What are the Best Apps to Track & Submit Business Expenses?

In the modern business landscape, efficiently managing expenses is crucial for maintaining financial health and operational efficiency. For small businesses, in particular, keeping track of every dollar spent can make the difference between profitability and financial strain.

There are numerous applications and software available that simplify the process of tracking and submitting business expenses. This article explores the top ten apps in this space, detailing their features, benefits, and how they can help small businesses streamline their accounting and finance operations.

1. What is Expensify?

Key Features

What are the Benefits of Expensify?

SmartScan Technology

Expensify revolutionizes the way small businesses handle expense management, providing a seamless, efficient solution to traditional manual processes. One of its standout features is SmartScan Technology, which drastically reduces time spent on data entry. By automatically scanning and capturing receipt data, this technology allows users to quickly and accurately record expenses without the need for manual input. This leads to significant time savings and minimizes the risk of human error, which is crucial for maintaining accurate financial records.

Automatic Categorization

Another major benefit of Expensify is its automatic categorization feature. Leveraging machine learning, the app can intelligently categorize expenses, further streamlining the expense management process. This automation not only speeds up the recording process but also ensures that expenses are accurately classified, facilitating easier and more precise financial reporting.

Corporate Cards

The support for corporate cards in Expensify is another significant advantage. By synchronizing with corporate credit cards, the app provides real-time expense tracking, allowing businesses to monitor spending as it happens. This feature not only helps in maintaining financial control but also ensures timely and accurate expense reporting.

2. What is QuickBooks Online?

Key Features

What are the Benefits of QuickBooks Online?

Provides a Complete Accounting Solution

QuickBooks Online offers a comprehensive solution for small to medium-sized businesses, combining robust accounting features with efficient expense tracking capabilities. One of the key benefits of QuickBooks Online is that it provides a complete accounting solution. Unlike standalone expense management tools, QuickBooks Online integrates expense tracking with other essential accounting functions, such as invoicing, payroll, and financial reporting. This integration ensures that all financial data is stored in one place, making it easier to manage and review.

Receipt Capture

QuickBooks Online’s receipt capture capability is another major advantage. Users can simply snap photos of receipts with their mobile devices and attach them to transactions within the app. This feature not only simplifies the process of recording expenses but also ensures that all receipts are stored electronically, making it easier to retrieve and review them when needed.

Bank Feeds Feature

The bank feeds feature is particularly useful for maintaining accurate financial records. QuickBooks Online can automatically import and categorize transactions from linked bank accounts, reducing the need for manual data entry and minimizing the risk of errors. This automation ensures that your financial data is always up-to-date, providing a real-time view of your business’s financial health.

3. What is Zoho Expense?

Key Features

What are the Benefits of Zoho Expense?

Zoho Expense offers a cost-effective and comprehensive solution for managing business expenses, particularly benefiting small businesses. One of the primary benefits is its affordable pricing, making it accessible to small businesses with limited budgets. Despite its affordability, Zoho Expense does not compromise on features, providing a robust set of tools for expense management.

The full-featured mobile app provided by Zoho Expense is essential for businesses with employees who are frequently on the move. The mobile app allows users to track expenses, capture receipts, and manage approvals from anywhere, ensuring that expenses are recorded promptly and accurately. This mobility enhances the overall efficiency of the expense management process.

4. What is FreshBooks?

What are the Benefits of FreshBooks?

FreshBooks offers a cloud-based accounting solution tailored for small businesses and freelancers, with expense tracking capabilities. One of the primary benefits of FreshBooks is that it simplifies accounting for small businesses. The app provides an easy-to-use interface that makes managing finances straightforward, even for those without an accounting background. This simplicity is particularly beneficial for small business owners and freelancers who may not have extensive accounting knowledge.

FreshBooks’ automated data entry is a significant advantage. The app can auto-categorize expenses, reducing the need for manual entry and minimizing the risk of errors. This automation streamlines the expense recording process and ensures that financial records are consistently accurate. Automated data entry saves time and enhances the overall efficiency of financial management.

Choosing the Right Expense Tracking App

When selecting an expense tracking app for your business, it’s important to evaluate various factors to ensure that the chosen app aligns with your specific needs and enhances your financial management processes. Here are some key considerations:

1. Integration with Accounting Software

An expense tracking app should seamlessly integrate with your existing accounting software. This integration ensures that expense data is automatically synchronized, reducing the need for manual data entry and minimizing errors. For example, if you are using QuickBooks or Xero, choose an expense app that supports direct integration with these platforms.

2. User-Friendliness

The app should have an intuitive and user-friendly interface. This ease of use is crucial for ensuring that employees can quickly adopt the system and consistently use it to track their expenses. A complicated or cumbersome interface may lead to low user adoption and incomplete expense reporting.

3. Mobile Accessibility

In today’s mobile-first world, having a mobile app is essential. Employees should be able to capture receipts, submit expenses, and manage approvals directly from their smartphones. Look for apps that offer robust mobile functionality without sacrificing features available on the desktop version.

4. Policy Compliance and Customization

The ability to enforce company policies through the app is vital for ensuring compliance and controlling costs. Choose an app that allows you to set custom expense policies, approval workflows, and spending limits. This feature helps in maintaining control over expenses and ensuring adherence to corporate guidelines.

5. Reporting and Analytics

Detailed reporting and analytics capabilities are crucial for gaining insights into spending patterns and identifying areas where costs can be optimized. The app should offer customizable reports that can be easily generated and analyzed. This functionality is essential for making informed financial decisions.

6. Security and Data Protection

Given the sensitive nature of financial data, it is imperative to choose an app that prioritizes security. Look for features such as data encryption, secure cloud storage, and compliance with data protection regulations (e.g., GDPR). Ensuring that the app provider has robust security measures in place is critical for protecting your business’s financial information.

7. Cost

While many expense tracking apps offer a range of features, it is important to consider the cost and ensure that it fits within your budget. Some apps, like Wave, offer free versions with basic features, while others may have tiered pricing models based on the number of users or advanced functionalities. Evaluate the cost against the benefits and features to determine the best value for your business.