Staying ahead of your game in commerce means raising the bar at everything you do. Entrepreneurs aim to increase productivity in their organization through each of their efforts. Besides human resource management, marketing policies, innovation, and motivation – managing expenses is an element that needs smart handling. Every business operates on a certain amount of capital that is not only needed for long-term plans but also covers everyday requirements. Keeping trail of the cash inflow and outflow is imperative to ensure that the business works smoothly. Although it seems pretty easy, the task of managing expenses takes a toll on you, especially when your workdays are jam-packed.
Fortunately, in today’s tech-driven industry, mobile apps are making it easier for employers to track expenses and receipts with their smartphones. These include features like capturing receipts, direct reimbursement to the employees, integration with accounting software and importing the credit card transactions. We evaluated some options in the seemingly endless sea of business applications and narrowed it down to the top 5:
is a free app that provides automated processing by importing receipts and expenses from the credit card or mobile phone scans. Recorded expenses are then used to generate real-time reports. All you need to do is take a picture of the receipt and the details such as price, date, and merchant name. The app then quickly codes it for reimbursement. Multi-level tagging is another distinct feature of Expensify that categorizes the expenses into multiple sections like location and department for detailed analysis. Tracking mileage and securing travel notifications are also a part of the mix. Expensify also supports accounting integrations with services like Xero, Quickbooks, and NetSuite.
The individual accounts on Expensify are free. But if you are looking for a team or corporate plan, you must opt for paid subscriptions.
2. Quickbooks online:
does not just cover the expenses. It keeps track of all the accounting elements and provides an insight into the financial health of the company. By using Quickbooks, you can view the financial statements such as the reports of profit and loss. It enables businesses to track and pay the bills, generate an invoice and collect payments from the customers. You can also offer exclusive users access to finance reports. For example, you can allow the CPA officers to access your data so they can run the reports and prepare taxes without bothering you.
Quickbooks allows connectivity with thousands of other accounts. Whether it is your business bank account, credit card, Square or PayPal, you can upload data without any interruptions. The standout feature of Quickbooks is its advanced bill management tool. It sets up recurring bills and records the bills that you pay through checks. Additionally, it lets the accountants to setup vendors, control expenses and pay multiple bills at the same time.
3. Zoho Expense:
Zoho’s IT solutions and business tools are one of the best in the market. Its app - the Zoho Expense
includes all features that a business requires. AirG reviews
describe it as an app that allows seamless expense tracking and quick approvals. Entrepreneurs can now digitally store their receipts, sort expenses through their category and add data fields if needed. Built-in GPS tracker and Maps help to log mileage overheads for everyday trips. This makes it best suited for employees who travel a lot due to their work. Connection with credit cards allow for automatic import and management of transactions. Expenses can then be batched together and sent for manager’s approval through email. The enhanced analytics of this app makes it possible for you to track excess spending and keep policy violations under control.
Zoho Expense helps to record the information even when the user is offline. Later, it synchronizes the changes when there is network connectivity. After a 14 day trial period, this app asks you to convert to the paid subscriptions if you are willing to continue using.
It is an expense tracking app
where you can capture the receipts, organize these and store them online. In case you are struggling with time, you can email the receipts to the Shoeboxed account or ship the receipt envelope to the company. It will perform the scanning and data entry work for you. It will then send you an itemized list of your expenses in a digital file. Shoeboxed also accepts images from the digital cameras. Moreover, it can export data to Excel, PDF, Quicken, and CSV where the integrated software helps to analyze spending through charts and graphs. The Shoeboxed has three different scanning plans along with an initial free trial.
is a free receipt management app. It is an accounting software platform designed for independent contractors, small business owners and sole proprietors that have nine or fewer employees. It lets the user take pictures of the receipt and save the information. The prompts are then sent out to the user for confirmation of information. An outstanding feature of this app is that it saves the information receipts on the cloud. It keeps the storage space on your device. However, this also means that you have to stay connected to the internet whenever you are willing to use the app.
A close analysis of the receipts is now possible, and you can categorize business expenses in a way that works best for you. The basic layout and straightforward interface makes it quite easy to use this app. Wave is available as a web version, and its receipt scanning and invoicing features are available on Android and iOS devices too.
Not every expense tracking app works for all businesses. You need to filter out the ones that befit your budget, business size and help you kick into a higher gear.