For most small business owners, tracking expenses can feel like going to the dentist. They recognize it’s an important part of their business’ health and hygiene, but they assume they’ll be just fine if they check and organize their expenses once every six months. So long as they have a solid understanding of their expenses in time for tax season, there’s no reason to monitor more often the money they spend—they’d much rather spend their time paying attention to the profits they’re bringing in. However, this could be a mistake. Luckily for most business owners, expense tracker apps can come to the rescue.
Why do you need to track your expenses?
- It helps you gain knowledge about your business. Here’s the deal—expenses aren’t just necessary for tax purposes. There’s vital information about your business embedded within your expenses. The money you spend on basic operations reveals how profitable your business is on a day-to-day, week-to-week, month-to-month, and even year-to-year basis. If you’re not tracking those outputs every day, you’re missing out on a chance to understand your business on a deeper level.
- It helps you make decisions -like taking on a loan. With the insight your expenses provide, you can make better-informed decisions about how to choose the right strategies to grow your business. And in addition to needing a list of expenses to file your taxes, you also need a full accounting of the money you spend if you want to apply for a business loan.
- It’s easier than ever. Fortunately, there are dozens upon dozens of expense tracker apps you can download for your smartphone that organize all of your business’ expenses in a single location. Not only you can track sales and expenses, but also manage invoices and customer payments, and monitor employee salaries quickly and easily. Most expense tracker apps allow you to simply scan receipts so you can generate easy-to-read accounting reports that can give you both a high-level overview of your business and an in-depth analysis of how your expenses are affecting your business.
There are numerous expense tracker apps to choose from. The question is, how to find one that’s right for your business? We hope this list can help.
Top 10 Expense Tracker Apps for Your Business
- Features: By taking a picture of a receipt, the app automatically saves and organizes all of the organization contained within it, including the merchant, date and amount spent. Your employees can also use it to create receipts from online purchases and submit them for reimbursement.
- Key benefit: User-friendly, ideal for start-ups and self-employed workers.
- Price: $5/active user/month
- Features: Whether you’re working online or offline, Foreceipt allows you to continue to scan and upload receipts. You input the high-level information and it extracts the rest. And even if you’re working on multiple devices, Foreceipt synchronizes the information wherever you’re logged in.
- Key benefit: Automatically syncs to your Google Drive.
- Price: $0.99/month or $9.99/year
- Features: With an easy-to-use interface, Certify makes it easy for you or your employees to track all expenses, from major inventory purchases to a coffee before a big meeting with a client. Certify also creates reports so you can not only see your expenses but also analyze them and generate actionable insights.
- Key benefit: Auto-generated reports.
- Price: For 1-25 employees, $8/user/month
- Features: Shoeboxed allows you to quickly scan receipts, add that new information into your overall expense data and identify new trends and insights about your business that you can use to take immediate action. All the data in Shoeboxed is fully searchable so you can easily find the particular information you’re looking for as well as the long-term insights you need to effectively manage your business.
- Key benefit: Scan business cards and automatically add new contacts into your customer relationship management system.
- Price: Plans range from $15/month to $69/month
- Features: BizXpense Tracker, also known as Xpense Tracker, features add-ons that businesses can purchase to customize the features according to your particular needs. Add-ons include optical character recognition and Dropbox synchronization. The general app also is clean and easy to master so you can monitor expenses every day and feel prepared to file during tax season.
- Key benefit: Tracks time spent on particular projects.
- Price: One-time fee of $6.99
- Features: Smart Receipts saves you time by allowing you to quickly upload your expense information and generate reports based on your business’ specifications. The app has more than 20 default data types to help you pick the perfect template for your data needs.
- Key benefit: Generate PDF and CSV reports.
- Price: There’s a free version and a plus version that costs $9.99/year
- Features: Quickbooks includes features that allow you to manage your payroll and your tax filing in addition to your daily expenses. You can also track and pay invoices directly from the app, and you can send reminders to yourself to take specific actions to properly manage your business’ expenses.
- Key benefit: Sync transactions from banks, credit cards and more to the app.
- Price: From $5/month for self-employed business owners to $30/month
- Features: Rather than taking time out of your busy day to stop and track all of the money you spent for your business, Zoho Expense allows you to track each expense as it occurs in real time. With a simple picture of a receipt, Zoho Expense automatically sorts and organizes all the data contained within it.
- Key benefit: Create per diem rates for your employees and ensure they don’t exceed it during business travel.
- Price: Free for up to three users, $2.50/month for four or more users
- Features: Created based on insights from real companies, Rydoo has a high adoption rate among businesses that try it because of its sleek design and easy-to-grasp platform. And because it’s so easy to use, Rydoo reduces the amount of time you spend tracking expenses and increases the time you can use analyzing these expenses and making changes to your business based on the data-based insights you get from using the app.
- Key benefit: Integrates all tools into the app including Uber, credit cards, Slack and more.
- Price: $4.27/user/month
- Features: Abacus allows you to develop an expense policy for your business and implement it in real time. With accurate and up-to-the-minute expense information automatically synced to the app, you make quick, strategic and intelligent decisions about your expenses and how to reimburse your employees.
- Key benefit: Separates expenses that violate policy, approach budget limits or appear fraudulent.
- Cost: $9/user/month
Businesses that don’t track expenses every day are falling behind the competition. Considering how easy it is to find an app that suits your business, there’s no reason you can’t start monitoring your expenses every day right away. The insights you’ll gain about your business are invaluable—plus, having all of your expense data automatically tracked and organized will ease your peace of mind come tax time.
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