Table of Contents
It is estimated that Americans will spend $14.6 trillion on consumer goods in 2022, but most of us aren’t tracking our expenses or staying within budget until the end of the month. In order to stay afloat during these tough economic times and avoid blowing a big hole in your paycheck, you need an expense tracker app for business. Here are six best apps that can help!
The “best expense tracker app” is a term that has been used to describe different types of apps. One type of expense tracker app is the business expense tracker. These apps allow users to track their expenses, in order to make sure they are getting the most out of their money.
Employees and company owners may use a business expenditure tracker to monitor spending online, handle reimbursements, and keep track of receipts. The finest business expenditure trackers should have flexible price options, be simple to learn and use, automatically record credit card costs, and have documentation tools to cut down on paperwork.
Here are our top six picks for the finest business expenditure tracker applications to assist your company automate spending management and integrate with current systems:
- Zoho Expenditure is the best all-around expense tracker.
- QuickBooks Online is a software program that allows you to is ideal for small companies that want a comprehensive accounting solution.
- Expensify is the best option for QuickBooks customers that need to approve and repay expenses.
- Rydoo is the best platform for third-party integration.
- FreshBooks is ideal for freelancers and small businesses.
- Emburse Abacus: For real-time cost monitoring and reconciliation, this is the best option.
Zoho Expenditure is the best all-around expense tracker.
Because of its many capabilities, we’ve ranked Zoho Expenditure as the best overall small company expense monitoring tool. It can keep track of receipts and spending, produce reports, set up approval workflows, and connect to other applications. Zoho is more than simply an expenditure tracker. It comes with a collection of applications that may be used together to meet your business’s requirements.
Expenses in Zoho
What We Enjoy
- Approvals and reimbursements for expenses
- Third-party connectors make it easier to work and collaborate.
- Features for detecting fraud
- Integration with the Zoho suite
- Travel expenditure management from beginning to finish
What Isn’t There
- The learning curve is steep.
- For first-time users, the user interface is confusing.
- Due to the needed number of users, plans are not adjustable.
Read our Expenses in Zoho review here.
Plans & Pricing
- Only three people are allowed to use it for free.
- Premium: $8 a month per user if there are at least three active users
- Enterprise: $12 per month per user, with a 500-user minimum.
Expert Recommendation
We recommend Expenses in Zoho for its comprehensive features in expense management. If you choose this app, you can track expenses, add them to reports, approve or reject reports, and reimburse employee expenses. Moreover, Expenses in Zoho can integrate easily with Zoho Books, Zoho’s dedicated accounting software.
However, we find the standalone Expenses in Zoho app less flexible due to the required minimum users for Premium and Enterprise. Although the Premium plan shares the majority of Enterprise features, some small businesses might find Enterprise features useful for them, such as a dedicated account manager, enterprise resource planning (ERP) integration, and an advanced audit trail. Unfortunately, small businesses with a workforce of fewer than 500 will be stuck at Premium or pay for unneeded users. In this case, we recommend considering Emburse Abacus because it has custom-quoted plans that will adapt to your workforce.
Overall, we still think that Expenses in Zoho is worth considering. Moreover, if deploying people for fieldwork is part of your business model, Expenses in Zoho is one of the best mobile accounting apps available today.
QuickBooks Online is a software program that allows you to is ideal for small companies that want a comprehensive accounting solution.
QuickBooks Online is a software program that allows you to is a cloud-based accounting product with a powerful spending tracking feature. You may use your smartphone to snap images of receipts and submit them to the app. Employee expenditure reports and reimbursements, on the other hand, are not included.
QuickBooks Online is a software program that allows you to
What We Enjoy
- It may be used for both accounting and spending management.
- Multiple third-party applications are integrated.
What Isn’t There
- For small enterprises with basic accounting requirements, it’s too expensive.
- There will be no recompense to employees.
- There is no approval process for expenses.
Here’s a link to our QuickBooks review.
Plans & Pricing
- Simple Start: $25 per month for a single user and an accountant.
- $50 per month for three users and an accountant is the bare minimum.
- Plus, for a monthly fee of $80, you get five users plus an accountant.
- Advanced: $180 per month for a group of 25 people.
Each package comes with a 30-day free trial or a three-month discount if purchased immediately.
Expert Recommendation
QuickBooks Online is a software program that allows you to is our choice for the best overall small business accounting software, but it can also serve as a small business expense tracking tool. Given that QuickBooks Online is a software program that allows you to is a full-fledged accounting system, we think that choosing QuickBooks Online is a software program that allows you to is a cost-efficient option since it’s already a combination of an expense tracker and bookkeeping software.
We highly recommend QuickBooks if you want a two-in-one software solution for accounting and expense management. If you’re already using QuickBooks Online is a software program that allows you to but are still in need of an app for expense approval and reimbursement, we recommend Expensify as an auxiliary app.
Expensify: The Best Expense Approval and Reimbursement Software for QuickBooks Users
Expensify is an expense tracking tool that focuses on making the process of documenting costs go as quickly as possible. Because of its optical character recognition (OCR), credit card input, expense reporting, workflow approvals, and reimbursements, the app is a great choice for cost reporting. Expensify’s capabilities lessen the accounts payable clerk’s burden.
Expensify
What We Enjoy
- The smartphone version has an easy-to-use and straightforward UI.
- Expense receipts are processed more quickly.
- Accounting software integrations include QuickBooks, Xero, and Sage.
What Isn’t There
- The online version isn’t as user-friendly as the smartphone version.
- There are no sophisticated expenditure reporting capabilities such as graphs, expense category overviews, or other tools for visualizing expense data.
- Pricing schemes that are perplexing
Take a look at our Expensify review.
PricingPlans & Pricing
- Individuals’ needs
- Track: Free for 25 SmartScans, ideal for monitoring individual receipts.
- Submit: 25 SmartScans are free, and they’re ideal for delivering receipts to managers or accountants.
- For group
- Collect: Starting at $10 per user each month with the Expensify card—ideal for organizations looking to automate receipt gathering and reimbursement.
- Control: Starting at $18 per user every month with the Expensify card—ideal for expenditure reporting, approvals, card management, and reimbursements.
Expert Recommendation
Expensify is highly recommended for companies that send personnel out on fieldwork since it allows them to record and submit expenditures right away. Your accounts payable (A/P) clerk will have a simpler time booking costs and will be able to avoid manual receipt encoding. Workflow approvals also guarantee that submitted costs are permissible under business regulations. Employee reimbursements will be speedier as a consequence.
However, Expensify isn’t a full bookkeeping software program. For bookkeeping, you’ll need to integrate with bookkeeping software, such as QuickBooks Online is a software program that allows you to, Xero, or Sage.
Expense with Rydoo is the best for third-party integration.
Rydoo is an app that allows you to monitor your expenses as well as book vacation. As you’d expect from an expense monitoring tool, it monitors, collects, and analyzes your costs. Its ability to monitor workers’ travel and lodging expenditures straight from the app makes it one of the top business expense tracker applications. Employees may submit costs and follow the progress of their submissions using the app. They may also provide needed papers or change expenditure entries to reconcile rejected charges.
Expenses incurred by Rydoo
What We Enjoy
- It’s simple to switch from other applications to Rydoo.
- ERP programs are integrated in a variety of ways.
- Pricing that is reasonable
What Isn’t There
- There is no compensation system in place.
- More thorough spending reporting, expense filters, and predictions are required; these capabilities are only accessible as a Rydoo Insights add-on.
Plans & Pricing
- Starter: $12 per month per active user (minimum of five active users, maximum of 50 active users).
- Growth: $14 per month per active user (minimum of five active users; suggested for teams with more than 50 active users).
- Enterprise: For groups of 500 or more users, custom pricing is advised.
Expert Recommendation
Rydoo is a low-cost expense-tracking solution for monitoring travel expenses. You may upload receipts, manually input costs, and approve or disapprove charges. For the approval workflow, you may also assign roles. Rydoo appeals to us since it connects with a variety of programs, particularly ERP software such as Oracle, SAP, and Microsoft Dynamics. While Rydoo assists with spending management, it lacks Expensify’s built-in reimbursement capability.
FreshBooks is ideal for freelancers and small businesses.
FreshBooks is a freelancer and solopreneur accounting software package. Expense monitoring is one of its accounting capabilities. FreshBooks is a basic but straightforward option that doesn’t need considerable understanding of accounting systems if you’re a freelancer searching for an app that will assist manage your project’s accounting demands as well as reporting tools.
FreshBooks
What We Enjoy
- Interface that is simple and straightforward to use.
- The project management component includes expense tracking.
- Ideal for freelancers and solopreneurs who just require basic bookkeeping.
What Isn’t There
- It is necessary to link bank accounts in order to monitor cash flow.
- There is no provision for repayment of expenses.
- There is no approval process for expenses.
- For organizations who desire an expenditure tracker but also have goods, there are no inventory management options.
Check out our FreshBooks review.
Plans & Pricing
- Lite: $15 per month for a maximum of five billable customers
- Plus, if you have 50 billable clients, you’ll get $25 every month.
- Premium: $50/month with an unlimited number of billable clients
- Choose from a variety of pricing options based on your company’s requirements.
For six months, FreshBooks gives a 60% discount on yearly billing.
Expert Recommendation
We recommend FreshBooks for freelancers and entrepreneurs because it’s an all-in-one app that contains accounting, expense tracking, time tracking, and project management. It’s especially good for companies that pass-through expenses to their customers as expenses can be assigned to customers and projects. However, FreshBooks isn’t suitable for businesses that need inventory management. Instead, QuickBooks Online is a software program that allows you to is a great alternative to FreshBooks as it has outstanding inventory accounting.
The Abacus is the best tool for tracking and reconciling expenses in real time.
Abacus is a cost management tool that focuses on real-time monitoring and reimbursement. To avoid illegal costs and infractions, it has expense rules with approval hierarchies. Furthermore, if a cost is authorized, Abacus sends the reimbursement immediately into the employee’s account.
Abacus
What We Enjoy
- Reimbursement will be faster and simpler.
- Whether you choose the accrual or cash technique, it’s up to you.
- Reconciliation of corporate credit cards
What Isn’t There
- Not recommended for groups of less than ten people.
- This isn’t a full-fledged accounting system.
- Not for businesses that are largely reliant on paper and manual processing.
Our Abacus review may be found here.
Plans & Pricing
- Starter: $9 per month per active user (minimum of two years)
- Professional: For firms with significant spending quantities, a custom quotation is invoiced yearly.
- Enterprise: A custom quotation that is invoiced on a monthly basis.
Expert Recommendation
We suggest Emburse Abacus if you’re looking for real-time cost monitoring and reimbursements. Abacus appeals to us because of its “real-time” expenditure reporting. It eliminates the requirement for periodic expenditure reports in favor of a continuous report that is updated every time a cost happens. Users may also designate approvers to keep track of the company’s approved spending.
Abacus is a top fit for companies that have a high volume of reimbursable expenses from employees. However, you might want to skip Emburse Abacus if you have a small team or if you’re a freelancer looking for basic expense tracking and bookkeeping. Instead, opting for QuickBooks Online is a software program that allows you to for small teams or FreshBooks for solopreneurs is a better choice.
What’s the Difference Between Accounting Software and an Expense Tracker for a Business?
Accounting software keeps track of revenue, expenses, obligations, and assets, as well as providing financial statements to help you track your company’s progress. Accounting software, by definition, keeps track of spending, however it sometimes requires manual input and doesn’t allow for employee reimbursements. Expense trackers make it simple to keep track of spending, generally by scanning a receipt. This capability is built-in to certain accounting software, whereas other accounting software will need integration with an expenditure tracker.
An expenditure tracker may help you manage your costs with comprehensive charts and reports in addition to scanning data. Many developers go one step farther and provide a procedure for employees to submit, approve, and pay expenses. Others feature links with ride-hailing and travel applications, making it simple to track spending.
When Is It Appropriate to Use a Business Expense Tracker?
An spending tracker isn’t required for every firm. A simple accounting system may help some small firms manage their spending effectively. If you match one or more of the following criteria, though, having an expenditure tracker becomes critical:
1. Customers are charged for expenses.
Clients or consumers may be billed for expenditures incurred through professional or personal services. Many expenditure trackers let you attach spending to customers and even projects, making it simple to collect information when it’s time to charge the customer.
2. A Large Amount of Reimbursable Expenses
Some employers cover their workers’ out-of-pocket expenditures. Given the difficulty of documentation, an expenditure tracker may assist workers in keeping track of their spending. Everything is made easier with the tracker, which might require the correct documents to be attached before reporting the expenditure. The filing, approval, and reimbursement processes will all be significantly quicker thanks to the digital approach and thorough documentation.
3. Streamlining Business Processes Is Required
Cost savings result from an improved business process flow. Traditional expenditure monitoring may be difficult and expensive to handle when your company develops and moves to a broader region. Getting a company expenditure tracker will help you save money instead of recruiting additional staff to meet the demand for processing. You may keep your present personnel and let them utilize these solutions to lighten their burden with automated and integrated tracking capabilities.
How We Selected the Most Effective Expense Tracking Software
The finest small company expense tracking applications must be able to monitor expenditures from the time they are incurred to the time they are paid. Despite the fact that cost monitoring applications vary, the best ones must have at least four or five of the following features:
- Flexible Price: Premium spending monitoring applications must provide pricing levels that are adaptable to the demands of the customer.
- For users with no prior business expertise or background, the app must offer an easy-to-navigate and quick-to-learn UI.
- Spending Reimbursement and Reconciliation: For better expense monitoring and matching, the app should include expense reimbursement and reconciliation.
- Third-party App Integration: To properly manage costs spent via different company operations, the app should link with crucial third-party applications.
- Automatic Credit Card Data Import: To keep track of debt, the app should automatically record and pay for costs incurred and paid for using credit cards.
- Documentation Tools: The software should provide features that reduce paperwork and speed up the expense-documentation process.
Conclusion
There is no such thing as the perfect company cost tracking app. Each of the apps we mentioned above excels in a certain sector or business function. Although each of the applications described above has its own set of flaws, they are all the greatest for their intended function. We recommend that you assess your company’s requirements and choose the app that best meets them.
The “best business expense tracking app” is a mobile application that helps users track their expenses. It is a good tool for those who want to be more organized with their finances.
Related Tags
- best free expense tracker app
- best expense tracker app ios
- best expense tracker app android
- free business expense tracker app
- free business income and expense tracker
