Top Expense Tracking Software to Easily Manage Project Budgets

The expense tracking process usually starts out simple until the project scales. The budget numbers don’t match, teams expand, and suddenly, tracking every expense feels like another project. 

On the other hand, some companies that use automated expense management software report a 30% reduction in processing time for financial reporting. So, if you want to help yourself, it’s time to start managing project budgets in real time. 

In this article, you’ll learn what to look for in expense tracking software, how to use it effectively, and which tools are actually worth your time. 

Quick Overview: Who Has the Best Expense Tracking Software? 

Top Benefits of Project Expense Tracking  

Tracking project or company expenses can unlock many great insights like how and where your money is spent and help you to avoid project overruns. Companies that use expense tracking software report up to a 17 % ROI in just the first year. Let’s look into the benefits in more detail.

1. Know where your money goes. Expense software allows you to tag every transaction by project, team, or category to see visual results. 
2. See your spending patterns. Most tools show totals, but trends take setup. You need to define periods and categories to catch patterns. 
3. Easier financial tracking. Real-time updates and synced data allow you to track everything without sorting through receipts. 
4. Cost optimization. When you see the bigger picture, you can make actionable changes to the cost.  
5. Increased profitability. When you visually track all your spendings in one place, you can control your budget and make more informed decisions.
6. Better resource allocation. When you see where the money’s actually going (per task, or team) it’s easier to move resources where needed. 
7. Accurate forecasting. With expense software you see the real numbers that are organized by category or team. By seeing trends, you can project future costs. 

How We Made the List 

With over 10 years in project management, we’ve worked with people from startups to enterprises. 

We looked at each tool through the ease of use, customization, integrations, and cost for teams of all sizes. We’ve also highlighted the pros and cons, so you get a view of what each tool excels at and where it doesn’t quite deliver. 

Dedicated Expense Management Tools 

1. Expensify

Capterra score: 4.4 ⭐⭐⭐⭐⭐ 

Pricing starts at: Custom 

Overview:

Expensify is a dedicated expense management platform. It’s known for its ability to automate expense management from end to end. You take a photo or email a receipt and its SmartScan OCR extracts the details, applies policy-checks, and gives a report. It also integrates with major accounting platforms like QuickBooks. 

Keep in mind that the tool won’t handle other aspects of your project. Some users report that SmartScan occasionally misreads receipts. And advanced customization costs extra. 

2. QuickBooks Online 

Capterra score: 4.3 ⭐⭐⭐⭐⭐ 

Pricing starts at: $19/month 

Overview: 

QuickBooks Online is accounting software. It comes with features like automated expense tracking, invoicing, payroll management, and real-time financial reporting. You can also integrate the tool with over 750 apps, and the interface is simple enough. 

But syncing with some banks or third-party apps can be a bit spotty. And if you’re after the more advanced features, you’ll have to upgrade to a higher plan. 

3. SAP Concur 

Capterra score: 4.3 ⭐⭐⭐⭐⭐ 

Pricing starts at: $260/month 

Overview: 

SAP Concur focuses on the bigger fish out there. It offers a bunch of tools for managing expenses, travel, and invoices. One of the highlights – the software supports multi-currency and languages. SAP Concur also puts a lot of effort into AI. 

However, some find the platform’s user interface outdated and complex. 

4. Fyle 

Capterra score: 4.5 ⭐⭐⭐⭐⭐ 

Pricing starts at: $11.99/month 

Overview: 

Fyle offers features like real-time receipt submission via text or email, AI-driven expense categorization, and easy integration with accounting software. The platform supports multi-currency and multi-region operations – ideal for global businesses. Fyle also has customizable approval workflows to control company spending.  

On the downside, there are some syncing issues with accounting software and glitches in the mobile app. Additionally, Fyle does not offer a free plan. 

5. Bill Spend & Expense (Divvy) 

Capterra score: 4.7 ⭐⭐⭐⭐⭐ 

Pricing starts at: $45/month 

Overview: 

Bill Spend & Expense (formerly Divvy) focuses on financial management by offering physical and virtual corporate cards. It also comes with expense tracking, automated reporting, and easy integration with popular accounting platforms. The platform has a mobile app that allows you to capture receipts and contactless payments. A standout feature is its credit builder program that helps businesses improve their credit.  

However, you might experience some delays in fund transfers to employees. The platform also lacks built-in invoicing and multicurrency support. 

Best Project Expense Tracking Software 

These tools focus on controlling every aspect of project expenses. You can see expenses by tasks, projects, people, and otherwise customize such software. 

1. Teamhood 

Capterra score: 4.9 ⭐⭐⭐⭐⭐

Pricing starts at: $9/month; free plan with 10 users available.

Overview: 

Teamhood is a visual-first project management platform with a robust Kanban board that comes with swimlanes and sub-tasks, so you can track task progress and associated costs.  

What’s more, you can track cost by entering the total project budget and summarizing the budget for all the project tasks. When you set up your estimates, you will be able to track actual costs. The platform also includes workload management and Gantt views that allow you to track expenses alongside project timelines and resource tracking. 

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2. Smartsheet 

Capterra score: 4.5 ⭐⭐⭐⭐⭐ 

Pricing starts at: $7/month; free trial available 

Overview: 

Smartsheet is a spreadsheet-based platform with some tools for expense tracking. You can create detailed expense sheets with automated workflows to manage budgets and track costs. You can also integrate Smartsheet with financial software and then monitor both projects and related expenses.  

However, some find the learning curve steep and it’s pricing a bit high, especially for smaller teams.  

3. Clickup

Capterra score: 4.6 ⭐⭐⭐⭐⭐ 

Pricing starts at: $7/month; free plan available 

Overview: 

ClickUp comes with customizable expense tracking templates, so you can monitor spendings, create budgets, and track expenses. ClickUp also integrates with financial tools and includes time tracking and detailed reporting. 

Though it’s packed with powerful tools for tracking and reporting, the platform can be overwhelming for beginners. 

4. Harvest 

Capterra score: 4.6 ⭐⭐⭐⭐⭐ 

Pricing starts at: $11/month; free plan available

Overview: 

Harvest is an intuitive expense tracking software with robust reporting capabilities. It has a nice system for creating professional invoices and you can connect with popular accounting platforms. One unique feature is the ability to automatically detect unbilled time and expenses. 

On the downside, you won’t be able to customize your reports much, and expense tracking features lack in-depth.  

5. Wrike 

Capterra score: 4.4 ⭐⭐⭐⭐⭐ 

Pricing starts at: $10/month; free plan available 

Overview: 

Wrike gives you a few ways to track expenses – from custom fields and workflows to built-in time logging and cost tracking. You can define financial metrics like planned vs. actual cost and use the Monthly Budget Tracker template to keep things structured. 

That said, setting up expense workflows isn’t instant. You’ll need to configure fields, set up custom forms, and possibly use add-ons to get full visibility into your budget. 

Types of Expense Tracking Software 

Dedicated Expense Management Platforms 

These tools are built for one thing: managing expenses. Platforms like Expensify handle receipts, approvals, reimbursements, and policy rules, so you don’t need to get a full ERP.  

If you’re looking for a tool that’s purpose-built for expense control (not just a side feature), this is the category.  

Project-Based Expense Tracking Software 

This is where things get more serious. These tools let you track spend by project, task, or team. You get budget vs. actuals, approval flows, and clean exports.  

Some PM platforms like Teamhood now offer built-in expense tracking. You won’t get full-blown accounting features, but you will get task-linked costs, time tracking, and better visibility across your workflows. 

How to Choose the Best Expense Tracking Software 

1. Know what you’re tracking. Start with scope. Do you want to track only expenses, or do you want to see the bigger picture – how the expenses are related to specific projects or tasks. 

2. Focus on functionality rather than features. Every tool says it has robust features. What matters is whether they match your workflow.  

3. If it’s hard to use, no one will use it. A steep learning curve won’t cut it off for your team. The interface should be clean, fast, and simple enough that people don’t need training to get started. 

4. Understand the pricing. Some tools charge per user, others per project, others hide fees behind “premium features.” Know what you’ll pay as your team grows. A cheap monthly fee doesn’t mean much if half the key features are locked behind a paywall. 

5. Always test it first. Free trials are your filter. Run your actual process – log an expense, trigger an approval, export a report. If something breaks or slows you down, move on.  

6. Reviews are more useful than feature lists. Ignore the marketing copy. Instead, look at what actual users are saying, especially those in your industry. 

Also explore Teamhood’s related articles: 
– Earned Value Management 
– Estimation Software 
– Capacity Planning Tools 

Helpful Features to Look for 

You don’t need a tool with hundreds of features. You need features that actually make tracking expenses easier and faster. 

The Bottom Line 

Picking the right expense tracking software comes down to what you actually need. If you’re juggling approvals and receipts, platforms like Expensify will handle that with grace. 

But if you care more about seeing how costs look across projects tools like Teamhood give you that visibility. They connect expenses to tasks and phases. 

Whichever way you go, the software needs to work with your workflow. 

Find the Tool That Fits Your Workflow

The right platform can transform how you manage expenses.

Try Teamhood Today