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Small Business Expense Tracker [Overview]

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Selfgood team, Marketing at Selfgood
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What is a Small Business Expense Tracker and Why do Small Business Owners Need One?

An expense tracker is a handy way for independent contractors to keep track of their expenses. This allows them to claim the appropriate deductions on their taxes and makes tax time much less stressful. There are many different types of small business expense trackers available, so it’s important to find one that works best for you. In this article, we will discuss what the best business expense tracker app is and why independent contractors need one. We will also recommend some of the best trackers on the market. Keep reading to learn more!

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What is a business expense tracker app?

An expense tracker is an app that tracks and records the expenses related to running a business. It can help you keep track of your spending, alert you when you are over budget, generate reports for tax filing, and give you insights into how you’re managing your finances. A good expense tracker app should also integrate with popular accounting software like QuickBooks and Xero so that you can easily export your expenses for further analysis. With an expense tracker app, you can get a better understanding of where your money is going and how to manage it more efficiently as a freelance audio editor.

Having all of your business expenses in one place also makes it easier to track which expenses are deductible from taxes and other fees for a freelance piano tutor. A good expense tracker app should also enable you to set budgets and alerts so that you can stay on top of your spending. This can help you avoid overspending and keep your expenses within the allocated budget. So if you’re looking for a way to manage your business expenses more effectively, investing in an expense tracker app is a great idea. Not only will it make tracking your expenses easier, but it can also help you save time and money.


How does it work?

towfiqu-barbhuiya-xkArbdUcUeE-unsplash Business expense-tracking apps are designed to simplify the process of tracking business expenses. Using these apps, users can easily create expense reports and categorize their spending for improved financial record-keeping. Many apps also have features that allow users to take photos of receipts and attach them to their transactions, as well as provide notifications when certain expenses exceed a predetermined limit.

With the ability to quickly and accurately track expenses, business expense-tracking apps can help make tax season less stressful. Additionally, some apps may integrate with accounting software platforms, further streamlining the process of tracking and reporting income. Furthermore, most business expense-tracking apps offer an array of security features that protect sensitive data from unauthorized access. By using these tools, businesses can ensure that their financial information is safe and secure.

Expense-tracking apps have the potential to make tracking and monitoring expenses much easier for businesses of all sizes. With features such as receipt tracking, budget limits, and integrated accounting software, these apps can help to save time, reduce stress, and ensure that financial records are kept securely.

Additionally, the security features included in these apps can provide businesses with peace of mind that their data is safe from unauthorized access. For any business looking to streamline its expense-tracking process, a business expense-tracking app may be the perfect solution.


What are Some of the Best Features of Business Expense Tracker Apps?

1. Easy categorization of expenses:

Expense tracker apps make it easy to classify and monitor spending by giving you an array of categories to assign to each transaction. This makes it easier to track and manage your finances, as well as see where your money is going.

2. Multiple Accounts Support:

Many business expense trackers allow you to connect multiple bank accounts or payment methods, including credit cards, debit cards, and PayPal. This makes it easy to keep track of all your business finances in one place.

3. Detailed Reports:

Expense tracker apps provide detailed reports about spending patterns, allowing you to make informed decisions about where your money is going and how it can be utilized more efficiently.

4. Budgeting:

Most business expense trackers have a budgeting feature, allowing you to set spending limits for different categories of expenses and get an overview of your spending habits so that you can make sure your money is being used wisely.

5. Automated Tax Calculations:

Many expense tracker apps have automated tax calculations, which can save you time and money when preparing your taxes.

6. Invoice Management:

Many business expense trackers come with invoice management features, making it easy to keep track of payments and invoices for clients or customers. This helps ensure that all payments are received on time and helps you stay organized.

7. Real-Time Alerts:

Expense tracker apps can provide real-time alerts for incoming expenses, upcoming payments, or other events so that you can stay on top of your finances.

8. Multiple Currencies Support:

Most business expense trackers allow you to track expenses in multiple currencies, making it easier to do business with customers from around the world.

9. Mileage Tracking:

Many business expense trackers have features that allow you to track your mileage for tax purposes or other accounting needs.

10. Secure Data Storage:

Expense tracker apps offer secure data storage, ensuring that your financial information and transactions are kept safe and secure.


5 Best Expense Tracking Apps

No matter how much you know about budgeting, it can be difficult to keep track of all your expenses. Thankfully, there is a range of apps available that make expense tracking easier than ever before. From checking your bank balance on the go to creating budgets and setting up savings goals, here are 5 best expense-tracking apps for 2022:

1. Zoho Expense

Zoho Expense Tracking is a mobile app that helps you keep track of your business expenses. It is available for iOS and Android devices. The app is free to download and use, but there are also paid subscription plans available. Let’s take a closer look at the expense-tracking features and pricing of this app.

Key Features

The Zoho Expense Tracking App allows users to easily track expenses while on the go. It has a host of features that make it easy and efficient to manage expenses, including:

– Easy import: You can easily import data from multiple sources like credit cards, bank accounts, and more.

– Customizable expense categories: You can easily organize and track expenses using customizable categories.

– Smart search: Zoho automatically searches through past expenses to quickly find what you need.

– Receipts management: Easily attach receipts with transactions, and store them securely in the cloud.

– Multi-currency support: Track expenses in multiple currencies and get exchange rates automatically.

– Automated expense reports: You can generate detailed and customized expense reports in a few clicks.

– Easy sharing: Easily share your expense reports with colleagues, clients, or anyone else.

– Security features: Your data is protected by bank-level security protocols to keep it safe.

– Mobile app: Track expenses on the go with the Zoho Expense Tracking App for iOS and Android.

– Reporting: Create custom reports to get an overview of your spending trends.

– Integrations: Zoho expense integrates with other apps easily, like Invoicing and more.

– Customizable workflows: Set up automated workflows for approvals, notifications, and more.

– Multi-user access: Share data with colleagues and give them different levels of access.

– Automated reminders: Get timely reminders for upcoming expenses or bills to stay on top of things.

– Team analytics: Easily get insights into team spending trends to help you make better decisions.

– Customized dashboards: View your spending in real-time with customizable dashboards.

– Automated backup: All of your data is backed up automatically so you never have to worry about losing it.

– Multi-language support: Zoho supports multiple languages, including English, Spanish, French and more.

– Real-time notifications: Get notified in real-time when new expenses are added or approved.

– API access: Access the Zoho Expense Tracking API to easily connect with third-party apps.

And more! With all these features, Zoho Expense Tracking is a powerful and intuitive tool for managing your expenses.

Pricing

The app offers a variety of professional and enterprise plans for businesses of any size. The Basic plan is free and includes unlimited expense tracking and the ability to attach receipts or invoices to expenses. The Standard plan costs $7/month and adds features like multi-currency support, access to an accounting expert, and integration with Zoho Books.

The Professional plan costs $18/month and adds features like integration with popular accounts payable systems, automatic expense categorization, and multi-user support. The Enterprise plan is the most advanced option for larger businesses and includes additional features like invoice scanning and multi-department tracking.

Whichever plan you choose, Zoho Expense Tracking is a great way to manage your business expenses and make sure you stay within budget. With the help of the app, you can ensure that all of your company’s expenses are accounted for and managed efficiently.

2. Quickbooks Online

As a small business owner, it is important to keep track of your business expenses. QuickBooks Online is the best expense tracker because it is easy to use and provides a lot of features. With QuickBooks Online, you can track your business expenses by category, date, vendor, and more. You can also create reports to see where your money is going. QuickBooks Online also integrates with other apps, such as bank accounts and credit cards, so you can track all of your expenses in one place. QuickBooks Online is the best expense tracker for small businesses because it is easy to use and provides a lot of features.

Key Features

– Automatic categorization of expenses with Smart Scan technology

– Ability to view spending trends and track budgets with detailed reporting

– Create custom expense categories and rules for each account

– Robust search capabilities to quickly find transactions

– Customize and share reports with stakeholders

– Receive notifications when expenses reach set thresholds or have been approved/denied

– Integration with popular accounting systems such as Xero, FreshBooks, and Wave Accounting

– Ability to set up and manage payment terms with vendors.

– Easily track mileage and other business-related expenses with the mobile app.

– Create invoices and bill customers from within the Quickbooks software.

– Automatically sync payroll data for easy tracking and reporting.

– Schedule payments to vendors, saving time and money.

– Securely store important documents for easy access when needed.

– Automatically generate financial statements such as Profit & Loss and Balance Sheet reports.

– Track cash flow with real-time visibility into accounts receivable and payable.

– Create custom alerts to ensure timely payment of invoices.

– Automatically track payments received from customers and vendors.

– Simplify tax time with comprehensive reporting for filing taxes accurately.

– Generate custom invoices to streamline billing processes.

– Track employee expenses and reimbursements easily.

Pricing

Quickbooks Online offers three pricing plans that are tailored to suit the needs of different businesses.

The Simple Start plan is ideal for those just starting or running a small business with limited need for accounting features. It includes the basics like invoicing and expense tracking, as well as access to customer support. This plan costs $25/month.

The Essentials plan is great for those who need more advanced features, like time tracking and project management tools. It costs $40/month and includes access to customer support as well.

Lastly, the Plus plan gives you access to all Quickbooks Online features, including inventory management and automated sales tax filing. It costs $70/month and includes access to customer support.

If you decide Quickbooks Online isn’t the right fit for your business, all plans come with a 30-day money-back guarantee.

3. Emburse Certify

mike-cho-zO-Crw-SoUM-unsplash Expense-tracking software is an important tool for business owners, entrepreneurs, and freelancers. It allows you to track your expenses and keep track of where your money is going. This can be immensely helpful in keeping your business finances organized and in compliance with tax laws. Emburse Certify is among the best expense-tracking software solutions available. It is a free expense tracker app that is easy to use and has a variety of features that make it suitable for businesses of all sizes. With Emburse Certify, you can track expenses by category, monitor spending trends, and export data to Excel for further analysis. This makes it an ideal solution for expense tracking and accounting. If you are looking for top-quality expense tracking software, then look no further thanEmburse Certify.

Key Features

– Automated Policies: Emburse Certify helps businesses set up automated expense policies and parameters to ensure employees comply with company spending rules.

– Real-Time Visibility: With real-time visibility into all aspects of employee spending, companies can stay ahead of potential issues and remain compliant with regulations.

– Automated Receipt Management: Automatic receipt capture and categorization help streamline the receipt management process for faster expense reconciliation.

– Data Insights: Emburse Certify provides businesses with detailed data insights that can be used to uncover patterns and trends in employee spending, enabling them to make more informed decisions and better manage their finances.

– Robust Integrations: Emburse Certify integrates easily with third-party solutions such as accounting software, payroll systems, and CRMs to ensure data accuracy and efficiency.

– Secure Authentication: Emburse Certify uses multi-factor authentication to provide an extra layer of security for accessing the system and confidential information.

– Mobile Platform: Emburse Certify’s mobile platform allows users to manage their expenses on the go, with the ability to snap pictures of receipts directly from the app and submit expenses for approval with a few clicks.

– Expense Reporting: With easy-to-use templates, businesses can quickly generate detailed expense reports with accurate information promptly.

– Approval Workflows: Emburse Certify’s customized approval workflows provide companies with the flexibility to set up complex and multiple levels of approvals based on their unique corporate policies.

– Robust Security: The software features end-to-end encryption and auditing capabilities to ensure the security of confidential data.

Pricing

Emburse offers several subscription plans tailored to different business needs:

– Standard Plan: This plan is best for small businesses and start-ups. It offers basic functionality and allows up to five users per account. The rate is $9/user/month, billed annually.

– Premium Plan: This plan offers full access to all of Emburse’s features and provides customer support, as well as access for up to 10 users per account. The rate is $15/user/month, billed annually.

– Enterprise Plan: This plan offers expanded functionality, unlimited user accounts, and additional customer support and security features. The rate is quoted upon request and depends on the needs of the business.

Emburse also offers a free 30-day trial so businesses can test the software before committing to a plan. Additionally, Emburse Certify integrates with much popular accounting and ERP systems to provide an even more seamless experience for businesses.

4. Fresh Books

Among tracking software, Fresh Books is known for its ease of use. The software is designed to track business expenses and can be used by businesses of all sizes. One of the features that sets Fresh Books apart from other tracking software is its ability to automate expense tracking. This means that businesses can save time by not having to manually track their expenses.

In addition, Fresh Books offers several reports that can help businesses track their spending and identify areas where they may be able to save money. As a result, Fresh Books is a popular choice for businesses that want an easy-to-use expense-tracking solution that can provide insights into their spending.

Key Features

– Automated Receipt Tracking: FreshBooks Expense Management allows users to upload physical or digital receipts and track them automatically for easy organization and tracking.

– Categorize Expenses: FreshBooks makes it easy for users to organize their expenses into categories, such as travel, meals, or entertainment, so that they can quickly access them and get an accurate view of their spending.

– Multiple Currencies: FreshBooks supports multiple currencies, making it easy for users to manage expenses across the globe.

– Automated Tax Calculations: With FreshBooks Expense Management Software, users can easily calculate their taxes with a few clicks and make sure they are compliant with local tax laws.

– Real-Time Reporting: FreshBooks allows users to generate real-time reports that summarize their expenses and provide an accurate view of their financial situation.

– Customizable Reports: Users can customize their reports, making it easy to adjust the format and categories to suit their needs.

– Multiple Payment Methods: FreshBooks supports multiple payment methods, such as credit cards, bank transfers, and PayPal, making it easy to manage payments from different sources.

– Automated Reimbursement Process: FreshBooks makes it easy to reimburse employees for their expenses with automated reimbursement requests and approvals.

– Secure Data Storage: FreshBooks securely stores all financial data, ensuring that users’ information is safe and secure.

– Audit Trail: FreshBooks provides an audit trail for each expense, making it easier to track and review expenses over time. This makes it easy to detect any fraudulent activities or discrepancies in spending.

Pricing

Fresh Books offers a range of pricing plans to suit the needs of businesses of any size. Their most basic plan, Lite, starts at $15/month (or $13.50/month if billed annually) and allows up to five clients. For more complex businesses, their Plus plan costs $25/month (or $22.50/month if billed annually) and allows unlimited clients.

For businesses with larger volumes of expense tracking needs, they offer a Premium plan starting at $50/month (or $45/month if billed annually). This plan includes additional features such as custom branding and team management tools. All plans come with the same core features such as receipt scanning, mileage tracking, reports, and invoicing.

Fresh Books also offers an advanced plan called Select, which is tailored to businesses with more complex needs such as multiple currencies or tax compliance requirements. This plan starts at $75/month (or $67.50 if billed annually) and includes features such as multi-currency support, customization of tax rates, and GST/HST filing.

5. Rydoo

There are many business tracking software programs on the market, but Rydoo is definitely among the best. It offers a wide range of features to help users keep track of their expenses, including the ability to track split expenses, create reports, and receive real-time notifications when an expense is incurred. The software also makes it easy to claim tax deductions for expenses, which can save users a significant amount of money come tax time. Best of all, Rydoo is very user-friendly and easy to navigate, making it a great choice for both individuals and businesses who need to manage their expenses effectively.

Key Features

– Easy and Intuitive User Interface: Rydoo makes it easy for users to enter expenses with its intuitive user interface. With real-time updates on account activity, you can easily see how much money is owed or spent.

– Automated Expense Reporting: Rydoo’s automated expense reporting allows you to easily track all expenses related to your business trip in real time. You can also quickly create reports and send them to your accounting department for faster reimbursement.

– Receipt Scanning: With Rydoo, you can quickly scan receipts and upload them directly into the expense management system. This eliminates the need for manual data entry and makes it easier to keep track of all expenses.

– Credit Card Integration: Rydoo also integrates with credit card accounts, allowing you to easily track and manage all expenses in one place. This makes it easy to monitor spending and stay within budget.

– Approval Workflows: Rydoo provides automated approval workflows that make it easier for managers to review and approve reports. This helps you ensure compliance with company policies and procedures.

– Mobile App: With the Rydoo mobile app, users can manage their expenses on the go from any device. This makes it easy to track expenses while traveling or away from the office.

– Analytical Dashboard: Rydoo’s analytical dashboard gives you an overview of all your expenses, as well as trends and insights into spending patterns. This helps you identify areas for improvement and better manage your budget.

Pricing

kenny-eliason-maJDOJSmMoo-unsplash Rydoo expense management software offers several plans to meet the needs of small and large businesses. The Lite plan is designed for teams of up to 15 users with essential features such as submitting, approving, and reimbursing expenses, basic reporting capabilities, and integration with Xero accounting. This plan costs $6 per user per month.

The Pro plan is designed for teams from 16 to 350 users and adds advanced features such as multi-level approval, custom reporting, and team insights. This plan costs $10 per user per month.

The Corporate plan is designed for teams of 351 or more users with additional features including an API for integrating with other software, custom expense policies, and automated reimbursements. This plan costs $15 per user per month.


The Benefits of Using a Business Expense Tracker app

1. Track expenses quickly and accurately:

Business expense tracker apps allow you to track expenses quickly and accurately, saving you time and effort in managing your company’s finances.

2. Identify spending patterns:

By tracking your business’s expenses, you can identify any potential areas of overspending or budget mismanagement.

3. Reduce paperwork and store receipts digitally:

Business expense tracking apps allow you to store all of your receipts digitally, reducing the amount of paperwork that needs to be managed.

4. Automatically generate reports:

Expense tracker apps also automatically generate detailed reports which can be used for tax preparation or forecasting future expenses.

5. Monitor travel expenses:

Business expense tracking apps make it easy to monitor travel expenses, making sure that your business is always within budget.

6. Easily export data:

Business expense tracking apps allow you to easily export data into other software applications and spreadsheets for further analysis.

7. Prioritize bills:

By monitoring your business’s expenses, you can prioritize bills and make sure that you are always on top of payments.

8. Set up alerts:

Business tracking apps also allow you to set up notifications and alerts so that you can stay informed about your business’s finances.

9. Access detailed analytics:

With an expense tracker app, you can access detailed analytics which will help you to better understand your business’s spending trends.

10. Make informed decisions:

With all of the data that is available through an expense tracker app, you can make more informed decisions about how to best manage your company’s finances. This will help ensure that your business remains profitable and successful over time.


Wrapping Up

An expense tracker app is a great tool to have to keep track of your expenses. Some of the best features of these apps include being able to categorize your expenses, set budgets, and track your spending over time. If you’re looking for ways to save money and be more efficient, then consider using an expense tracker app for your business. Read our other blogs for more tips on how to save money and run your business effectively.

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