Top 3 Small Business Expense Tracking Apps for 2022

Small Business Expense Tracking Apps
Capital is required to operate every business, regardless of its size or style. This money is not only used for long-term operations but also for day-to-day company expenses. However, costs have a propensity to deplete your funds. With money management being necessary for the operation of any organization, it is critical to manage and keep track of spending on a regular basis. Maintaining proper records of your firm's finances provides you with an accurate picture of how successfully your organization manages money.

Additionally, because the majority of small business owners operate their businesses alone, it becomes difficult to efficiently track and manage money. However, there is a method to alleviate the burden, and the best way to track expenses is by utilizing business expense tracker apps.

However, let us first take a short look at the issues that small firms confront when it comes to expense tracking.

Challenges Small Businesses Face with Expense Tracking

Small business owners are responsible for a variety of expenditures, ranging from rent and utilities to various types of equipment, inventory, licenses, and even insurance. To ensure they keep within their allocated budget, it is prudent for them to invest in one of the top business cost monitoring applications.

Here are a few pain points in the expense management of small businesses:
  • Manual expense report input and routing
  • Data entry errors
  • Inability to enforce travel standards
  • Protracted cost approval and reimbursement timelines
  • Lack of insight into expenditure data
  • Lost expense reports

Why Businesses Must Invest in An Expense Tracker?

Managing expenses is a demanding endeavor, even more so when you simply have a few staff. Business expense tracking apps classify expenses, which enables you to gain a more complete view of your purchasing and spending activity. Whichever demand you have, whether it is to simply record all your transaction data or to automate the cost reporting process, there is an app for it. This way, you can make necessary modifications and be prepared if and when an issue occurs.

Below are a few advantages of utilizing expense trackers:
  • It is accessible anywhere and anytime
  • It promotes financial awareness
  • It helps prevent data loss
  • It efficiently removes paperwork
  • It automates expenditure reporting
  • It enables cloud-based storage

The categorization enables you to pinpoint cost-cutting opportunities and streamline tax write-offs after the fiscal year. Additionally, business expense trackers assist in developing financial estimates, enhancing your financial management abilities, preparing you for tax season, and assisting you in recovering money.

3 Best Business Expense Tracker Apps


QuickBooks

Nothing compares to QuickBooks' functionality when it comes to accounting software for small businesses. It offers a complete financial management system for tracking small business expenses. It is regarded as one of the best expense tracker apps for small businesses due to the fact that users can send and monitor invoices as well as track mileage automatically. It allows you to create invoices, take payments, maintain inventory, and optimize your tax deductions.

QuickBooks offers a free 30-day trial, and after this period, you can choose from a  variety of pricing plans to fit your budget. Additionally, you may modify the app according to your preferences and needs. A plan begins at $12.50 per month for a basic plan, $20 per month for an essential plan, $35 per month for a plus plan, and $75 per month for an advanced plan.

Pros:
  • Syncs with your bank accounts, credit cards, and third-party apps
  • Provides real-time dashboards that keep you informed of your business's financial activity
  • It simplifies the computation of all employees' wages, deductions, and payroll taxes
  • Inventory Management Made Simple

Cons:
  • It is one of the priciest spending trackers for businesses
  • It lacks reports that are not accounting-related
  • Its UI is not user-friendly

Expensify

Expensify is known for its user-friendliness and is one of the most reasonable small business expense tracking apps. This application was introduced in 2008 and is equipped with a plethora of features and advanced automation capabilities, including automatically scanning, reading, and importing all receipt information. Additionally, it has mileage and GPS monitoring capabilities, as well as automated credit card input. Additionally, the app is built to interact with a variety of other programs, like Revel, Uber, and Oracle.

Expensify's most affordable subscription has the same features as the free version. However, it also offers more expensive programs for businesses that require corporate cards. It is one of the popular business expense tracker apps and syncs with any small business accounting software.

Pros:
  • It features an extremely user-friendly design and is relatively simple to administer
  • Provides a six-week trial period with unlimited SmartScans
  • It can categorize, tag, and group costs, making report generation simple
  • Apps for iOS and Android that are highly rated

Cons:
  • Plans on a month-to-month basis are twice the price
  • Automatic receipt reading might take longer than manually entering the information

Everlance 

Everlance is quite popular among self-employed individuals and is the best option for repayment and mileage.It generates IRS-compliant mileage logs and syncs your bank accounts and credit cards to track expenses and receipts.

After downloading, you will be advised for a seven-day premium trial. If you do not upgrade before the trial expires, you will be restored to a free account. Additionally, Everlance utilizes GPS technology to automatically log your travels. A free version enables you to make 30 automated visits per month, submit an unlimited number of receipts, and generate IRS-compliant reports. On the contrary, the premium plan includes a number of additional features.

Pros:
  • Combined mileage and cost tracking
  • The free plan allows for unlimited users
  • Syncs spending and receipts with your bank or credit card

Cons:
  • Premium features are significantly more expensive than those found in other spending tracker applications
  • The free plan allows for a maximum of 30 trips per month
  • There is no credit card or bank account synchronization with the free plan
  • If you pause for more than ten minutes, the app generates a new journey

Therefore, Everlance is an ideal small business expense tracking app.

Free vs. Paid Trackers for Business Expenses

When selecting a business expense tracker, you also need to consider your budget. This is especially important for small business owners owing to their limited resources and budget. Business expense tracker apps come at a varied price. However, free options for expense trackers are also available.

Paid trackers used for tracking expenses often benefit you with more features. However, the most expensive trackers are not always the best for your kind of business operation or size.

On the contrary, free versions function quite well if you are a sole proprietor or a freelancer. In this scenario, a free plan is the most prudent and smart option. It is well-suited for small business owners with infrequent spending and a restricted budget.

Bottom Line

As a small business owner, freelancer, or solo entrepreneur, investing in business expense tracker apps is a wise decision. The majority of the trackers mentioned above provide free trials. Consider programs that integrate effectively with your accounting software, function for both you and your staff, and assist you with debt repayment. If these applications assist you in eliminating wasteful spending and organizing receipts, they may be worth investing in. Tracking expenses for small businesses surely contributes to their business growth.

Frequently Asked Questions


How does an expense tracker app work?

When you upload receipts, enter distance, and record costs, it organizes them and generates a report that you may retain and use for additional analysis. Additionally, you may link it to your bank accounts and credit cards in order to make deposits, manage expenses, and track departing cash by category.

Should I use an expense tracker app?

The expense tracker software assists you in gaining a better understanding of your spending patterns and maintaining an accurate financial record. Utilizing a cost tracker software saves you time and money, which you can use to scale your business.

What is the best way to track expenses?

The best and the easy way to track your business expenses is to utilize expense tracker apps such as:
  • QuickBooks
  • Expensify
  • Everlance
  • Mint
  • GoodBudget

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