Expense management may not be the most glamorous part of running a business, but it’s a huge factor in your business’ success. When you track all your expenses, you can see where your money is going, ensure that you’re not overspending, and make the right tax deductions when filing your return. To simplify your record keeping, there are several expense-management apps that seamlessly integrate with QuickBooks.
Manually punching in your business expenses is a tedious process that wastes time you could be spending on more important tasks, and keeping receipts and invoices around can clutter up your office. The AutoEntry app simplifies your data entry and keeps a digital record, allowing you to cut down on how many documents you keep.
The easiest way to record expenses in AutoEntry is by taking a picture of the expense using your mobile device. AutoEntry works with any type of document, including receipts, banking statements, and bills. You can also record expenses or, if they’re digital, email them over.
After you record an expense, AutoEntry takes the data and prepares it for entry into QuickBooks, pending your approval. You can save time by setting certain expenses to auto approve. AutoEntry keeps a copy of the expense image that you can view at any time, which makes it easy to verify expenses during a tax audit.
BigTime Time Tracking and Billing is a project and expense-management app. Whether you’re a freelancer logging your own hours or you have employees and contractors logging their hours working for you, BigTime makes it easy with its customizable time sheets. It takes seconds to log in using a mobile device and record hours. You can also log expenses and attach them to their corresponding projects, helping you keep track of project costs. When you finish a project for a client, you can submit your time using BigTime.
Hours and other project data logged in BigTime automatically sync to QuickBooks. You can take any of your data and set up expense reports customized exactly how you want, then export them to Excel or convert them to PDF format.
The Expensify app comes recommended by the American Institute of Certified Public Accountants for expense management, as it offers a user-friendly interface and a helpful approval system. Like AutoEntry, Expensify lets you take picture of receipts on your mobile device to record expenses. Expensify handles the rest, extracting the relevant information for an expense report that it enters into QuickBooks. You and your employees can also use the app for mileage tracking when using company vehicles.
Another way Expensify helps your record keeping is by pulling transactions from any credit cards you pair with it and matching the transactions to their receipts. Once Expensify creates an expense report, it can send it through multiple managers in your organization for approval, which helps your business stay on top of its expenses and reduce the chances of internal fraud.
Finding the right expense-management apps makes life easier for you and your employees. When you track expenses efficiently, it frees up more time to spend on running your business.