There are various ways to track business expenses to make business expense reports easier. Usually an expense reimbursement is directly deducted from your paycheck and returned to you in cash or through a check. However, if you were using this method, then the choice of the best expense tracking software for small business that will manage and record all your earnings and expenditure is very important.
In this review, I shall be sharing with you the best software for tracking business expenses.
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.
QuickBooks
Best affordable expense accounting
TODAY’S BEST DEALSVISIT SITE
REASONS TO BUY
+Mobile support+Won’t damage your wallet
REASONS TO AVOID
-Core accounting focus-Lots to learn
QuickBooks is one of the most popular and effective accounting applications for businesses of all sizes. Available on a variety of platforms, the app aims to keep all aspects of your accounting process running smoothly. There’s a big emphasis on expense tracking here.
There are real-time dashboards so you can keep up-to-date with all your financial transactions as they happen, and you can download bank account data automatically. That way, you won’t have to waste time typing information into spreadsheets.
You can also track invoices to ensure you get paid on time and chase them up when a client’s payment is overdue. The app even provides sales tax tracking compliant with tax standards, and you can capture all your receipts on your mobile device. Perhaps best of all for smaller firms, this is one solution that won’t break the bank.
And it’s getting better all the time. You can also get QuickBooks Self-Employed, QuickBooks Online Accountant (QBOA) and QuickBooks Assistant.
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FreshBooks
FreshBooks eliminates the need for confusing spreadsheets or file folders of receipts. This powerful expense tracking software can be used on your desktop and any mobile device and since it’s cloud based, data is synced between mobile and desktop.
Cloud based business expense tracker apps let you keep an eye on your income and transactions from wherever you are. All you need is a device with a connection to the internet, and you’re ready to go. Other perks include the ability to collaborate with your team from anywhere, which encourages productivity and workflow.
We know the security of your data is of the utmost importance. That’s why your data will be stored safely behind 256-bit SSL encryption. Now you can securely access payments, generate reports, and verify data safely from any of your devices.
Instead of trying to keep a hold of bulky paperwork that can be accessed by anybody, you can safely access your most important financial data with ease.
It’s designed for small business owners, not accountants, so the learning curve is minimal, too.
One of its best time-saving features is the automatic importing of expenses. Connect your bank account and credit card to FreshBooks and it imports all your expenses automatically, eliminating the need for manual entry. It’ll even automatically add categories for you, making matters much easier at tax time.
Learn how to manage expenses without breaking the bank or breaking a sweat.
Custom-made small business expense management software puts control back in your hands. You don’t have to hire a costly accountant or struggle with manual invoicing.
The app also lets you take photos of your receipts, add tax-friendly categories and input crucial details. All the data is then added to your expenses. You can also mark an expense as billable, add your markup and import it into an invoice to send to the client.
FreshBooks offers a free 30-day trial and tiered pricing according to your number of clients. Plans start at $15 per month.
With scaled business expense tracking software, the only way you can go is up.
Everlance
Everlance does double duty by tracking both your expenses and mileage. This free mileage tracker app is 100 percent automatic, meaning it uses GPS to create mileage logs.
It also calculates how much you can deduct on your taxes according to current IRS mileage rates. Everlance estimates that subscribers to their mileage tracking app deduct over $6,500 a year on their taxes, which is a considerable savings.
The app is user friendly and simple to use—you can classify each drive with one swipe as business, personal, charity etc. It also integrates with FreshBooks so you can automatically import your mileage.
Everlance also lets you take photos of receipts and integrates with your bank account and credit cards to automatically import expenses.
Everlance is free for iOS and Android but you can get unlimited mileage tracking for $7.99 a month. The subscription price also happens to be tax deductible.
Expensify
Expensify is an expenses app that automatically imports expenses from your bank account and credit card and generates reports. Create accounts for your employees too so they can make expense reports within the app. You can then view and approve the reports and pay back your employees, all in the app.
Expense tracking apps make it that much easier to manage your financial transactions. You can manage your payments with ease and not have to worry about missed payments or deadlines. Keeping an eye on your budget ensures a steadier cash-flow that can be put to use constructively for your business.
Another bonus is its automatic SmartScan receipt scanner software. Take a photo of the receipt and the app takes care of picking out and recording all the important details. Another option is to email digital receipts to an Expensify email address to automatically add the expense or use their Chrome extension.
Expensify is a budget-friendly option for freelancers, small businesses and contractors at $5 per month per user. It’s best suited for businesses with lots of expenses or that want a simpler way to reimburse employees. It integrates with your FreshBooks accounting software, too.
Abukai
Abukai is another great automatic expense tracker app for iPhone, Android and BlackBerry devices. The app automatically imports data from photos of receipts, categorize your expenses for you and calculates exchange rates.
Intuitive expenses management software takes the onus off you and back where it belongs.
It acts as a receipt app by letting you take a photo of the receipt and pressing “submit.” Abukai then automatically adds an expense entry with the category, date, vendor and other crucial information, with an image of the receipt attached.
This cuts down on valuable administration time and saves you from tediously recording every relevant business purchase.
You won’t have to go back and correct details, either. Abukai is known to accurately read every kind of receipt, even foreign receipts. It does up-to-date currency conversion, as well.
It’s an intuitive and user friendly option that’s will substantially cut down on your admin work. Beginners will love it. Abukai also syncs with your FreshBooks cloud accounting software and automatically posts your expenses to FreshBooks.
Even better, this is a free business expense tracker. You can also get a free trial of its corporate plan which is $99 per year per user with a $49 one-time setup fee. Try out tracking expenses for free to see how much easier your accounting process can be.
MMC Receipt
MMC Receipt is a receipt capturing app which captures, processes and categories all your receipts instantly using OCR and machine learning so you can stop spending time on manual data entry.
Customers can add unlimited receipts, unlimited users and have unlimited storage of data in a simple monthly plan with no hidden charges.
We swear by the quick turnaround time of 5 minutes and the accuracy with which we process your receipts including multi currency data.
You can also take advantage of recording each and every line item in the transaction so you always have accurate data.
MMC Receipt integrates with FreshBooks allowing you to record expenses in real time through receipt capturing and categorizing them instantly using OCR and Machine Learning.
Free expense management software is the easiest way to keep track of your expenses for the savvy small business owner. Take control of your finances with FreshBooks.
Conclusion
When it comes to small business, tracking expenses can be a tedious task for most people. When you want to figure out where the money is going, instead of reaching for your checkbook or writing out checks, you can use some great tools and apps designed to help you do the same thing. By using software both on your computer and on your smartphone, you can actually save a lot of time and even get a better idea of where your money is going.