Nowadays, apps for tracking business expenses have become essential apps for business owners. However, you’ll need to have the right tools and apps to successfully track your business expenses.
We all know that money is an essential aspect of any business. This is why it’s important to be able to generate revenue and track expenses as a business owner.
However, running a business is not as easy as you may think. In fact, there is more to business management than meet the eye, and it doesn’t matter whether it’s a small, medium or a big business.
Apps for tracking business expenses
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When it comes to the day-to-day running of any business, having the right tools and apps will give you an edge over your competitors.
With the right tools, you can easily automate the majority of your daily activities from marketing to sales. As a business owner, it’s easy for you and your employees to procrastinate the vital task of tracking expenses.
This is often the case whenever you have a teeming workday and you are struggling to keep up with the time. Why do you need to track business expenses? Why is it important for business owners to track expenses?
First of all, tracking your business expenses will enable you to know how well your business is doing. In essence, tracking revenues, expenses, profitability, cash, and others will help you understand the state of your business finance.
Also, tracking your expenses is a great way to keep record of your financial dealings. Bear in mind that the government requires businesses to keep records for at least 5 years. Also, you will need proper documentation of your expenses and other financial dealings to prepare your business’s tax return.
Another reason for tracking expenses is that government agencies such as Inland Revenue or state tax authorities may request documentation. Below are some of the best tools and apps you can use to track your business expenses. This means you can easily and quickly track expenses and receipts right on your smartphone.
QuickBooks is one of the most popular accounting applications for businesses of all sizes. It offers a real-time dashboard to help you keep up-to-date with all your financial transactions as they happen. Also, it lets you track invoices to ensure on-time payment and to chase invoices when a client’s payment is overdue.
The app even provides sales tax tracking compliant with tax standards. Not only that, but you can also capture all your receipts on your mobile device. QuickBooks app is available on Google Play store as well as iOS App Store. If you are interested, here are some of the app’s key features:
- Manage expenses, track sales & customers on the go
- Money-saving deductions, easy quarterly taxes
- Create invoices and get paid faster
- Track mileage automatically
- Point, snap, store receipts
BizXpenseTracker is a small business-oriented money management app developed to help you become a smart and better money manager. At times, it’s somewhat hard to keep track of your finances, however, this app helps you that with ease. It’s arguably the best iOS app for expense tracking, mileage, and time.
The app is exceptionally reliable and has been helping users track their expenses, mileage, and time since 2010. It lets you create beautifully finished PDF reports using one of the over two dozen templates supplied. BizXpenseTracker is only available on iOS App Store but not on Google Play store yet. If you are interested, here are some of the app’s key features:
- Get organized easily and save money too
- Track expenses and mileage with ease
- Budget and expense management function
- Customizable categories and sub-categories
- Photo save your reciepts and memories
- Over two dozen reports templates
#3]. Money Manager
Money Manager by Realbyteapps is one of the best apps to manage your personal finance. This app is great for financial planning, review, expense tracking, and personal asset management. Also, you can easily record your financial transactions, review your daily, weekly, and monthly financial data.
- Transfer, direct debit and recurrence function
- Double entry bookkeeping accounting system
- Budget and expense management function
- Credit/debit Card management function
- Photo save your reciepts and memories
- Backup and restore files with ease
#4]. Mileage Log+
Mileage Log+ is an essential app for anyone wanting to track mileage for tax deductions or reimbursement. This is the app you should get if you want to get accurate and timely mileage logs from your employees so that you can reimburse them. It has a mileage log and IRS rates for reimbursement!
The app features predictive input, auto-entry, auto-calculation, and quick access to frequent trips to do the hard work for you. Mileage Log+ is only available on iOS App Store but not on Google Play store yet. If you are interested, here are some of the app’s key features:
- Designed with IRS Compliance in Mind
- Quick entry frequent trips
- Excel-compatible email reports
- Easily sort, filter, and search trips
- Predictive text fields and data entry shortcuts
- Backup and restore files with iCloud
#5]. Money Pro
Money Pro is another great app for personal finance and expenses tracking. This app enables you to easily manage your accounts and plan your budget. It also works great for personal expense tracking, family budget, and even for business finance management. It’s simply the app you need to change your spending habits for good.
Track and manage your finances like a professional, with ease and deep understanding. This app will help you cut spending, achieve financial goals, etc. Money Pro app is available on Google Play store as well as iOS App Store. If you are interested, here are some of the app’s key features:
- Insightful analytics to visualize where your money goes
- Track your income and expenses with ease
- Easy management of unlimited number of accounts
- Personalisation and customisation function
- Set and easily achieve your financial goals
- Easily keep an eye on the balances
Shoeboxed is another great app for tracking expenses that lets you capture receipts and file them for reimbursement or as a deductible. It’s a no-brainer for anyone who needs to track their receipts and mileage without the added pain of manual data-entry. It lets you easily turn receipts into data and get paper off your desk.
Simply snap a picture and the app will extract the vendor, total amount, payment method, date, and also categorize the receipts into the most common tax categories. Shoeboxed is available on Google Play store as well as iOS App Store. If you are interested, here are some of the app’s key features:
- Export expenses to QuickBooks & others
- Transform your receipts into data
- One-click, hassle-free mileage tracking
- Generate & email expense reports in seconds
- Instantly archive receipts on-the-go
- Free and friendly email and phone support
Expensify is another powerful application that lets you keep track of your business and personal expenses. Also, you can scan receipts, track mileage, and billable time, and booking travels all in one app. The app can also be synced with your credit cards so that expenses can be pulled in automatically.
From receipt scanning to exporting into your accounting solution, this app helps automate every step of the expense management process. Expensify is available on Google Play store as well as iOS App Store. If you are interested, here are some of the app’s key features:
- Scan receipts and create an expense report
- Exportable multiple expenses reports
- Easily track and record mileage expenses
- Custom reports & advanced tax tracking
- Easy accounting integrations (QuickBooks)
- Easy travel booking & assistant
#8]. Certify Mobile
Certify Mobile is the perfect companion for business travel. Easily capture expenses and photos of receipts as you make purchases and create your expense report later. This is a cloud-based platform that helps employees to rapidly capture, record and send expenses incurred on business travel.
This tool is especially good at enabling businesses to review employees’ business receipts and then approve or disapprove them. Certify Mobile is available on Google Play store as well as iOS App Store. If you are interested, here are some of the app’s key features:
- Capture your receipts on the go
- Easily synchronize captured receipts
- Easily compile your expense reports
- Certify is travel and expense made easy
#9]. Money Lover
Money Lover is an intuitive and cross-platform finance app that helps you get just about everything managed. The app lets you track and categorize your in-and-out money, and create budgets that you can actually stick to. It’s a smart, easy-to-use app that works seamlessly across devices and platforms.
The app helps you to improve your financial health day by day and achieve your specific personal goals. Money Lover is available on Google Play store as well as iOS App Store. If you are interested, here are some of the app’s key features:
- Track daily expenses and incomes by categories
- Get an overview financial reports
- Budget and set a limit on how much to spend
- Predict total expenses based on your history