Expense tracking software is a great business management tool for businesses that is used by many entrepreneurs all over the world. Different software solutions offer their own benefits. Some of these tools are free and others cost money.
Expense management software for small business is a great software for small businesses to keep track of their expenses. Here our team provide detail review about expense management software. We suggest to you the top best expense management software for business.
Personal Capital
Personal Capital is a full-featured investment manager for hire. It tracks and categorizes all the expenses you make on your credit or debit card. The app creates charts indicating your monthly cash flow and breaking down your monthly expenses. It has two versions: the free financial dashboard and the wealth management service. The wealth management option provides an investment management option, which functions as a robo-advisor while providing live support. The free financial dashboard provides budgeting and a cash flow analyzer. The app can also help you with retirement planning and provide an investment checkup.
Pricing: Full access to the financial dashboard is free; wealth management service fees start at 0.89% per year.
Expensify
Available on Android and iOS devices, Expensify is great for making expense reports on the go. A must for frequent business travelers, Expensify allows you to take photos of receipts and manually log expenses. When you take a photo of a receipt in Expensify, the app automatically reads the receipt and translates it into a logged expense. In addition, you can organize your expenses by categories, like mileage, travel and food. Best of all, Expensify is free for individuals and just $5 a month for teams.
Pricing: Individual use is free for up to 25 receipt scans per month; team pricing for unlimited scans starts at $5 per user per month (after a six-week free trial).
SAP Concur
SAP Concur is the perfect business expense reporting app for established (and growing) small and midsize businesses. In addition to the ability to track expenses, SAP Concur has built-in workflows for employee reimbursement, submissions and approvals, invoice tracking, vendor payments, travel booking, and more. The great thing about SAP Concur is that you can build it out however you want, and it charges you accordingly (based on features and number of users). SAP Concur is also a great choice because the company offers a suite of products for small businesses, so you can add more functionality as you need it. The app is free and available on iOS and Android for existing Concur customers.
Pricing: The app is free for existing Concur customers; non-customers should contact Concur for a direct quote.
Wally
Wally is a colorful app with lots of great expense-tracking functionality. You can use Wally on an iOS device, and the basic version of the app is free. Like in other expense-tracking apps, you can take photos of receipts directly in Wally or enter expenses by hand and categorize them accordingly. Wally also tracks your income for you and offers you projected savings for each month. With its focus on personal rather than business finance, Wally is a good fit for people who run microbusinesses or side hustles.
Pricing: The basic version is free; the full premium version (Wally Gold) costs $4.99 per month.
QuickBooks Self-Employed
We already know that QuickBooks is one of the most popular accounting software solutions for entrepreneurs, and the company’s app for expense tracking is also excellent. Compatible with iOS and Android devices, QuickBooks Self-Employed costs $7.50 a month and packs a serious punch in the features department. This app allows you to track business and personal expenses separately. You can automatically track mileage, create and send invoices no matter where you are, estimate taxes quarterly (no math required), and more. You can also pair QuickBooks Self-Employed with TurboTax for just $12 a month and enjoy a super-easy tax filing process. As the name indicates, this app is best for self-employed entrepreneurs or owners of microbusinesses.
Pricing: The app starts at $7.50 per month; you can bundle it with TurboTax for $12 per month.
FreshBooks
FreshBooks is a comprehensive cloud-based accounting program that starts at $7.50 a month for a single user and five clients. However, if you own a small business, we recommend the $25-monthly plan. This plan allows an unlimited number of clients and an extra staff member, and it offers several useful project management tools. You can access FreshBooks on any iOS or Android device as well as your laptop, making it a good option for entrepreneurs who want a fully functional accounting package that also has mobile expense-tracking abilities.
[Related Read: Best Android Accounting Apps for your Smartphone]
Pricing: The Lite version starts at $7.50 per month (increasing to $15 a month after the first three months); the Premium version starts at $25 per month (increasing to $50 a month after the first three months).
Marcus Insights
When Goldman Sachs’ Clarity Money app shut down in March 2021, its best features were integrated into the company’s Marcus brand. Within the Marcus app or on Marcus.com, you can find a collection of smart tools and trackers known as Marcus Insights. The app has an easy-to-navigate design and supports a wide range of external accounts. You can easily track your expenses at major merchant locations, monitor your cash flow, and see a spending breakdown by category. The Marcus app is available on iOS and Android.
Pricing: The app is free.
Mint
Mint is one the best expense tracker apps known for personal finance tools – and a great option for microbusinesses or side hustles. Mint is free, supports a wide range of banks and lenders, and helps in expense tracking, bills and credit monitoring, and budgeting. It’s available on iOS and Android.
Pricing: Most services are free; premium credit monitoring services are $16.99 per month.
Mvelopes
Mvelopes takes a suggested-spending approach as opposed to analyzing how you have already spent your money. It prevents you from going overboard with your expenses and boasts the ability to help users create a budget in 15 minutes. The app works by having you put cash in various virtual “envelopes,” establishing a budget you cannot exceed during the month. It’s available on iOS and Android.
Pricing: The Basic plan starts at $5.97 per month; the Premier plan typically costs $9.97 per month, with a 30-day free trial.
YNAB
Under YNAB (You Need a Budget), you must account for every dollar they spend and have to work for every dollar you wish to spend. The app works on minimizing debt, as you can only spend what is within your income. It is currently available on iOS and Android.
Pricing: It starts at $11.99 per month, with a 34-day free trial.
Zoho Expense
Zoho’s business tools and IT solutions are among the best out there, and Zoho Expense is no exception. If you want an expense management solution that allows effortless expense tracking and quick approvals, Zoho Expense is exactly what you need.
Using Zoho Expense, you can easily store digital copies of receipts and record expenses as they happen. The app lets you pin receipts to reports, sort expenses by category and add additional data fields. Thanks to built-in GPS tracker and Maps, Zoho Expense can easily log mileage overheads for everyday trips. This makes the app perfect for employees who have to travel a lot due to work. You can connect your credit card(s) to the app for automatic importing and management of transactions. Expenses can be batched together and sent to approving manager(s). It’s possible to create per diem rates for employees and multiple currencies are supported. Enhanced analytics let you track excessive spending and keep policy violations in check.
Zoho Expense lets you add record information even offline. The changes are synchronized whenever there is network connectivity. The app is an extension of the Zoho Expense web application and thus works best in conjunction with it.
Rydoo
From mileage tracking to real-time analysis of expenses, Rydoo has a whole laundry list of features. However, what truly makes it stand apart from the crowd is its integration with other software, which makes the migration to/from different platforms a breeze.
Rydoo Expense lets you submit expenses on the go. Reports can be sent by e-mail, captured through a camera and even submitted via external services such as Dropbox. The app can automatically create expenses when scanning receipts, and you only have to add the extra information like project and payment method. Rydoo can analyze credit card statements to match expenses with transactions. You can add approvers, controllers and CFOs for a secure approval flow. Detailed compliance rules can be set for employees for a more accurate expense management.
As mentioned earlier, Rydoo Expense’s biggest strength is its integration with other apps. The app features seamless integration with ERP packages such as SAP, Oracle, Microsoft Dynamics & Navision, JD Edwards and Netsuite. It’s also super easy to migrate to Rydoo from other expense management/tracker systems, including Expensify and Concur.
Abacus
From travel to accommodation, employees incur expenses on a lot of different things. Getting these expenses reimbursed is a tedious process, often involving sending multiple invoices and waiting for them to be approved. This is where Abacus comes into the picture, speeding up the whole process.
Abacus provides an easy way to reimburse your team, reconcile corporate credit cards and implement expense policy. The app drafts expenses from reliable data sources such as receipts, card transactions, past behavior, CRM fields and geolocation, ensuring that the records are complete and accurate. What truly gives Abacus the edge is its ability to automate expense policy and approval hierarchy. Policy rules are applied to expenses before they are submitted, preventing any violations. Custom routing rules then send the expense to the best-matched approver. Once an expense has been approved, Abacus handles the reimbursement and direct deposits into the employee’s bank account.
You can sync expenses into accounting software using either cash or accrual method, and custom analysis reports help you identify trends and manage budgets more effectively.
Shoeboxed
If you own a small business, there’s absolutely no need to use a complicated expense tracking solution. In fact, just digitizing and organizing all the receipts can help you manage everything. And nothing does that better than Shoeboxed.
Shoeboxed lets you track receipts, mileage and even business cards, without needing any manual data-entry operations. Just click a picture of the receipt and the app extracts all the information from it. Receipts can be sorted into common tax categories and instantly archived. The app supports one-click mileage tracking and lets you e-mail generated expense reports in seconds. Expenses can be further exported to other solutions such as QuickBooks, Wave Accounting, Excel, Outright and Xero.
The most interesting thing about Shoeboxed is that converted reports are verified by humans for maximum accuracy. You can simply mail (in a “Magic Envelope”) all your receipts and other paperwork to Shoeboxed, and they’ll digitize and organize them for you. That said, you need to subscribe to one of Shoeboxed’s upper-tier plans — Professional and Business — in order to avail the service.
Conclusion
Trying to track your business expenses when you have 0 financial knowledge can be a challenge. But when your accountant tells you that you have to start tracking all the expenses so you know what to report, it becomes an even greater challenge. That is why we have created this article to help our readers understand how to track their small business expenses using expense tracking software.