3 Best Software to Track Business Expenses
Ezra Cabrera | January 1, 2022
All types of businesses need capital to run. It doesn’t even matter if you’re running a large company or a startup. Your working capital should cover long-term operations as much as it covers your day-to-day needs. For example, a restaurant business should have enough cash to pay for ingredients on a daily basis as well as employees’ salaries on a monthly basis. Company owners that don’t have enough money to operate their business oftentimes look into expense management software for small business financing to secure funding.
Regardless of its type and size, money is critical for the working of any business. Because of this, it’s extremely important to keep track of cash inflow and outflow. However, staying on top of your expenses can be extremely overwhelming and time-consuming if you attempt to manage it with pen and paper. In other words, you’ll need a business expense tracker app which can help you keep tabs on the expenses that your company incurred.
Related: 5 Unexpected Expenses that Catch Small Businesses Off Guard
Fortunately, you can find an expense management app for small business that allows you to import credit card transactions, capture receipts electronically, and integrate with most accounting software products on the market. With the help of a business expense tracker app, your employees won’t need to spend too much time tracking down receipts that keep you from missing out on tax deductions. Here are some of them:
1. Expensify
Various organizations that include AICPA endorse this app due to its extensive automation capabilities and its wide range of features. With Expensify, you can easily manage expense reports and track receipts even while you’re on the move. Furthermore, with its patented SmartScan technology, you can do away with manual data entry. Expensify has the capacity to automatically record, report, and submit your business expenses that allows you to produce real-time reports.
You’ll get faster reimbursement because it allows you to capture pictures of receipts, and automatically codes important details such as the date, merchant, and price. If you have any upcoming trips, delayed flights or any changes to your itinerary, Expensify will give you real-time notifications through your mobile device.
What’s more, it also includes mileage tracking and supports next-day direct deposit reimbursement, corporate card reconciliation, and per diem functionality. Lastly, Expensify has accounting integrations that work with services such as QuickBooks, NetSuite, and Xero.
2. Zoho Expense
If you want to get an app with the best IT solutions available to an expense software for small business, you may want to consider Zoho Expense. It makes expense tracking and quick approvals incredibly effortless for you. In fact, this app allows you to store electronic copies of receipts and record your expenses with ease at the point of contact.
You’ll not only be able to attach your receipts to your reports, but this app will also let you sort your expenses by category. It has a built-in GPS tracker and Maps which allows it to log mileage overheads for your everyday trips. Do you have employees who are required to travel a lot due to their work? Zoho Expense is the perfect app for this.
Since it makes it possible for you to connect it to your credit cards, it can automatically import and manage your transactions. What’s more, your business expenses can be batched together before they’re sent for approval through email. Zoho Expense can also help you create per diem rates for your employees, and it also supports multiple currencies.
Furthermore, its enhanced analytics allows you to keep policy violations in check and monitor excessive spending. You can even add record information when you’re offline. When there’s network connectivity, these changes will be synchronized. It’s important to note that this app works best in conjunction with the Zoho Expense web application, seeing this app serves as its extension.
3. Rydoo Expense
f you’re looking for an app that comes with expense management software for small business and seamless external service integration, then Rydoo Expense is a safe bet. Its outstanding features cover mileage tracking as well as real-time expense analysis. What sets it apart from other apps is its integration with other types of software. This makes it extremely easy for you to migrate to and from various other platforms.
With Rydoo Expense, you can submit your expenses and your reports via e-mail while you’re on the go. Moreover, you can also capture your reports through your camera and submit them through Evernote and Dropbox. Expenses can be automatically created as Rydoo Expense scans your receipts. All that is required is for you to add other information such as the project and payment method. It also has the ability to analyze credit card statements so that they match your expenses with your other various transactions.
Furthermore, this app offers you a secure approval flow because it allows you to add controllers, approvers, as well as CFOs. For more accurate expense management app for small business, you can also add some detailed compliance rules for your employees.
All in all, this app’s biggest strength is that it can be integrated with other apps and ERP packages, including Oracle, SAP, JD Edwards, NetSuite, and Microsoft Dynamics & Navision.
How Small Business Financing Can Help Finance Your Company’s Tech Updates
Expense software for small business updates are necessary for any growing business. However, these updates don’t come cheap and most of the time, business owners are billed annually. By applying for small business financing, you’ll be able to acquire new software to streamline business processes. You can also use the funds for almost any type of business expense, like payrolls, taxes, inventory, and more. Make sure to consult a financial expert for more information on business loan products.
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