Expense management is an essential aspect of every business, large or small. It involves tracking and managing all the expenses incurred by the company, ensuring that they are within budget and that there is no wastage of resources. Efficient expense management can help businesses save money, improve cash flow, and drive growth. 

With the help of technology, managing expenses has become easier than ever before. There are numerous software solutions available in the market that can help businesses of all sizes to manage their expenses effectively. In this article, we will discuss four free expense management software that businesses in Malaysia can use to streamline their expense management process. 

 

What is Expense Management? 

Expense management is the process of tracking and controlling the expenses incurred by a business. It involves recording all the expenses, categorising them, and making sure that they are within the budget. Expense management also involves analysing the expenses to identify areas of wastage and inefficiencies, which can be improved to save costs.  

Must-Have Expense Management Features 

Expense management software comes with a range of features that can help businesses track and manage their expenses effectively. Some of these features include: 

1. Expense tracking: This feature allows businesses to track all the expenses incurred by the company in real-time. It enables businesses to keep track of the expenses and ensure that they are within budget.

2. Receipt management: Receipt management is an essential feature of expense management software. It allows businesses to capture and upload receipts for all the expenses incurred. This makes it easier to reconcile expenses and ensure that there is no fraud.  

3. Approval workflows: Expense management software that comes with approval workflows that enable businesses to set up a process for approving expenses. This ensures that all expenses are authorised before they are reimbursed.
4. Reporting and analytics: This feature enables businesses to generate reports and gain insights into their expenses. This makes it easier to identify areas of wastage and inefficiencies, which can be improved to save costs.

  

List of Free Expense Management Software in Malaysia 

1. Swipey

Swipey is a free expense management software that is perfect for small to large businesses in Malaysia. It comes with a range of features that can help businesses track and manage their expenses effectively. Swipey is user-friendly and easy to set up, making it ideal for businesses that are new to expense management software. 

Pros: 

• User-friendly interface 
• Easy to set up 
• Comes with prepaid physical and virtual Visa cards integrated with Swipey’s Mobile App (iOS and Android) and Web 
• Seamless real-time expense tracking 
• Receipt management feature with up to 7 years receipt storage 
• Bill payment 
• Customisable approval workflows 
• Reporting and analytics features 
• Card customisation 

Cons: 

• Limited virtual cards in freemium package when compared to its paid package 

2. Zoho Expense

Zoho Expense is a free expense management software that is ideal for medium to large businesses in Malaysia. It comes with a range of features that can help businesses track and manage their expenses effectively. Zoho Expense is highly customisable, making it ideal for businesses with complex expense management needs. 

Pros: 

• Customisable approval workflows 
• Receipt management feature Real-time expense tracking 
• Reporting and analytics features 
• Mobile app for iOS and Android 
• Integrates with other Zoho apps 

  Cons: 

• Limited free features compared to paid features 
• Limited customer support for free users 

3. Wave

Wave is a free accounting software that comes with an expense tracking feature. It is ideal for small businesses in Malaysia that need basic expense management functionality. Wave is easy to set up and use, making it ideal for businesses that are new to expense management software. 

 Pros: 

• User-friendly interface 
• Receipt management feature 
• Real-time expense tracking 
• Reporting and analytics features 
• Mobile app for iOS and Android 

  Cons: 

• Limited features compared to other expense management software 
• Limited customisation options 

4. GnuCash

GnuCash is a free accounting software that comes with an expense tracking feature. It is ideal for small businesses in Malaysia that need basic expense management functionality. GnuCash is highly customisable, making it ideal for businesses with complex expense management needs. 

Pros: 

• Customisable approval workflows 
• Receipt management feature 
• Real-time expense tracking 
• Reporting and analytics features 

 Cons: 

• Requires developer to implement 
• Steep learning curve 

 

Managing expenses is an essential aspect of every business, and with the help of technology, it has become easier than ever before. There are numerous free expense management software solutions available in the market that businesses in Malaysia can use to streamline their expense management process.  

Swipey, Zoho Expense, Wave, and GnuCash are some of the best free expense management software solutions available in Malaysia. Businesses can choose the software that best fits their needs based on the size of their business, the complexity of their expense management needs, and their budget. 

Additionally, if you’re looking for an expense management software that comes with a range of features and Visa-powered Cards for corporates, you can try out Swipey as our basic package is completely FREE while still giving you full access to our Web and Mobile App which can help your business track and manage expenses effectively.