6 Expense Tracking Apps for Small Businesses
During the working week, a few tasks are bound to sliding down your agenda. Tracking costs, however, shouldn’t be one of them.
Keeping a precise record of expenses means your business can reduce the pressure on its finances. It allows you to stay on top of your spend - and you can recieve welcome tax relief in the process.
Thankfully, a whole host of expense management tools out there simplifies expense tracking for small businesses, especially in app form. Most are free or inexpensive, allowing you to easily manage and report on costs.
Here are six of the best:
Boldly promising “expense reports that don’t suck”, this free app uses your smartphone’s camera to scan receipts before coding and reporting the expense automatically. It can also record billable time, so if you sync it with your bank, you’ll receive swift reimbursement once the reports are approved.
Like Expensify, freemium app Shoeboxed uses your phone’s camera to scan receipts and prepare them for reporting by organising them into a fully searchable archive. However, paid-up members can take advantage of a range of great features including the ability to post a physical stack of receipts to Shoeboxed, who return them to you in digital format.
Concur is focuses primarily on business travel expenses. As well as tracking costs and creating reports, Concur also boasts the ability to book flights and hotels. Managers, meanwhile, can use the app to monitor and control their employees' spending during business trips.
4. BizXpense Tracker
Don’t be put off by the £6.99 price tag; BizXpense Tracker offers wide-ranging features that give small businesses a lot for their money. As well as expenses, this app also records and reports mileage and time, and provides users with a wealth of options for categorisation.
5. Smart Receipts
Smart Receipts is another freemium receipt scanner, albeit with a couple of unique features of its own. Not only can you input your own fields, but Smart Receipts can also export receipts as CSV files.
If you’re an Evernote devotee, Receiptmate may just be the expense tracking app for you. Your phone-camera scanned receipts are automatically uploaded to the popular organisational tool so you can access them anywhere. Or you can simply save them as PDF or Excel documents.
Expense management tools will save you time, stress and second-guessing, regardless of the nature of your business. By getting smart with your finances, you can maximise your margins and minimise your taxes, making your resources stretch further.
When it comes to fleet management, we at Allstar are your partner for the road. Our fuel cards and their online account management systems reduce the burden of building a fleet and help you take control of your business travel expenses.
Browse our fuel cards to get started.