According to the 2019 travel and expense management trends report, nearly half of all businesses surveyed, precisely 43% of the companies, still manage their expense reports manually. This trend report predicts that the travel and expense management software market is set to reach $2.7 billion by 2022, illustrating the growing need for such financial tools for businesses around the world.
Expense tracking is a crucial aspect of these management tools. It provides employees and business owners with the means necessary to operate and run a company while keeping detailed tabs on the money going in and out of the accounts. If you’re looking to take control of your business’s finances, then an expense tracking application that integrates with your management and accounting systems is a must.
Here are the top five expense tracking apps that can help you.
What Are Expense Trackers?
Expense tracking is the recording of all expenses incurred by you in any given period. There are various applications and software that provides individuals and businesses with the ability to automatically update, categorize, and run reports on the financial information tracked on the app.
Keeping tabs on a business’s finances is like keeping a pulse on your company’s lifeblood. Knowing what’s going in and out of your business bank accounts is vital to ensuring the success of your business.
Many of these expense applications can be configured and synced with your business’s management and accounting software to provide users with the ability to see all of your pertinent financial information in one place.
What to Look For in an Expense Tracker App?
Before choosing which tracking app to use as finance tools for your personal or business use, consider looking for these features to get the most out of their services:
- Cross-platform Apps: Check for an app that works with various smartphones, tablets, and laptops to enjoy access on all of your devices. Cross-platform capabilities also mean that no matter the mobile device and software your employees use, they will be able to access the app too.
- Manual vs Automatic Sorting: Automatic updating of your expenses on the app will save you time and could save you money. Manual input means extra work for you inputting and categorizing your expenses. Why not let the application do the work for you, so you can focus on your finances the way you ought to.
- Cloud-Based Capabilities: Recording and reporting in real-time are some of the most significant benefits of cloud applications. Accessing your finances from anywhere, at any time, is also a considerable advantage. If you are often on the go for your business, ensure your expense tracking app uses the cloud.
- Receipt Scanner: This feature is one of the most critical aspects of an expense tracker. It provides a quick and easy way to capture source documents for financial reporting and employee reimbursements.
- Multiple Users: For small businesses that employ workers, a multi-user app is a must. Allow your employees to cover your business expenses and streamline the reimbursement process. Many apps offer various levels of monthly packages with small, medium, and extensive user bases.
Best Expense Tracker Apps
After taking into account the must-have features listed above, some of the most expansive and adaptive business expense tracker applications include:
QuickBooks Online offers small business owners and self-employed individuals one of the most comprehensive and easy-to-use accounting and financial management systems on the market to date. This cloud capable software provides automatic importing of expenses for seamless financial reporting that spans all ingoing and outgoing costs.
Don’t miss out on the receipt scanning, progress invoicing, multi-user functionality, and mileage tracking capabilities to help you and your employees keep up-to-date and accurate reports for the smooth running of your business. Learn more about the full list of QuickBooks features from their website, and cover all of your small business accounting needs with three monthly packages to choose from.
The user experience with this expense tracking software is tried and true, as millions of businesses and users across the globe look to QuickBooks for their cash flow updates and budgeting tool.
Automate the expense management process with Expensify. This expense-tracking app offers users a whole slew of functions and capabilities. One-click receipt scanning, next-day reimbursement for employees, automatic approval workflows and accounting syncing.
Expensify is one of the top business expense reporting tools as it offers business owners an automatic way to track, categorize, and reimburse employees for company expenses. Expensify can be set to flag receipts that need human attention, giving owners complete control over their finances. The service also comes with an attached credit card you and your employees can use for your business.
This management app can even sync with accounting software like QuickBooks, human resource software, ERP, and travel software like Uber and Hotel Tonight for fully integrated capabilities.
The pricing is split into four categories. Tracking and submitting financial information for individuals starts at $4.99 a month per service, while group services like collecting and controlling expenses begin at just $5 per service per month.
For an expense tracking app that offers users a cloud-based web and mobile expense reporting app, think Nexonia Expenses. This application offers so much more than just expense tracking, as it is highly configurable to various types of ERP and accounting solution software, and travel management systems.
Nexonia aids businesses with automatic expense reporting, ensures compliances and helps take control of T&E spending. In as little as three steps, you can view, approve, and reimburse employees for their work-related expenditures. This app even offers multi-currency reporting, with over 161 currency rates that are updated daily.
One of the best things about this management tool is their offer for a free customizable demo. You’ll be able to experience the fully integrable app with your business management software before purchasing this technology to ensure it works for you.
Mint is an expense tracking smartphone app that offers users the ability to check all their finances in one place with credit score monitoring. Link your bank account, online saving accounts, and investment portfolio to keep tabs on your financial information.
Easily create budgets and let this personal finance tool categorize your debit card purchases and expenses for you. It’ll remind you when your credit card bills are due and other payments with alerts and reminders.
This app offers an intuitive interface with clear cut categories and functions for credit monitoring. However, the only thing missing is a receipt scanner. As the app automatically connects to your accounts, it gets updated in real-time on how much you’ve spent on your credit cards, and from where.
Mint is an expense tracking app that focuses on personal usage over business usage but is still a great application that offers cross-platform capabilities and is free to use.
Why You Should Use Expense Tracker Software For Your Business
The benefits of using an expense tracking solution for both personal and business use is immense. For one, such apps take the hassle and headache out of organizing and sorting your company’s expenditures. With the automatic categorization of various costs, you won’t need to sift through your receipts come tax season. Gain the most out of expense tracker software when it’s time to consider the various tax credits and deductions available for your business.
Another advantage of this tool is the ability to designate financial responsibilities to your employees. Giving your employees the freedom to pay for and expense various business costs will allow you to allocate more responsibility to others. Such apps offer a quick turn around for employee reimbursement, for a convenient and effective way to rely on your team and get the job done.
Importance of Receipt Scanning
More than half of the companies surveyed in the 2019 trends report pointed out that the most significant barriers to effective expense management include the lack of receipt recording. 53% of these organizations specified the inability of employees to hold onto, record, and submit receipts as the number one cause for inaccurate financial reporting. That’s a lot of missing financial information!
Receipts are one of the primary forms of source documents for filing and claiming tax deductions and credits. They provide evidence of the expenses incurred to operate and run a business, and as such, are required by the government to claim back part of the cost of such things.
QuickBooks Expense Tracker
For cloud-based software that offers individuals and businesses the ability to track expenses and scan receipts, consider QuickBooks Online to manage and budget your costs. With multi-app integration that automatically synchronizes your business’s financial information and management systems, all your needs will easily be covered and cared for.
QuickBooks Online provides businesses with quick and easy receipt scanning, automatic categorization expense tracking, and multi-user capabilities for comprehensive financial management software. Try it free today and find solutions for your budget.