If you forget to claim all of your business expenses on your tax return, you face a higher tax bill than you should. Fortunately, there are a range of business expense tracking apps on the market. They can help ensure you never forget to log an expense, while also creating a record of your expenses and aiding with budgeting.
Nexonia allows you to add expenses by uploading, faxing, emailing, or taking a picture of the invoice or receipt. You can also link the app to your bank or credit card provider to upload statements and catalog expenses automatically. If you travel for work, you can integrate Google maps with this app to track mileage . Finally, you can sync the app with QuickBooks so all of your expenses are noted in your accounting records.
If you use your vehicle for your business, you can claim a percentage of your total costs such as repairs, license fees, insurance, and maintenance. Alternatively, you may claim a certain number of cents per kilometre you drive. Regardless of which option you select, you need detailed driving records, and MileIQ is devoted to that. The app tracks miles or kilometres. You can set the app to automatically track your drives during work hours or manually initiate the app as needed for business journeys. You may also add extra costs such as parking fares or tolls, as well as notes or copies of receipts to each journey. There is a spot to record the reading on your odometer at the beginning and end of every year.
Level Money is a personal expense tracking app, but it can also work for independent contractors or freelancers who need a bit of help with their budgets. To use the app, add in recurring costs such as rent, utilities, and related expenses. Then, enter your revenue, and the app helps you see how much money you have left for extras.
Minute7 Time and Expense Tracking
If you have employees, you may want an expense tracking app that integrates time tracking features. Offering a free 30-day trial, Minute7 costs only $4 USD per month if you decide to keep the service, and it tracks both hours and expenses. You or your employees can conveniently add expenses using the mobile app, and you never have to worry about your employees buying parts or supplies while on a job and forgetting to note the costs. Then, you can upload expenses and timesheets to QuickBooks with the tap of a button or export the raw data to a spreadsheet.