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No matter your organisation’s size, software to track expenses may help you save time and money. These expense reporting systems will assist you in filing away organizing receipts, categorising your expenditures, and even integrating with your accounting software of choice.
Moon Invoice has extensively researched the several types of small business expense management software available to companies with 2-50 workers. We examined items that are scalable for your growing workforce and easy to learn for new employees.
Find the best expense-tracking software to keep track of your spending. These tools were chosen after carefully considering their capabilities, costs, and reputations. First, then, what is meant by “expense tracking”? And how mobile expense tracker apps can be helpful.
What is Expense Tracking?
Keeping track of your expenditures may be a lifesaver if you have no idea how quickly your paycheck disappears or if you want to take charge of your business’s finances. Expense monitoring, in a nutshell, is a budgeting technique for keeping tabs on all spending over a specific time and preventing financial drift.
Budget overspending or underspending may be avoided by separating an endeavor’s booking and posting phases.
To book is to keep track of money spent(that it!).
To “post” is to “attribute costs to a particular bank account” or to “place expenses in the appropriate category.”
It can be done manually, or you can have expense reporting online too!
10 Best Expense Tracking Software
1. Moon Invoice
Start your company on the right foot by carefully monitoring your financial outlays. Use the top business expense tracker apps for monitoring company expenditures to keep your profits from dwindling. With Moon Invoice, you’ll never forget to budget again. Thanks to our expense tracking software, you may rest easy knowing that your business’s funds are well-managed.
Sort your company’s spending by the kind or vendor you use the most using our program for managing expenses. You may use it to gain a quick overview of your top clients and your spending, income taxes, receipt storage, and more.
Connect your credit cards or bank accounts to our small business expense-tracking apps for real-time access to spending history.
- Track Time.
- Expense Tracking Apps
- Cloud Sync.
- Reports & Insights.
You can avail of Moon Invoice for free version if you have a single business and want a single user. Apart from that, We have 2 plans to offer:
- Gold (16.67$/mo)
- Silver (8.33$/mo)
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Small and medium-sized companies might benefit from using FreshBooks, one of the best expense tracking apps. Your finances will be updated daily by linking your checking and credit card accounts with the facility of an expense report.
It may extract the necessary information from a photo of a bill or receipt that you submit. Freshbooks also has a convenient place to keep your receipts organized and accessible to prepare expense reports. Now you’re ready for tax season with all you need. As a project manager, you’ll be able to track the money your Team spends and help them budget effectively.
From any location, you may monitor how much work has been completed. As everything else is automated for expense and mileage tracking, all you have to do is tend to your company.
- Customizable Invoices
- Payment Reminders
- Accept Credit Cards
- Recurring Invoices
- Expense Tracking
- Multi-Currency Billing
- Automatic Tax Calculations
The FreshBook offer 3 pricing plans named:
- Lite (6$/ mo)
- Plus (12/mo)
- Premium (22/mo)
3. Zoho Expense
Zoho Expense is a top-tier software to track expenses. It has a user-friendly interface and user experience and provides many options for its users. Zoho ensures that all receipts are recorded and saved digitally. Receipts may also be sent automatically through email. If your company operates internationally, you can still use Zoho since it supports several currencies.
In this section, you may create an individual page for employee expenditure reports and allow them to share the costs using Zoho expense. When business travel is necessary, you can count on Zoho Expense to keep track of the money you spend on gas.
Zoho Expense works with Android, iOS, and other expense tracking systems. For new users, Zoho provides a free 14-day trial.
- Upload receipts offline(mobile and other apps)
- Multi-currency expenses
- Automatic exchange rate conversion
- Mileage expenses
- Billable expenses
- Automated Expense reminders
- Tax tracking
- Receipt autoscan
- 20 Receipt Autoscans per user
- Receipt storage limit
- Receipt forwarding email address
- Expense delegation
Zoho provides free services to the single business upto 3 users & 20 Receipt Autoscans. Besides that they have 3 pricing plans to offer:
- Standard (99 Rs/mo)
- Premium (199 Rs/mo)
- Enterprise (299 Rs/mo)
Expensify’s expense tracking solution allows users to log expenses and related documentation. In tax season, you won’t have to do anything thanks to your synced Expensify accounts.
Manual input your spending costs manually is a thing of the past, but not anymore, with the amazing expense tracking software. You can scan all of your invoices and receipts with a button. If you’re tired of all the paperwork, you may always use an Expensify card instead of keeping track of receipts.
- One-Click Receipt Scanning
- Credit Card Import
- Multiple Approvers
- Accounting, HR, and Travel Integrations
- PCI-Compliant Security
Expensify also offer the free pricing module with the limited features availability. However, there 2 more pricing plans
- Collect 5$/mo)
- Control (9$/mo)
Dext is a mobile app that helps you keep track of company expenses with as little paperwork as possible. Going paperless with your financial records reduces the numbers and paperwork you have to deal with.
By uploading documents like invoices, digital receipts, and payments, Dext can extract and retain crucial information. As you save time and effort submitting documents, their correctness is more than 95%. The time you save might be used in other areas of your organization.
Your information may be uploaded from any location and any device. There are over 30 required and recommended integrations that it provides to keep your processes running smoothly.
- Expense Reports
- Mobile Application Support
- Credit Card Integration
- Business Tool Integration
- ReportingAPIs / IntegrationInternationalization
- Performance and Reliability
The entire pricing module is based on the documents here. Dext offer 3 plans:
- Business Plus – Up to 5 users & 300 monthly documents (22$ /mo)
- Premium – Up to 20 users & 3,000 monthly documents (43$/mo)
- Enterprise – Up to 30 users & 4,000 monthly documents (64$/mo)
- *All the pricing mentioned above are excluding of TAX/VAT.
Mint provides a holistic view of your financial status. Mint may be for tracking expenses, monthly bills, and costs. Doing so allows you to monitor your spending habits and ensure no money is lost.
You may establish spending limits inside the mobile accounting apps, and if you go over that limit, you’ll get alerts to help you get back on track. The guide also includes suggestions for cost-cutting and accelerating the achievement of financial objectives.
When creating an account, you may do it with peace of mind knowing that it is accessible from any device.
- Accounts Payable.
- Financial Management.
- Financial Reporting.
- Investment Management.
- Mint is completely free and supported by ads and offers.
Divvy can handle all of your company’s accounting and business needs with ease. Because of its advanced capabilities, this platform is the best option for every company. To get financing of a certain amount, apply for Business Credit. With Divvy cards, you may have a credit line only a few minutes after using them.
With Divvy cards, you can quickly and easily assign categories to your purchases, making cost management a breeze. As a result, there is no longer any need for employees to submit expenses manually. Once you’ve created a budget for your business using Divvy, you’ll have access to real-time monitoring and controls, allowing you full financial authority over your endeavors.
This top-notch expense tracking software is available at zero cost, and that’s its finest feature.
Put away your paper expense reports, and welcome to this digital method of accounting.
- “What If” Scenarios.
- Accounting Integration.
- Accounts Payable.
- Accounts Receivable.
- Activity dashboard.
- Activity tracking.
- Approval process complete control.
The Divvy platform is free-to-use.
In essence, Bench software performs the functions of a bookkeeper in an electronic form to monitor international business spending. When you come to Bench, you can combine your smarts with a computer. The primary audience comprises startups and sole proprietors compiling their company’s financial statements.
A group of specialists handles everything, and you will be notified only if necessary. This monthly accounting service ensures that you and your company are always financially prepared for tax season. The specialized, in-house crew is brisk and trustworthy.
Using this expense tracking software, you may focus on the business without diverting attention to tax regulations and expense policies.
- 2-Factor Authentication.
- Accounts Payable.
- Avoid Policy Violations
- Accounts Receivable.
- Balance Sheet.
- Calendar Management.
- Contact Management.
Bench offer 2 plans along with the free trail of both:
- Essential ($249/mo)
- Premium ($399/mo)
Wave’s priority is helping small companies thrive. There is cutting-edge, user-friendly, and safe cloud based software for keeping track of your money with the feature of preparing expense reports.
It’s great for keeping tabs on your earnings and losses in real-time and ensuring you’re prepared come tax time. There are no time limits or hidden costs associated with using the software.
- Accounting software.
- Invoicing software.
- Invoicing app.
- Payroll software.
- Wave Advisors.
- Bank payments.
Wave have divide the plans into several categories:
- Invoicing (Free)
- Accounting – this plan includes the feature of Expense tracking (Free)
- Banking (Free)
- Payment (Costs transactions charged)
- Payroll (40$/mo)
- Advisors (149$/mo)
Certify provides some great insights into cost management. Using this tool, generating reports and processing reimbursements is a breeze. Simply snap a photo of your receipts and submit them with your expenditure report.
With support for more than 60 languages and 140 different currencies, this infrastructure is ideal for doing business worldwide. The software can be customised to fit any business’s budget thanks to its ability to sync with a user’s bank and credit cards and insurance plans.
- HRMS incorporation.
- Specialized Categories.
- Support of 64 languages.
- Expense Tracking
- Management of approval route.
- Live admin support.
- Analytics and monthly report generation.
- Automated enforcement of policies.
- Certify Now – $12 per user/month
- Professional – Monthly service fee
- Enterprise – Annual Fixed Price
All of the plans includes Expense Tracking feature.
Importance of Expense Tracking
Understanding how to get the most out of your tax deductions is crucial to maintaining a healthy bottom line for your company. If you don’t keep track of your outgoings, you’ll probably end up overpaying in taxes as you don’t know how to categorize expenses. More importantly, you won’t ever learn which parts and activities are costing you the most money, posing the greatest threat to your company.
Your company should maximize profits wherever possible. Saving time and effort by using an automated Expense Management system is possible. Nonetheless, keep in mind that not all service providers offering solutions are successful. To succeed, you need to prepare well.
1. You will have Better Profitability and Reasonable Control Over Cash Flow
That much is obvious. Keeping tabs on company costs simplifies determining whether or not a corporation is profitable. They only need to deduct the expenses you’ve recorded from your tallied total income. The success or failure of a company may be readily determined with this simple formula.
The vast majority of company owners, however, never reap these rewards because they do not utilize cost-monitoring software.
2. You will have Increased Knowledge of Financial Planning and Competence in Handling Business Money
Do you want to know the number one cause of company failure? It’s a matter of having insufficient funds. Cash flow management and enterprise resource planning are skills that small enterprises must practice every day. Doing this is crucial so that regular bills don’t affect your monthly budget.
Every day of spending tracking helps organizations keep costs in check. There is a clear line between what a company earns and spends each day and whether it is over or under its budget.
3. Businesses will have Savings in Taxes
As a result of their lack of preparation, most company owners view tax time with dread. Last-minute paperwork scrambling causes stress and anxiety in the workplace. It causes employees to waste valuable time looking for invoices and receipt images.
By maintaining thorough records of all revenue and expenditures, a business owner may save time and effort at tax time. Remember that if adequately recorded, many company costs may be deducted from taxable income or even result in a refund for the business owner.
4. You will be able to Keep Your Team/Employees Happy and Satisfied
Depending on your expectations, this one might come as a surprise. Employees often provide evidence of purchase, such as a receipt or bank statement, to be reimbursed for out-of-pocket costs like travel, meals, and more.
Company managers can ensure employees are reimbursed quickly and accurately by keeping track of these costs.
If you manage a group of people, they give you receipts for things like meals, transportation, and lodging.
Keeping a close check on spending allows for speedy reimbursements to workers. When employees are reimbursed quickly, they are less likely to feel the need to follow up with you about expenses they reported more than a month ago.
Intriguing, huh? For example, there is Moon Invoice. The business accounting software is ideal for small business owners since it simplifies keeping track of money spent.
To save time, link your bank account, take a photo of your receipt, and keep it in the cloud. To track your business’s success, use the easy-to-understand profitability reports. And when it’s time to file your taxes, you can rest easy knowing Moon Invoice has already categorized all your business costs.
How to Choose an Expense Tracker Software
- Identify what you need and Involve Key people in your Team in the process
- List the functions you want from software for expenditure management.
- Don’t forget these three parameters
- Once you have a firm grasp on the capabilities you need in your spend management software, it is wise to take stock of the three most essential variables in running your organization.
- Check to see whether the cost of the program you want to buy is within the financial limit you’ve put up.
- Check to see whether the targeted expense tracker technology can be deployed. For the company’s sake, it would be wise to consider its staff members’ varying levels of technical expertise.
- Last but not least, it takes time for a firm to establish a new system and for people to adapt to using it. You must, therefore, set out enough time for the AP process redesign.
4. Assess your requirement for the available options.
How to Manage Your Company’s Expenses Using Moon Invoice?
Gone are the days of finding a good bookkeeper for your business for filing tax returns. All you need is a business expense tracker app and nothing else. Choosing the appropriate application to help the business grow and cost management is also vital.