdoc | Dext |
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Customer support functions
| Hubdoc | Dext |
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So, which expense management platform is right for your business?
Dext can implement user controls and split invoices where Hubdoc can’t. However, Hubdoc's pricing matrix is simple and unlimited, while Dext has different levels and associated item limitations. It completely depends on your organisational requirements. On a small business level, Hubdoc does the job. But, when your expense management function starts to get a bit more progressive and complicated, Dext offers additional functionality extras that come at a higher price point.
In 2021, remote working is still very much normal in most businesses worldwide, with technology industries investing more and more into R&D for digital work practices improving efficiencies and productivity levels. With the travel and expense management software market set to grow at an annual compound growth rate of 12.4% from 2020 - 2027, businesses must keep up with applications like Hubdoc and Dext that can help them maintain a competitive advantage in this up and coming digital-reliant world.
