What Are the Top Apps for Managing Expenses?
Expense tracking apps have become an absolute necessity for small business owners who need to manage their business expenses. By only using your iPhone or Android, managing expenses is extremely simple and can be done by anybody entering the business landscape. By evaluating your options, you will be able to find the right expense management tool specifically for your business cash flow. Utilizing these tools will put your small business at the forefront of competition and will skyrocket productivity.
Tracking and managing business expenses is crucial in order to avoid some of the pitfalls that many small business owners face. Before choosing apps for managing expenses for your business there are a few things you may wish to consider. Here are a few key reasons:
- You’ll be able to keep track of all possible tax write-offs with accounting software. Unlike analog tracking, which allows these to fall through the cracks frequently when it comes tax time.
- There will be no questions about where your money is going. These are your assets, so it’s essential that there are no questions as to what has been spent.
- You will save countless hours by not needing to sort through paper files and receipts. The time saving benefits from accounting software alone are priceless. And when dealing with the IRS, time is money.
Apps for managing expenses for business have become more complex. Finally, there are expense management tools to help keep track of every detail in the finances. From managing your money to maximizing your tax return. With this list, you’ll be able to narrow down the best tools for your small business to start streamlining finances.
One of the most feature-packed apps for managing expenses on this list, QuickBooks can handle just about every aspect of your finances. QuickBooks can take care of things like online transactions, bill tracking, payroll and more. Of course, it’s also one of the most widely used tax management platforms as well. Implementing QuickBooks into your business, however, comes with a pitfall. It is quite complicated. Be ready to dedicate a few hours into learning the ins and outs of the platform in order to properly manage all of your expenses.
Taking the time to learn QuickBooks or having one of your team members be well-versed is most certainly worth the time and effort. For example, the ability to upload receipts through scanning it on your phone will allow the easy tracking of sales taxes, saving loads of time when it comes to your end-of-the-month accounting!
QuickBooks is available starting at $12 per month.
If you don’t have the time or resources to invest hours of learning into a vast platform such as QuickBooks, you may need to look into Mint. When it comes to running a solo business, Mint says it is the only platform you should use. With the smartphone app, you can mark specific budgets and goals for your small business. There is a minimalist dashboard that provides ease of access for all types of small business owners. You can even track your credit score, something all entrepreneurs should be aware of when it comes to securing financing.
Mint can ensure you get alerts for all of your financial transactions. Whether it’s a simple bill or a large order, Mint will keep you in the loop. All for free.
Spreadsheets can be scary, especially when your financial accounting is on the line. That’s why FreshBooks has developed a platform made specifically for those looking to avoid spreadsheets. The platform provides a simplistic way to manage your expenses. With FreshBooks, it is easy to see the standings of your profits and losses in order to properly evaluate where to go next. You can even link up your credit card and bank account in order to consolidate expense payments right into the platform.
FreshBooks starts at $6 per month.
Bench is a little different from the other expense management tools on this list. Instead of doing all of the heavy lifting, Bench provides expense management for you. The platform prides itself on its ability to do all of your bookkeeping in order to pull some of the weight off your back.
With Bench, small business owners can upload their financial documents, such as receipts onto the app. In addition to managing expenses, Bench will compile financial summaries and reports for your business and provide you with them monthly. Bench also provides tax assistance with their on-board accountants. This can be invaluable for small business owners when it comes to tax season.
With these extra benefits, there comes a higher price compared to the other platforms. The price for Bench is $129 per month.
When it comes to the Entrepreneur on-the-go, managing your expenses can get a little tricky. Not having a home base can mean fewer viable options for organizing all of your small business finances. That’s where Expensify comes in handy. The platform allows the easy scanning of receipts, which means you don’t have to keep them on-hand. Instead, just scan and you’re good to go. Where Expensify really differentiates itself, however, is its automation of logging traveling expenses. Need to get an Uber from the hotel to a client? Expensify will automatically log that expense from your business credit card which means travel statements will be ready to go. The same goes for Airbnb and other travel/hospitality apps.
Another great traveling feature from Expensify is its automatic currency conversion. Which means it doesn’t matter where you go or what currency you spend. Expensify will ensure that your international spending will smoothly transition into your accounting preparation.
Expensify is definitely an attractive option when it comes to keeping track of international spending or reimbursing traveling employees. Be aware, though, as Expensify doesn’t keep track of balances, so make sure to limit its use to expense tracking.
Expensify prices start at $4.99 per month.
You can also get receipt scanning, uploading, and storing from apps such as Shoeboxed and Receipt Bank.
If you want to avoid paying for these expense management platforms, there is one old-fashioned option that will always be reliable:
Of course, Excel will provide straight-forward expense tracking for those well-versed in spreadsheets. All it takes is a good Excel template made for bookkeeping and away you can go.
Excel is a tried-and-true method of bookkeeping, which many small business owners have had enormous success with incorporating into their business plan. But when it comes to simplicity and extra features such as receipt scanning, it falls behind.
Excel can usually be found for free on many machines.
Tracking and managing expenses is the most crucial step to successful small business bookkeeping and money management. Once this is achieved, you’ll be able to stay on top of your books and keep your small business financials and your bottom line healthier than ever.