Top 10 Apps to Track Business Expenses Effectively

Top 10 Expense Tracking Apps for Small Business

Because cash is essential to any business’s operation, monitoring the cash coming in and the cash going out is necessary. There are a lot of applications that may help you keep track of the costs of running your company.

Some of these best business expense trackers include capabilities like automatically generating invoices and directly paying back workers. This compilation of the top apps for tracking expenses is used to choose the most suitable for your company.

1. Moon Invoice

Make a strong beginning for your company by paying close attention to all the money spent. Use the best apps to track business expenses to monitor your company’s spending and prevent your earnings from declining. You will never lose track of your finances again, thanks to Moon Invoice. You may relax knowing that your company’s finances are being effectively handled thanks to the cost-monitoring software we provide.

Using our business expense tracker for managing expenses, you can arrange your company’s spending according to the category or provider you use the most. You may utilize it to get a rapid overview of your most important customers and your expenditures, income taxes, storing receipts, and expense reports, among other uses.

You may get real-time access to your spending history by connecting your credit cards or bank accounts to the expense-tracking tools we provide for small businesses.

Features

• Invoicing
• Track Time
• Payments
• Estimates
• Cloud Sync
• Expense Tracking Apps
• Reports & Insights

Pros

• This user-friendly software may generate invoicing, expenses, and estimates quickly.
• It is easy to set up on Mac Devices.
• Best business expense tracker, which fits all industry sizes.
• 24X7 customer support.

Cons

Tiny Bugs.

Platforms

It works on Android, iOS, Mac, Web browsers, and Desktop App.

Price

Moon Invoice offers free plan to its users for 7 days offering unlimited invoices, estimates, and receipts. After the trial is expired, the users can upgrade for any of the below plans.

• Gold (13.67$/ month)
• Silver (6.83$/ month)
• Bronze (5.47$/ month)

2. FreshBooks

With FreshBooks’s accounting software, there is no longer a need to use complicated spreadsheets or file folders full of paper receipts for expense tracking. This robust accounting and expense-tracking software was developed specifically for owners of small businesses, and it is compatible with desktop computers and all mobile devices.

The capability of automatically importing costs is one of the many time-saving features included in FreshBooks. Connect your bank account and credit card, and all your spending will be imported automatically, removing the need to manually enter them and providing you with always-accurate financial reporting for your company.

In addition, categories are automatically given to each expenditure, which makes things much simpler when it comes time to file taxes.

You may use the smartphone app to snap images of your paper receipts and then scan them using OCR, which stands for optical character recognition. After that, all the information is added to your costs and categorized in a tax-friendly way.

In addition, mileage monitoring is a feature that can be accessed using the mobile app. You may add purchases or miles as billable expenditures, apply your markup, and put them into an invoice to send to a customer. Alternatively, you can label items as non-billable.

Because it is hosted in the cloud, as long as you have a connection to the internet, your data will be automatically synchronized across all of your devices. One more advantage! The capacity to collaborate with one’s team from any location.

You can make payments, produce reports, and access your most vital financial data safely and securely from any of your devices because your data is kept safely behind 256-bit SSL encryption in FreshBooks.

Features

• Automatic Mobile Receipt Scanning
• Keep Project Spending on Track
• Multi-currency Support
• Auto-categorization of expenses
• Automatically allocate reoccurring costs
• Automatically import expenses from your bank

Pros

• The ability to allocate monitored costs to specific projects Makes it a great option for small businesses and sole proprietors.
• Easy to use and navigate layout.

Cons

• No option to get reimbursed for outlays.
• No procedure for approving costs.
• Needed to link bank accounts for financial monitoring.
• There are no corresponding inventory accounting tools for businesses that need an expenditure tracker but keep stock.

Platforms

It works on Web Browser, Android, and iOS.

Price

It is completely free with any FreshBooks subscription

3. Expensify

Expensify’s business expense tracker lets customers record costs and the documentation associated with those charges. Because your Expensify accounts are synced, you won’t need to do anything when filing your taxes or tax deductions.

With the incredible expenditure monitoring tools available today, manual data entry of your spending expenses is a thing of the past. But you may still go ahead and do it if you want to. Expenses may be easily monitored by simply scanning invoices and receipts with a button.

Expensify is an excellent tool for creating expense reports for small business owners on the move. It is compatible with iOS and Android devices. Expensify allows you to manually track costs and snap images of your receipts, making it an essential tool for regular business travelers.

When you snap a picture of a receipt using the Expensify app, the program will automatically interpret it and convert it into a registered cost once the photo is uploaded. In addition, you can classify your expenditures into several categories, such as mileage, travel, and meals.

Features

• Integrated expense tracking and reporting
• SmartScan receipt tracking
• Custom reporting available
• Discounts available with annual pricing

Pros

• Up to 25 SmartScans may be performed each month at no cost.
• Provides a free trial of unlimited SmartScans for six weeks.
• When a user uploads a picture of their receipt and links it to a report or sends them to receipts@expensify.com, they are automatically classified and sorted.
• Developed to facilitate real-time, on-the-go expenditure management
• According to the Expensify website, you may save 83% of your time when filing your expense reports.
• SmartScan makes it easy to scan receipts with just one click, instantly entering the date, store, and total due.
• Users may use the ExpensePoint function to divide the bill for shared spending equally.

Cons

• Users have complained that the interface is difficult to use.

Platforms

It works on Web Browser, Android, and iOS.

Price

Individual users may scan up to 25 receipts per month for free, while organizations can scan as many as they want for as little as $5 per user each month (after a six-week free trial).

4. Zoho Expense

The expenditure tracking software known as Zoho Expenditure is among the best of its kind. It delivers a pleasant user interface and experience and offers various customization choices.
Zoho is responsible for ensuring that each receipt is digitally captured and stored. Email may also be used to send receipts automatically in certain cases. Even though your business runs globally, you can still utilize Zoho since it is compatible with several currencies.

You can create a dedicated page for employee expense reports and enable employees to share expenditures using the Zoho expense application. When you need to travel for work, Zoho Expense can help you monitor how much you spend on gas.

Zoho expenditure is compatible with the expenditure tracking systems used by Android and iOS devices. Zoho gives new users access to a free trial that lasts for 14 days.

Features

• Import paperless purchases made using mobile and other applications.
• Expenditures in Multiple Currencies
• Exchange rates are converted automatically.
• Expenses for travel distance
• Reimbursable costs
• Reminders of Expenses, Automatically
• Keeping tabs on taxes
• Machine-read receipts
• Auto scanning of 20 receipts is allowed per user per day.

Pros

• Excellent personalization.
• Integration with other services like Lyft and Zoho solutions is seamless.
• The subscription service Zoho One is reasonably priced.

Cons

• Reimbursement may be delayed if problems arise with the submitted expenditures.

Platforms

It works on Web Browser, Android, and iOS.

Price

Up to three users and twenty Receipt Autos cans, Zoho’s services are free for a single company. In addition, they provide three distinct price tiers:

• Standard (99 Rs/month)
• Premium (199 Rs/month)
• Enterprise (299 Rs/month)

5. Everlance

Everlance is yet another best business expense trackers that can monitor both your costs and your distance for you and serves a dual purpose. The free mileage tracker software is fully automated, which means that it uses GPS to generate mileage reports while requiring very little input from you.

It also computes how much of your taxable income you can deduct based on the current mileage rates established by the Internal Revenue Service. According to estimations provided by Everlance, users who subscribe to the company’s mileage monitoring software deduct more than $6,500 a year from their taxes. This is a significant sum for any individual who owns a small business.

Using just one swipe, you can determine whether a drive is for business, personal use, charity, etc. In addition to this, it enables you to snap images of receipts and link your bank account and credit cards so that spending may be imported immediately.

Below are some interesting expense-tracking features of the tool

Features

• Custom expense and transaction rules
• IRS-compliant mileage log
• Exporting available
• GPS included

Pros

• Expense and mileage reporting in one convenient app
• The number of users is unlimited across all plans. (unlimited billable clients)
• All premium subscriptions provide unlimited automated trip detection.
• Approval workflow user interface that looks good

Cons

• The Free plan does not allow linking a credit card or bank account.
• No route planning functionality
• There is no employee punch-in/punch-out timesheet.

Platforms

It works on Web Browser, Android, and iOS.

Price

If you are an individual, you can use it for free. Also, it has premium (5$ per month) and premium plus (10$ per month) features, records GPS-based trips, and manages other expenses all on one, user-friendly platform

There are three packages for businesses:

• Occasional Driver (Free)
• CPM Program (10$ per month)
• FAVR Program (33$ per month)

6. Fyle

The business expense tracker app known as Fyle allows firms to exercise full command over their pre-accounting procedure from beginning to end. The tools that employees use regularly, such as Slack, G Suite, Teams, etc., make it simple for workers to report and keep track of their spending.

In addition, approvers do not need to manually examine each expenditure report since Fyle automates pre-submission checks to ensure compliance. This saves a significant amount of time.
Fyle has recently introduced a real-time expenditure management service available to any Visa cardholder in the United States. Because of this, any small or mid-sized business may now have access to the comprehensive capabilities included in an expenditure management program without changing their credit cards.

Because real-time feeds are available, finance teams no longer need to rely on bank feeds to collect receipts for card expenses; instead, they can do so in real-time via text message.

Features

• Scannable receipts
• Analytics
• Budgets
• Income and expenditure monitoring
• One-step authorizations
• Organization of Private Cards

Pros

• Very easy to use
• 24/7 customer service
• Supports multiple currencies

Cons

• Can’t use the mobile app to send in receipts through email.
• Unfortunately, Fyle does not work with Safari.

Platforms

It works on all platforms, such as Desktop Apps, browsers, MacOS, Android, and iOS.

Price

There are three pricing plans available:

• Standard (6.99$ per month, which is billed annually)
• Business (11.99$ per month, which is billed annually)
• Custom pricing (based on the number of active users* and volume of usage)

7. QuickBooks Online

Discover your top spending categories, monitor your spending patterns over time, and generate reports to understand how much you spend with each vendor comprehensively. You may take pictures of the receipts you need for your taxes using the QuickBooks mobile app and then save those pictures to your computer.

Maintain an orderly and centralized repository for all your expense tracking information to ensure you never overlook a potential deduction. Bring in all of your bank and credit card transactions automatically, and they will sort them into the appropriate categories for you.

QuickBooks Online is accounting software hosted in the cloud. It offers comprehensive support for all your real-time expense tracking requirements. You may provide your bookkeeper or accountant access to your files, making this subscription-based service useful for various sectors.

Pros

• Widely employed by accountants and bookkeepers.
• Simple budgeting tool
• Simple in use for expense reporting

Cons

• A bit costly compared to other expense-tracking apps
• Very Limited Support
• Mistake correction has a steep learning curve.

Platforms

It works on Web Browser, Android, and iOS.

Price

As of 30th April 2023, Intuit will no longer provide access to its QuickBooks products or services in India.

8. SAP Concur Expense

SAP Concur is a system for managing travel and expenses intended to assist companies and the workers of those enterprises in streamlining the process of employee reimbursement. You probably already know how time-consuming this may be if you’ve been required to provide a copy of a receipt to your company’s accounting department.

SAP Concur blends mobility, rapid responses, speedy operations, and user-friendly technology to create an amazing user experience. This combination makes it comfortable and enables SAP Concur to deliver an outstanding user experience.

It makes the process of automatically creating a claim for expenses, submitting it for approval with just a few clicks, and processing a quick refund with minimum room for mistakes very straightforward. Let’s get into the nitty-gritty of what an SAP Concur solution brings to the table and how it assists organizations in better managing their travel and entertainment expenses (T&E).

Features

• Approval Workflow
• Audit Management
• Audit Trail
• Billing & Invoicing
• Booking Management
• Cash Management
• Categorization/Grouping
• Corporate Card reconciliation
• Credit Card Management
• Customizable Fields
• Customizable Reports

Pros

• Managers’ requests may now be monitored and approved on the go with this handy mobile app.
• Improved interface and timely alerts/reminders for users whose claims have been waiting in the queue for a while.
• Managers get audit warnings before approval, allowing more scrutiny of submitted documents.

Cons

• Despite their extensive background with user interfaces, they could simplify the shown elements.
• Expense report clarifications may need greater user (claim reporting) engagement.
• Enlisting additional partners like American Express may lessen the need for monetary settlements. We are now treating this online payment as though it were made in cash.

Platforms

It works on Web Browser, Android, and iOS.

Price

For a system with as many useful features as Concur Expense, the minimum pricing for an organization to acquire Concur’s SaaS product is $994 per year, or $82.90 per month, which is affordable given there is no startup fee.

9. Rydoo expense

Tracking (and reporting) company expenses will be a breeze with Rydoo Expense. This intuitive and adaptable app can handle everything from tracking expenses to real-time analysis to tool integration.

It is compatible with various software packages, including Oracle, NetSuite, and SAP. Per diems may be made to suit your needs.

Built into Rydoo Expense are local compliance tools and rules-driven automated expense approvals. When you’ve found a better solution, you can easily switch to this tool because of its compatibility with Expensify, Concur, and others.

Features

• Automated expense approval
• Built-in compliance features
• Preset spending limits
• Custom rules and reporting

Pros

• To simplify your life, the application accomplishes its primary goal well.
• We can manage the trip budget and fix all the problems.
• We’re so pleased with it that we’re considering rolling it out company-wide.
• It has automatic data recognition fantastic.

Cons

• Not up to the mark customer service
• Tricky cancellation process

Platforms

It works on Web Browser, Android, and iOS.

Price

There are three pricing plans available:

• Essentials – Minimum five users (€ 8 Per user, per month when billed annually)
• Pro – Minimum five users (€ 10 Per user, per month when billed annually)
• Enterprise (Customized pricing as per the requirement of the company)

10. Mint

You can view your entire financial picture using Mint in a single location. Money management and bill paying might be simplified using Mint. Keeping a spending record might help you avoid frivolous purchases and protect your hard-earned cash.

You may set expenditure restrictions inside the mobile accounting applications and get notifications if you go over them. The manual also offers advice on how to save money and hurry up the completion of monetary goals.

You can do so confidently when signing up, knowing your account will be accessible from any device.

Features

• Accounts Payable.
• Financial Management.
• Financial Statements.
• Investment Management.
• Budgeting.

Pros

• Ease of use
• Free to use
• Easily customizable, digestible financial reports
• Automatic categorization of downloaded transactions
• Easy-to-find help and support

Cons

• Lack of investing features
• Doesn’t support multiple currencies
• Problems with account synchronization

Platforms

It works on Web Browser and Android.

Price

Mint is free for everyone to use.

How Do These Businesses Expense Tracker Apps Work?

Expense trackers are a hybrid form of personal finance planning applications and company accounting software that make up the category of finance apps known as expense trackers.

Expense tracking allows you and your staff to scan receipts, enabling you to store them digitally and reducing the amount of paper clutter in your company. A good number of them can generate expenditure reports in Excel, display your cash flow and spending patterns, and assist you in remaining on top of your company’s tax obligations.

When the app that tracks your expenses is connected to your various financial accounts, you can get budget updates in real-time.

Even self-employed or freelancing might gain something from utilizing an expense tracker app that keeps track of their expenses. Regardless of the size of your company, exercising proper financial management may assist you in running your operations more effectively and making more informed choices.

Creating a free account with Moon Invoice might be of assistance to you if you are searching for a tool to help you manage business expenses.

What to Look for in an Expense Tracker App?

The ideal tool for tracking costs will be user-friendly while also assisting you in keeping tabs on your company’s monthly expenditures.

In addition, it needs to have a high degree of functionality and interface with other outside products that you could already be using. It will be necessary for your company to be able to scan receipts, and it will be beneficial if your staff could also scan receipts.

When looking for an Expense tracking app, check following

• User-Friendliness
• Your Budget
• Business Requirements
• Device Compatibility

Take control of your finances and your business with Moon Invoice

Those days when you had to find a good bookkeeper for your company to file tax returns are long gone. You don’t need good software to keep track of company expenses. Choosing the proper application to assist the company’s expansion while managing costs is essential.

Keep your company’s earnings from shrinking using the best applications to manage business expenses. You will never miss another payment or overspend again with Moon Invoice. You may relax knowing that your company’s finances are in good hands with the help of our spending monitoring software.

Our software may help you organize your company’s expenditures by the categories and suppliers you often use. It may help you keep track of your top customers, expenses, income taxes, receipts, and more.

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