Customers and businesses utilize expense management tools to process, pay, and manage expenses. Some of the top expense management tools in Korea have been developed by startups. These tools simplify and automate expense entries, eliminate paper trails, and reduce time/efficiency. These expense management tools allow businesses and customers to know their financial resources fully. Some of the best tools also identify cost-saving opportunities and control excessive spending.
As South Korea has the highest smartphone penetration rate in the world, many startups have created expense management apps to keep tabs on their spending. If you are a business in Korea, one of the problems can be managing your accounts effectively without hiring a finance manager. In addition, there is too much information to organize regularly, and this time can be better spent on improving your business. Using these tools allows businesses to keep a proper record of expenses, leading to more profitability.
Top Expense Management Tools in Korea
Spendit
Spendit has created one of Korea’s top travel and expense management tools for businesses. Their app solves many issues related to expense management, such as creating and submitting expense reports and compliance monitoring functions within the company. In addition, it offers ERP and Slack (Enterprise Resource Planning) integration. Linked cards and account details can be viewed in real-time through the app, and receipts are automatically matched with the approval details and registered as expenses. Therefore, approvers can check and approve reports straight on their smartphones.
Businesses can apply their desired regulations and rules. This means companies can set team and external meeting limits for their employees. Multiple approval modes allow one to set an approval mode for each situation. Furthermore, documents are automatically created without the need to enter the information manually.
Balance Hero (True Balance)
Balance Hero is the operator of True Balance, a platform that offers financial and expense management services for users with low credit. They have built a strong presence in India by offering loan products for customers who do not have access to credit. Moreover, other services offered by True Balance include insurance, commerce, and loans using their ACS (alternative credit scoring) system. Moreover, to date, Balance Hero has raised over $125 million in funding.
CashNote
One of the top expense management tools in Korea was created by CashNote. CashNote provides revenue management and accounts reconciliation solutions to companies. It helps in managing card sales and settlements. Their service combines card transactions and authorizations to help businesses to see payment totals through the app. In addition, once registered, businesses get daily financial reports that cover all card transactions and the amount of tax due. In addition, CashNote also projects income volumes. CashNote is an add-on function on KakaoTalk, which is used by over 53 million people.
