5 tools to track business expenses
Tracking business expenses may not be easy, but it doesn’t have to be complicated either. Every business—large or small—can benefit from expense-tracking tools to help automate and simplify their finances. Many applications are available specifically for small business owners, and some are free.
To be sure you find the right application for your needs, think about what features are most important to you. There are several things you’ll want to consider:
Is the cost in line with the business need?
Is it user-friendly for all employees?
Does it integrate with other software, such as accounting applications?
Is there a mobile app available?
Does it include analytics to show how money is spent or allocated?
Is the app compliant with the Payment Card Industry Data Security Standard (PCI DSS)?
Whether your employees are constantly on the road, or you need to track everyday expenses, we’ve rounded up five of the best expense-tracking applications available for small businesses.
Cost: A free option is available; paid offerings start at $5/user per month.
With Expensify, employees and admins can track, organize, submit, approve and reconcile expenses. This app offers unlimited receipt scanning, mileage tracking and next-day reimbursement, which helps small businesses automate and streamline their expense management.
The mobile app offers one-click receipt scanning to automatically capture details in an expense report. Users can create approval workflows and import personal and business credit card transactions. Expensify is PCI-compliant and can integrate with accounting, HR and travel applications.
Cost: The Certify Now! plan starts at $12/user per month.
Emburse Certify features OCR (optical character recognition) scanning via its mobile app and allows users to store receipts without an internet connection. This app boasts a Google Maps integration for accuracy in mileage reimbursements and the automation of expense reports.
Emburse Certify integrates with existing business and accounting systems, like NetSuite, QuickBooks®, Paycor and Sage. Business owners get access to insightful analytics and reporting, along with automated policy enforcement and a controlled expense approval route.
Cost: A free option is available; paid offerings start at $3/user per month.
With Zoho Expense, businesses can manage all aspects of expense reporting and business travel. This robust application allows users to auto-scan receipts, automate expense creation and track mileage.
In addition to basic expense management, Zoho Expense allows users to make online travel bookings and create detailed travel itineraries. Seamless expense reporting—with the ability to generate more than 25 reports—is also an included byproduct of automated receipt management and reimbursement.
Cost: Starts at $10/user per month when billed annually.
Rydoo’s Easy Scan technology allows users to scan receipts within the mobile app to extract essential data for real-time expensing. Business owners stay in control by setting spending limits and daily per diem allowance rates, as well as automating expense approvals.
Rydoo not only integrates with accounting and financial apps, but it can also integrate with productivity apps like Slack, ride-sharing apps like Lyft and Uber, and user management apps like Workday and BambooHR.
Cost: Users must request a custom quote.
Abacus makes submitting expenses easy by allowing users to upload expense details— including a photo of a receipt—directly through their mobile app or online via the website. Users can also track mileage by entering origin and destination points while getting reimbursed through free direct deposit.
Abacus allows for automation to expense policies and enforces budgets and daily limits. Businesses can track data that’s important to them by creating custom expense and team fields. Abacus also integrates with CRM, HR tools and accounting software to help streamline operations.
Choosing an expense-tracking tool can make your life easier. You’ll be able to spend less time approving expenses and more time concentrating on your business. With a wide range of features and price points, you’re sure to find an app that suits your business best.Back to issue