Track expenses easily with the best business expense tracker apps that offer accounting integrations, mobile access, and automated features. Compare top options like QuickBooks, Xero, and Expensify to manage budgeting, reporting, and receipt uploads.
By Brad Nakase, Attorney
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Employing software to keep tabs on your spending might help your staff work more productively and save you both money and time. Additionally, it gives you information on how much your company spends, which will make your life—and your accountant’s—far simpler during the time to file taxes. That’s why investing in small business expense tracking tools is essential.
Take a look at company expense trackers designed especially for your most frequent spending categories. If your staff members frequently drive for work, for instance, limit your options to software programs that mostly monitor mileage. To reduce the amount of time spent entering data by hand, ensure that the tracker is integrated with your accounting software.
These are some of the top small business expense tracking tools available.
Why we find it appealing
The robust feature set, scalability, and capacity to support small businesses with increasingly intricate financial requirements have made QuickBooks Online a pioneer in the accounting sector. You can be sure your accountant is aware of it because it has millions of users globally.
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Why we find it appealing
FreshBooks is a straightforward and reasonably priced choice for independent contractors and small businesses that value being able to work from anywhere with a mobile app. For people who can operate within the billable client restrictions of lower-tier plans, it’s a very affordable option. All plans consist of time monitoring.
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Why we find it appealing
Every subscription plan in Xero offers unlimited users, which is a useful feature for companies where multiple individuals would want at least minimal access to the software in order to run reports or examine performance. Additionally, Xero features a dashboard for analytics that is customizable, allowing users to hide or rearrange panels.
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Why we find it appealing
Plans from Zoho Expense are available for a range of business levels and requirements. It makes tracking expenses easier with its well-reviewed Android and iOS mobile apps.
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Why we find it appealing
For many small and medium enterprises, Expensify provides a good all-around solution for tracking business spending. You pay monthly per employee, but if you subscribe annually or utilize Expensify’s business card, you can get discounts. (You can also use that card’s rewards money to pay for subscription costs.) Accordingly, your expenses could range from as little as $0 to upwards of $36 per employee.
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Why we find it appealing
Together with Concur’s travel and invoicing software, SAP Concur Expense is a robust company expense tracking tool that can provide your company with a comprehensive spend management system.
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1. Xero: Xero is among the best accounting software options available. Tracking and managing expenses is made easier with Xero, an integrated accounting software. The tools for managing expenses include scanning receipts, tracking miles, a dashboard with reporting capabilities, and an employee mobile app that makes it simple to track mileage and submit expense reports. You may save money overall by combining software subscriptions and opting for a comprehensive accounting system that incorporates cost management, such as Xero.
2. QuickBooks Online: Being one of the most widely used accounting programs available, QuickBooks Online has developed a comprehensive suite of features that includes project management, processing of payments, reporting, mileage and cost tracking, invoicing, and bill management. It may be possible to satisfy your demands for tracking expenses with QuickBooks’ built-in functionality if you already use it for accounting for your company.
The program allows you to link corporate bank accounts in order to automatically track and classify spending, scan and upload receipts, and create reports to keep tabs on expenditures. Among other things, the smartphone app allows you to track your miles and spending while you’re on the go.
3. FreshBooks: This is the best accounting program for independent contractors and self-employed professionals. For small businesses with basic accounting, billing, and spending tracking requirements, FreshBooks is a reliable and cost-effective option to handle all of those tasks in just one software package.
In both the Plus and Lite versions, the software offers you unlimited time and cost monitoring, automatic bank imports, mile tracking, tax reporting, budget and invoicing management, and more. Furthermore, FreshBooks provides subscriptions with a variety of extra capabilities, such as accounts payable and committed customer assistance, if your company employs a staff or contracts with outside parties.
4. Expensify: The features offered by Expensify for tracking company expenses include limitless receipt scanning, next-day payment on accepted expense reports, and the opportunity to import card payments from both personal and business accounts. Among the many additional apps that Expensify interfaces with are Zenefits & Gusto for human resources, QuickBooks & Xero for accounting, and Lyft and Uber for automatic receipt import.
Using Expensify’s corporate credit card and paying for their subscription annually rather than monthly allows company owners to enjoy discounted pricing for paid plans. Plans are also available from the company for independent contractors.
5. Zoho Expense: With the free version, Zoho Expense provides a good range of capabilities, such as accounting integrations, individual card connections, client and task tracking, and mileage monitoring. Many more options pertaining to travel, card expenditures and management, expenditure reports, budgeting, and other topics become available when you upgrade to a paid plan. Slack, Lyft, G Suite, QuickBooks, Xero, and other business software programs are all integrated with Zoho Expense.
6. SAP Concur Expense: Data security, regulatory compliance, and automated technological capabilities are prioritized in Concur Expense, which is a component of SAP’s enterprise-level business platform. Together with its quote-based pricing, this makes Concur Expense a good choice for enterprise-sized businesses. For organizations, Concur’s trip tracking and invoicing software accomplishes a comprehensive spend management package.
All of these tools excel in small business expense tracking, helping business owners stay on top of their finances effortlessly.
Usually, you can use a smartphone app or the internet to track business expenses. An account and login credentials for a certain number of employees are provided when you register with a provider.
Product-specific sign-up procedures vary, but most trackers ask for some basic financial and company information. In order to maximize the software’s functionality, you should connect it to a company credit card or checking account. After submitting receipts, your workers will be given the option of connecting their individual bank accounts in order to get reimbursement for authorized business-related spending.
With company expense trackers, you can keep track of your spending and see where you’re spending the most money. You may additionally avoid overpaying with their assistance. One way to check if you are sticking to your budget with each line item is to combine all of your marketing or inventory-related costs into one group. It is simpler to maintain cash flow with this information.
The majority of corporate spending trackers have at least a few of these capabilities. Find out which trackers offer the finest versions of the capabilities you want to use most frequently.
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