Top 7 expense tracking apps for small businesses
Expense tracking for small businesses can be tricky.Employers want to access up-to-date, financial records without the headache of going through piles of crumpled receipts or email chains. Employees want to report expenses quickly and get reimbursed on time. Expense tracking apps help both sides of the coin.Small business expense tracking apps help businesses to track employee spending when away on business travel and streamline the entire expense management process. These apps enable business owners and finance managers to track and manage expenses continuously for an accurate overview of business health.Whether you’re a small business owner, running a 500+ corporate business or fall somewhere in between, this article will help you identify and evaluate the best small business expense tracking apps for you**.** We’ll look at their unique features, the languages they support, and the pricing models on offer.How do business expense tracker apps work?
Small business expense tracker apps enable businesses to track and manage their expenses with an all-in-one solution. The core capabilities include:- Setting up a company budget
- Offering spending pattern insights
- Providing business finance forecasts
- Creating invoices and accepting payments
- Scanning receipts and reimbursing employee expenses
- Organizing due dates of incoming and outgoing payments
These apps ease the process of tracking incoming revenue sources, fixed costs, variable expenses, one-time purchases, and reimbursing employees. Users can add the business bank account, along with employees’ bank details, to speed up the expense management process.Does my company need expense tracker software?
Managing expenses on paper or spreadsheets isn’t the wisest solution—especially if you’re looking to scale your team. Plus, a lot of difficulties can pop up with excel sheets — such as data entry errors, limited automation options, and increased manual effort.If you’re encountering any of these issues in your day-to-day business expenditure tracking, expense tracking apps might be a great option for you. Look for these signs and you’ll know it’s time to invest in an expense management solution.- Growing expenses: company expenses grow with the business—keeping on top of your expenditure is essential. Businesses drowning in a sea of paperwork should automate expense tracking and management.
- Inability to track financial data: this is another tell-tale sign that you might need expense tracking software. Businesses unable to make informed decisions from existing finance management processes should consider adopting automated solutions.
- Delayed reimbursements: handling reimbursements manually reduces productivity and impacts employee satisfaction. If you’re spending more than a couple of hours every month verifying and reimbursing account payables, it’s time to upgrade.
- Difficulties with regulation compliance: if you’re struggling with compliance, an expense tracking system can help you to simplify and cut through continuous compliance and risk complexity.
Not sure about the features that your expense tracker should have? We’ve compiled the essential business expense tracker features that come in handy as you grow.What to look for in a business expense tracker app for a small business?
Small business expense tracking apps help business owners to reduce the paper trail, streamline expense entry, track tax deductions, and manage finances more efficiently.Today’s cutting-edge expense tracking software solutions come with various features, but what exactly should you be looking for?Here are the recommended features to look out for while choosing an expense tracking app:- User-friendly: evaluate how easily you can learn and use the app interface and functionalities.
- Availability: check whether the app is available on Android, iOS, and desktop.
- Integrations: assess if an app allows integration with third-party apps that you regularly use. For example, if using a modern travel management tool—like TravelPerk—you want something that can integrate seamlessly to provide deeper travel spending insights.
- Scalability: consider how the vendor can help you meet future requirements.
Expense management automation and app integration are a key consideration for small businesses. Overall, you’re looking for a solution that will help you easily claim tax deductions, file IRS returns, and manage company finances seamlessly.A good expense tracker is easy to use, tracks invoices, reimburses employees, keeps finance data ready for tax season, and is available on the go. The key to choosing an expense tracker lies in evaluating organizational needs and how well an app can perform those tasks regularly.7 best expense trackers for small businesses
Let’s take a look at the seven best solutions to help your business simplify expense management.Wrapping up on the best business expenses tracking apps
A fragmented expense management process is a job half done, and—say it with us—a job half done is as good as none.As a small business, your goal is to simplify expense tracking while unlocking insights and improving processes. The best business expense tracker will help you to create custom policies, manage reimbursement approvals on the go, and make sound financial decisions.Expense tracking shouldn’t be a mystery—these tools make sure you’re never left in the dark and can pick the tool that’s right for your business and where you want to take it.
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