What Business Expense Tracking Software To Use?

The appropriate apps make managing your spending while traveling simple. The accurate recording of revenue and expenses is necessary for efficient financial management. You can track all of your expenditures with the help of a variety of software solutions. 

You can stay within your budget and make wise investments in your company by keeping track of your spending. This article is for business owners who want to track their expenses over time and set spending goals.

Small businesses have a variety of expenses, including rent, utilities, supplies, furniture, inventory, permits, insurance, marketing, and labor. You must carefully monitor all of your expenditures if you want to stay within your budget, but not all businesses have access to the best accounting software. 

Fortunately, there are more high-quality money-tracking applications available than ever before, making it simpler than ever to keep track of your spending. To present you with our top selections, we investigated dozens of widely used expenditure monitoring apps.

Personal Capital

Hire a full-featured investment manager like Personal Capital. All of the purchases you make with your credit or debit card are monitored and categorized. Using your monthly cash flow and a breakdown of your monthly expenses, the app generates charts. The wealth management service and the free financial dashboard are two variations. 

An investment management option is offered by the wealth management option, acting as a Robo-advisor while offering live support. The free financial dashboard offers cash flow analysis and budgeting tools. You can use the app to check your investments and plan your retirement.

Cost: There is no charge for full access to the financial dashboard; annual fees for asset management services begin at 0.89 percent.

Expensify

Expensify is an excellent app for creating expenditure reports while on the move and is available for iOS and Android smartphones. Expensify, which enables you to manually track expenses and take images of receipts, is a must for people who travel for work frequently. 

Expensify automatically interprets receipts when you take a photo of them and converts them into documented expenses. You can also categorize your expenses, such as mileage, travel, and food. The best part is that Expensify costs nothing for individuals and $5 per month for teams.

Cost: Up to 25 receipt scans per month are free for individual usage; $5 per user per month is the starting price for unlimited scans for teams (after a six-week free trial).

Concur SAP

The ideal expense reporting tool for established (and expanding) small and midsize organizations is SAP Concur. SAP Concur offers workflows built-in for employee reimbursement, submissions and approvals, invoice tracking, vendor payments, travel booking, and more, in addition to the ability to track spending. 

SAP Concur is wonderful since you can customize it however you want, and it costs you accordingly (based on features and number of users). Another reason SAP Concur is a wonderful option is that it provides a range of products for small organizations, allowing you to add more capacity as you require it. Existing Concur users can download the app for free from the iOS or Android app stores.

Cost: The software is free for current Concur customers; everyone else should get a direct quote from Concur.

Wally

Wally is a vibrant software with a tonne of useful expense-tracking features. Wally is an iOS software that you may use, and the basic version is free. Similar to other expense-tracking apps, Wally allows you to either manually enter expenses and assign categories to them or take straight images of receipts. 

Wally can also track your income for you and provide monthly projections of your savings. Wally is a fantastic fit for folks who run microbusinesses or side hustles because it focuses more on personal finance than business finance.

Cost: The free version is the basic version; Wally Gold, the complete premium version, is $4.99 per month.

QuickBooks

We already know that QuickBooks is one of the most widely used accounting software programs for small business owners, and we also know how great the company’s spending tracking app is. QuickBooks Self-Employed, which costs $7.50 a month and works with iOS and Android devices, is incredibly feature-rich. You can use this software to keep track of both personal and corporate costs separately. 

Automatic mileage tracking, creating and sending invoices from anywhere, estimating taxes quarterly (no math needed), and more options are available. For just $12 a month, you can also combine QuickBooks Self-Employed with TurboTax to get a very simple tax filing experience. The ideal users of this program are independent contractors or proprietors of small firms, as the name suggests.

Cost: You can bundle the app with TurboTax for a monthly cost of $12, which starts at $7.50.

FreshBooks

A single user and five clients can utilize FreshBooks, a feature-rich cloud-based accounting tool, for as little as $7.50 per month. But if you run a small business, we advise you to choose the $25 monthly plan. This package includes a number of practical project management tools, an unlimited number of clients, and an additional employee. 

FreshBooks is an excellent alternative for entrepreneurs that want a fully complete accounting package that also has mobile expense-tracking capabilities because it can be accessed on any iOS or Android device in addition to your laptop.

Cost: After the first three months, the Lite edition costs $7.50 per month; after that, it rises to $15 per month; the Premium version costs $25 per month; after that, it rises to $50 per month.

Marcus Insights

The best elements of Goldman Sachs’ Clarity Money app were included in the company’s Marcus brand before it was discontinued in March 2021. Marcus Insights is a group of intelligent tools and trackers that you may access in the Marcus app or on Marcus.com. 

The app is simple to use and supports a variety of external accounts. Major merchant locations make it simple to keep track of your spending, keep an eye on your cash flow, and see a breakdown of your spending by category. There are iOS and Android versions of the Marcus app. 

Cost: The app is available for free.

Mint

One of the top applications for tracking expenses is Mint Mint, which is also a fantastic choice for small enterprises or side hustles. The free app Mint assists with tracking expenses, keeping tabs on bills and credit, and creating budgets. It also supports a large number of banks and lenders. Both Android and iOS support it.

Cost: The majority of services are free; monthly fees for premium credit monitoring services are $16.99.

Mvelopes

Mvelopes adopts a suggested-spending strategy rather than scrutinizing your past financial decisions. It keeps you from spending too much and claims to be able to assist users in creating a budget in just 15 minutes. The program works by having you deposit money into several virtual “envelopes,” creating a monthly budget that you are not allowed to go above. Both Android and iOS support it.

Cost: The Premier plan normally costs $9.97 per month with a 30-day free trial; the Basic plan starts at $5.97 per month.

YNAB

According to YNAB (You Need a Budget), you are required to track every dollar spent and earn every dollar you want to spend. Because you may only spend what is within your income, the app helps you reduce debt. Currently, iOS and Android support it.

Cost: There is a 34-day free trial and a monthly starting price of $11.99.

How To Choose An Expense Tracker

Any expenditure tracker you choose to employ should be able to complete the following tasks:

Business spending and any income should be able to be tracked via an expense tracker app. Maintaining a healthy cash flow and being eligible for deductions that could lower your taxable income both depend on careful budgeting. Separating your personal and corporate funds will make it much easier to keep track of both.

Transactions from your banks, mobile wallets, and credit cards should be imported via an expense tracker app. It ought to provide you with a clear picture of your income and outgoings. You can use the program to see if your spending is manageable, given your income.

If you are interested in more articles like this, here’s one about tips for choosing the right software for your business.