No matter the type of business you operate, it is crucial to track expenses and ensure that everything is in place. Having the best application to help you in this process can save you valuable time and workforce. Gathering receipts from business purchases, rips, and other expenses is painful and tedious. At the end of each period, the last thing you need is to check through hundreds of reports to make an expense report.
The best solution to all these challenges is getting an expense tracking and reporting app. The ability to track business expenses ensures that you get immediate visibility on how money is handled in the business and what changes or improvements are required.
If you would like to add a business management tool, here is a list of some of the best apps you can consider. Our list compiles five of the best expense-tracking solutions for businesses and independently hired professionals. We will highlight the key features of each application, including its advantages and disadvantages.
Expense Tracking Apps For Your Business
If you are an independently hired professional or a business owner, you always need the right tool that can help you track expenses. With the applications outlined below, you will get the best solutions to help you visualize expenditures and generate reports to share across departments.
Expensify
Expensify is one of the most useful apps for tracking expenses. It is great at capturing receipts and offers other automatic mileage tracking, trip reminders, flight delay notifications, and other expense categories.
Paper receipts can be easily misplaced. With Expensify, you can always upload receipts into the app and take photos using your phone camera. The app is user-friendly and effective and can be integrated with various applications, including Uber, Gusto, and Quickbooks. You can also track mileage for business travel and automatic receipt scanning for details. It makes it easier to tag and categorize expenses in a report.
Quickbooks
Quickbooks is the best accounting software available in the market. It provides comprehensive expense reporting with numerous advanced features, including real-time dashboards, automatic bank accounts, PayPal, and credit card sync. With this app, you get automatic expense categories, although it allows you to manually edit them.
Using the Quickbook expense tracking feature is the ideal solution for using Quickbooks for accounting. The user interface is quite complex compared to other apps available. The main advantage is that it can be integrated with more than 650 third-party apps and generates customized reports with the business logo. There are multiple accounting levels for permissions.
Goodbudget
Goodbudget is ideal for business users and independent professionals who want to report expenses using a simple and easy-to-use app. With this app, you will get digital envelopes that allow users to track expenses, taxes, savings, and more. The app also allows users to view data using graphs and charts. Goodbudget comes with an intuitive interface, making it easier for anyone. So, it is the best choice that does not have a steep learning curve. The downside is that expenses should be added manually and lacks an auto sync feature for bank accounts and credit cards. The benefit of Goodbudget is that it can be used across different devices with auto-syncing.
Everlance
This is among the best expense-tracking applications for self-employed individuals and businesses. It is perfect for users who want to track mileage, simplify repayments, and file taxes. The free feature allows you to easily track up to 30 business trips each month. If you need more, you use the paid plan. It has an automatic mileage tracking feature on both the free and paid plans.
Emburse Spend
The last expense tracking app we recommend is Emburse Spend. With this app, you get the fastest processing speed on the list, and you can easily input expenses from different sources, including receipts and credit card transactions. With Emburse Spend, you can automate the expense approval hierarchy and add expense policy rules. These features make it faster to approve expenses and automatically check compliance levels before report submission. The user-friendly dashboards also make it easier to use the app.
Conclusion
With the right application, you can easily track expenses, store important data, and automate accounting processes in your business. The recommended apps allow you to get the best based on your business size and niche.