Expense Tracking is the process of making notes of where your money is going.
How frequently do you track your expenses?
Hourly, daily, monthly, quarterly, or yearly? It might seem like a tremendous amount of work at first, but you will understand its importance with time.
Taking care of our financial resources is of utmost importance, and it starts right from your college days. For some, it begins even before that. These days it only takes one medical bill, which may bring people on the verge of bankruptcy.
Tracking expenses monthly and yearly is the recommended method for business owners and individuals.
Importance of Expense Tracking
- Sustain Spending Habits: Expense tracking will help you identify, limit, or eliminate your wasteful spending habits. It will further help you put your money where you need to.
- Preventing Overspending: Expense tracking will prevent blatant overspending by forcing you to create a monthly budget. Spending your earnings according to the budget set by yourself comes in handy in the long run.
- Control over Finances: If you constantly in debt, it is probably because you don't control your expenses. Tracking expenses will give you the freedom to put your money into productive things.
Let's say you went shopping with your friends during the weekend. You then realized you ended up buying things you did not want. You did it just because of peer pressure. Instead, investing that money in yourself by purchasing a self-help book or enrolling in some hobby class might have been helpful.
Why focus on Expense Tracking in Businesses?
It is essential for persons owning small and medium businesses to track expenses. Also, keeping personal costs separate from business ones is necessary since a company is an independent unit. Your business might be your passion, and it should be treated as such since:
- It will protect you from trouble: Your business is entitled to receive legal protection that you as a person might not. If your expenses are not separate, you contradict those offerings leaving yourself accountable if a client brings in a lawsuit. In that case, your assets may be at stake.
- It makes you ready for tax season: You will not have to look inside your cupboard or car dashboards for bills and receipts. Also, when you are traveling away from the city for a business meeting, you can claim a certain amount of expenses incurred. Some business costs are non-taxable and can be claimed as business meetings cost. Your bookkeepers’ job will also be easier as it will be simple to differentiate taxable things from non-taxable ones.
- Counting profits will become easy: You will be able to call out your profit numbers correctly without guesswork whenever clients ask. It will eventually help in maintaining the company budget by reflecting on expenses.
One way of tracking business expenses is by using business expense tracker apps. An expense tracker app helps you keep a timely and apt record of your spending by following receipts and bills. Some apps directly get linked to your bank and credit cards, saving you time by avoiding manual work.
Let us now look through some of the best expense tracking apps for your business.
FreshBooks is a business expense tracker app that helps track expenses for small and medium businesses. Your account will be updated every day by connecting your bank account and credit card.
It has the feature of taking the required data from the image you upload of any bill or receipt. You can also store your receipts inside Freshbooks. So, you have everything during the time of filing for taxes. While in a project, your team can figure out their spending, and also their expenses can be monitored by you.
It helps you track the amount of work done during the day from anywhere. You only need to focus on nurturing your business as everything is automated.
The pricing offered is minimal for different plans, but the app is helpful in the long run, irrespective of the pricing.
Zoho is one of the best expense tracking apps. Its UI/UX is very customer-satisfying, offering a wide range of solutions. Zoho guarantees to have no receipts untracked and digitally store them. You can also auto-forward your receipts via email. Even if your business is overseas, Zoho enables you to enter your expenses in different currencies.
Here, you can create a customized expense page and enable your employees to split expenses. If your business demands a lot of traveling, your mileage expense can be tracked with Zoho with 100% accuracy. This way, you can limit your costs.
It is compatible with any platform, including Android and iOS. Zoho offers beginners a 14-day free trial version.
You can see your whole financial life through Mint. Mint offers you customized solutions, personalizing your experience of spending and expense tracking.
All your due bill payments and monthly expenses can be integrated into Mint along with other apps. It allows you not to miss any amount and track where you spend your money.
The app allows you to set your budget, ensuring that you adhere to it by sending timely notifications if overspent. It also gives recommendations on saving money and reaching your financial goals possibly faster.
The account opening process is safe and secure and is available on all devices.
Expensify enables its users to keep a record of an unlimited amount of receipts. By syncing your accounts to Expensify, you will be left with very little work during this tax season. You may also set custom tax rates for a specified expense policy.
Manually uploading your expenses is outdated. Here, all your bills and receipts are automatically scanned just by a single click. Additionally, if you are bored with all these processes, you can further opt for an Expensify card instead of receipts.
You can try the free version, for it is easy to use and provides you the pathway to think in the right direction for your business expenses. It helps you track costs while moving, at home, or in your office.
The Bench app acts as your virtual bookkeeper. At Bench, software and the human brain are paired. The main focus is on small businesses and entrepreneurs preparing financial statements for their businesses.
A team of dedicated experts takes everything, and you are only contacted if something is needed. The bookkeeping is done monthly and makes you and your business tax-ready financially. The dedicated expert team is fast and reliable.
The app lets you focus solely on handling your business without worrying about tax regimes. It is one of the top in-use software. The prices are affordable, and a trial version is also provided at the beginning to understand the app better.
Shoeboxed is an app that provides its users with digitization services. It aims to digitize actual receipts reducing human errors. It also supports the integration of various apps to ease the workflow.
The app handles tax filings, storage of scanned receipts and bills, and provides expense reports. Keeping essential documents in the archive folder comes in handy when needed urgently.
Using this application, you can create an online list of your team and keep it updated. It is supported on both Android and iOS platforms. Its accurate mileage tracking feature is used when you are on a budget trip.
Dext is a business expense tracker app that wants you to go paperless and do minimal paperwork. It makes handling numbers and papers easier by going digital with your accounts.
Dext will draw out essential data and store it in its memory by uploading bills, receipts, or invoices. It has above 95% of accuracy while filing the paperwork and saving your time and effort. This leaves you with a significant amount of time to grow your business.
Upload your data from anywhere and from any device. It offers and mandates over 30 integrations to maintain your workflow. The app is so designed that it is effortless to understand. You can get your free trial now if your business is small or you are an aspiring upcoming business enthusiast.
Concur helps you grow as a business professional since the app constantly grows and adds new features. Here, by amending the settings according to your needs, you can make the app adapt to your ways.
You can calculate the ROI of your business with high accuracy. It has an accessible dashboard allowing you to see all your spending on a single page. You can make alterations to your budgets and control them anytime, anywhere.
You can also look at the demo of the app's working, which is quite simple. Concur allows you to take financial decisions backed by solid data holistically. It proves to be of great help for small business owners and young startups.
Certify provides some great insights into expense management. This tool is effortless to create and handle reports and make reimbursements. You only have to upload a picture of your expenses, and the report is created automatically.
It is a perfect built-up for global business as it is available in over 60 languages and 140 currencies. You can integrate your business credit cards and policies with the app and personalize each thing according to your budget.
Here, integrations with a wide variety of apps are also supported so that your work does not stop. The app is supported on all devices and has seamless performance and high user satisfaction.
MMC Receipt is an expense tracking and receipt scanning app. The app quickly scans bills and receipts in various currencies with high data precision.
There is no limit on the uploading of receipts and the number of users. You need not worry about the storage space since the app has unlimited cloud storage and lets you store without restrictions.
Setting up of multi-stage approval feature gives your business a further boost. It assesses whether the captured data is ready to be exported or not, helping in enhancing your decision-making ability.
You can also look at the demo version to further understand the app's features and try its free version.
Everlance has made handling business the main priority of business owners by automating the maximum number of things. With a single nick on the screen, you can sort and manage your expenses. Customize your personal and business spending on this platform and be burden-free during the tax season.
Data transfer is secured, and organizing cloud storage is easy. Connect multiple business cards at once to save your time and effort for managing expenses. Suggestions relating to tax deductions are its stand-out feature. You can save your taxes by providing timely and correct information.
The customer support team is at your disposal seven days a week for any queries. You can choose its free version to try where it provides many features. Other than that, you can even create your personalized template according to your needs.
Wave is more focused on nurturing small businesses to their full potential. It has hi-tech software that is simple to handle and secure to manage your expenses.
It also enables you to track your profit and loss in real-time and keeps you ready for the tax season. The software is free to use unlimited times without limitations and hidden fees.
The only thing you must have while accessing the app is an internet connection. It is supported on all devices and is relatively easy to use. Data switching from different apps and websites are accessible remotely.
Pleo is a fintech startup that manages the expenses of businesses by using Pleo cards: credit and debit cards. You can organize your expenses by clicking a few buttons on the screen.
You can integrate Pleo along with other bookkeeping tools. It allows you to set your spending limits, customize them anytime, and suggest the best spending practices. Further, as soon as a payment is made from your Pleo card, you will get a notification, and that expense will be added.
Pleo is a go-to app for small and medium businesses and has three different pricing ranges. Pleo takes your load off from unmatched and tedious daily work and lets you focus on your business.
Veryfi helps small businesses to grow faster than ever. The app serves a purpose to its customers and has untapped growth potential.
Here, you can estimate your project costs or business expenses before the start of the project. The data is entered automatically into the app, and no manual work needs to be done. You can view the monthly report anytime, anywhere since it is available 24/7.
It is available on all devices and across all platforms. You can sync your email with Veryfi for ease of fetching bills and receipts. It has a wide range of other applications, and the app is in use across various fields.
Gone are the days of finding a good bookkeeper for your business for filing tax returns. All you need is a business expense tracker app and nothing else. However, choosing the right app for your business to grow and efficiently manage costs is equally essential. Using these apps in your business will leave you with an ample amount of time, effort, and energy for yourself and your family.
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