As a small business owner, it is important to keep track of expenses to maintain efficient operations and make smarter decisions. Expense tracker apps can simplify this process by automating data entry and providing real-time updates on your business’s cash flow. In this article, we will review seven of the best expense tracker apps for small businesses, their pros and cons, and pricing.
Expense tracking apps are a combination of personal finance budgeting apps and business accounting software. They allow users to scan receipts and store them digitally, reducing paper clutter for businesses. Most apps offer expense reporting in Excel, show cash flow and spending habits, and help with business taxes. Additionally, many apps offer real-time budget updates when linked with financial accounts.
What to Look for in an Expense Tracker App?
The best expense tracker app should be user-friendly, offer both iOS and Android options, integrate with external software, and have the ability to scan receipts. Additionally, it should have a high level of functionality and be affordable.
Here are 7 best expenses tracking Apps available on the market:
- Certify
Certify is an expense tracking app that simplifies the submission and reimbursement process by integrating with existing business platforms. Users can input and approve expenses from their computer or phone, and the app can scan receipts to input information automatically. It also allows employees to input GPS-based mileage information.
Pros: • Automatic receipt entry • Tracks mileage • Offers corporate cards
Cons: • No free option • Expensive plan.
Certify Pricing: For the first 12 employees, Certify costs $12 per employee per month. There are premium versions available, but the website does not specify pricing. For 25 to 200 employees, users will pay a specific monthly service fee, and for more than 200 employees, it is a fixed price annually.
- Expensify
Expensify is an expense tracker app that lets users track expenses and automate the expense reporting process. Users can scan receipts, track time, and track mileage. The app also integrates with popular accounting software like QuickBooks, Xero, and NetSuite, and offers features like automatic approval workflows, receipt and mileage tracking, and reimbursement payments.
Pros: • User-friendly interface • Automatic receipt tracking • Integrates with popular accounting software
Cons: • Expensive for larger teams • Limited customer support
Expensify offers a free plan for individuals with basic expense tracking needs. For teams, the pricing starts at $4.99 per user per month, and for larger companies, pricing is available upon request.
- Zoho Expense
This expenses tracking app works as an expense management software that simplifies the expense tracking process. The app lets users scan receipts, track mileage, and automate approvals. Zoho Expense also integrates with popular accounting software and offers features like analytics, mobile accessibility, and custom branding options.
Pros: • Affordable pricing • Integration with other Zoho products • Mobile accessibility
Cons: • Limited customization options • Can be complex for beginners
Zoho Expense Pricing: This app offers a free plan for up to three users. For larger teams, pricing starts at $5 per user per month and goes up to $15 per user per month for premium features.
- QuickBooks
QuickBooks is an accounting software that offers an expense tracking feature. Users can track expenses, scan receipts, and categorize expenses for tax purposes. QuickBooks also integrates with other financial software and offers features like invoicing, payroll, and inventory management.
Pros: • Comprehensive accounting software • Integrates with other financial software • Categorizes expenses for tax purposes
Cons: • Expensive for small businesses • Limited customer support
QuickBooks Pricing: This application has a variety of plans starting at $12.50 per month for the Simple Start plan and going up to $75 per month for the Advanced plan.
- Wave
Wave is an accounting software that offers a free expense tracking feature. Users can track expenses, scan receipts, and categorize expenses for tax purposes. The app also offers features like invoicing, payroll, and receipt scanning.
Pros: • Free expense tracking • Integrates with other Wave products • User-friendly interface
Cons: • Limited customer support • Limited features compared to paid plans
Wave Pricing: Wave offers a free plan for basic accounting needs. For premium features, pricing starts at $20 per month for the accounting software and payroll features.
- Xero
Xero is an accounting software that offers an expense tracking feature. Users can track expenses, scan receipts, and categorize expenses for tax purposes. The app also offers features like invoicing, payroll, and inventory management.
Pros: • Integrates with other financial software • User-friendly interface • Comprehensive accounting features
Cons: • Limited customer support • Expensive for small businesses
Zero Pricing: This program also has different plans available starting at $11 per month for the Early plan and going up to $62 per month for the Premium plan.
FreshBooks
FreshBooks is an accounting software that offers an expense tracking feature. Users can track expenses, scan receipts, and categorize expenses for tax purposes. The app also offers features like invoicing, time tracking, and project management.
Pros: • User-friendly interface • Integrates with other financial software • Offers project management features
Cons: • Expensive for larger teams • Limited customer support
FreshBooks Pricing: This accounting software offers a variety of plans starting at $15 per month for the Lite plan and going up to $50 per month for the Premium plan.
In conclusion, choosing the best expense tracker app for your small business depends on your business’s specific needs and circumstances. Managing expenses can be a daunting task, but with the help of modern technology, it can be simplified and streamlined. The best expense apps offer a variety of features to suit individual needs, from automatic tracking and categorization to budgeting and goal setting. With the right expense app, users can gain better control over their finances and make informed decisions to achieve their financial goals. So, whether you are looking to save money, manage your budget, or simply keep track of your expenses, there is an expense app out there that can help you achieve your goals.
