2020-01-13 16:11:30 Apps English Discover the best expense tracker apps for your small to medium-sized business needs. From multiple users to custom categorization, find... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2020/01/business-income-expenses-quickbooks.png https://quickbooks.intuit.com/ca/resources/apps/best-expense-tracker-apps/ Best Expense Tracker Apps %%page%% %%sep%% QuickBooks Online Canada

How to Find the Best Expense Tracker App

6 min read

Discover the best expense tracker apps for all your small to medium-sized business needs. From multiple users to custom categorization, find the best app today! Plus, all these apps will automatically work with your favourite accounting software.

Cash flow is essential for the success of any business, so it is vital to keep track of what’s coming in and what’s going out. Many apps can help you keep on top of your expenses, offering valuable insight into the day-to-day and overall cash flow of your business. Learn about the different features to look for including real-time syncing, automatic sorting, receipt scanning, and more.

Discover the top-rated expense tracking apps, what features they have, and which are the best for your business needs.

What are Some of the Best Expense Tracking App Features?

Multiple Users
It is important to find an expense tracking app that takes care of all of your employees. The practicality of giving multiple users access is a feature perfect for medium to large-sized businesses. With the capability to have multiple employees access the same software, you will be able to keep all of your expenses in one-place. This will make it easier to track your budget and cash flow.

Look for apps that allow you to link accounts using the same e-mail domain for a smooth setup for your employees.

Receipt Scanner
No need to save your shoe boxes because now you can store all of your expense receipts digitally within your expense tracking app, with the help of a receipt scanner. The receipt scanner feature is a convenient and secure way to track your expenses.

Find out more about the Best Receipt Scanner Apps

Take a quick photo of your receipt and all of your expenses will be stored digitally in the app which means you can access them whenever you need to! With a simple scan, smart technology will read the provided information and then automatically itemize your expenses into different pre-set categories.  Organizing your expenses has never been easier!

Valuable Insights
Always know where your money goes! Integrate your favourite accounting software with your expense tracking app, and you can gain valuable insights into the financial health of your company. This feature allows you to connect your bank account, major credit cards, PayPal, and more, which means your reports are created in real-time.

Get an overall look at your company’s financial gains or losses with an insight dashboard. With the ability to include your expenses to your company’s financial data, you will get a complete, and accurate, picture of your finances.

Cloud-Based Storage
A cloud-based storage system means that all your expenses will remain secure and accessible. Great for remote employees, this feature allows for on-the-go access which means you and your employees can record expenses from anywhere.

All your expense data uploaded to the app is stored on secure remote, and encrypted servers. And the expense software is only accessible to those with a secure login. Plus, if your computers fail or the hard drive malfunctions, your stored data is safe from harm.

Automated Sorting
Automated sorting will keep everything organized and in the correct tax categories. Some of the best expense tracking software will automatically categorize common expenses for you and will let you add custom categories that suit your business needs. Track everything from payroll to mileage. This will make it easy for your accountant to organize your expenses in April.

Any imported transactions will be automatically sorted into tax categories to maximize your deductions. Plus, most apps will let your bulk-edit categories, so if you need to make a change it is a quick and pain-free process.

Automatic Mileage Tracking
The convenience of apps starts with the fact that we bring our phones everywhere, including the car. Get your expense tracking app to do the work for you, by automatically tracking your mileage. With a simple tap on your phone, your expense tracking app will record your miles as you drive and record and store the data directly to your account.

The app detects your location through your phone’s GPS to provide fast and accurate results. Plus, most apps will only track when you activate it or when you’re moving above a certain speed, which means there will be no strain on your phone battery.

Best Expense Tracking Apps

Why get bogged down by receipts and manual expense tracking? Make things simple with an expense tracking app. Here are the best QuickBooks compatible apps that make tracking expenses easy:

QuickBooks
QuickBooks has a built-in expense tracker that will connect all your accounts from your bank account, including major credit cards, PayPal, Square and more. You can approve and organize different categories, or even reclassify transactions in bulk if you need to. Plus, it includes a user-friendly dashboard that will keep you in the loop about your profitability and help you make those tough day-to-day decisions.

QuickBooks also has a built-in receipt tracker and will automatically track Canadian Sales Tax for you! You can also give your accountant access to the app so they can offer advice and help you stay on track.

Features:

Multiple Users
Receipt Scanner
Valuable Insights
Cloud-Based Storage
Automated Sorting
Automatic Mileage Tracking

Expensify
Great for freelancers and companies with large teams, there is a reason why Expensify has such great reviews. From tracking miles to offering a dashboard filled with valuable insights, Expensify offers lots of features for your expense tracking needs.

Plus, it is QuickBooks compatible! Anything you record in Expensify is automatically synced, in real-time, to your QuickBooks account. Plus, you can customize how expenses are coded to your QuickBooks account, making it easier than ever to track all the projects you have on the go.

Features:

Multiple Users
Receipt Scanner
Valuable Insights
Cloud-Based Storage
Automated Sorting
Automatic Mileage Tracking

Veryfi
Veryfi uses the latest technology to make sure all of your expenses are recorded accurately. No longer will you have to sort through receipts, or keep track of mileage, because on Veryfi data entry is automated. With a quick scan of a receipt, Veryfi uses OCR (Optical Character Recognition) to document all of your expenses. This means that it will be automatically categorized and sorted. Plus, the app uses, GPS to not only track your miles but your employees’ time.

From self-employed to 1000+ employee corporations, it can handle any sized business.

Features:

Multiple Users
Receipt Scanner
Valuable Insights
Cloud-Based Storage
Automated Sorting
Automatic Mileage Tracking

Tallie
Tallie is a great option for a company with many remote workers. They offer useful features to help organize your remote employees, including the ability for multiple user access, OCR receipt scanners, and automated categorization and sorting.

Tallie also offers the ability to approve or reject expense reports directly from the app. This makes it easy for your employees to track the status of their expense reports and it will also send them a notification once it has been approved. Plus, you can quickly connect Tallie to QuickBooks and import all the pertinent information needed to organize your expenses!

Features:

Multiple Users
Receipt Scanner
Valuable Insights  
Cloud-Based Storage
Automated Sorting

Don’t know where to start? Learn more about managing your small business expenses.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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