As a small business owner, there are many things you need to be spending your time on other than tracking your company expenses. Expense tracking software can help you maintain a better accounting of how much money is coming in and going out of your business.
Tips for Small Businesses to Keep Track Of Expenses
Digitize all your receipts with a receipt scanner to reduce the time spent doing taxes. Relying on this scanner at tax time, you can stack up those crumpled receipts in seconds and prepare for the next step in filing your taxes.
Receipts can be hard to keep track of, but the app makes it easier. It uses machine learning to take into account expense and personal information you input when scanning in a receipt and automatically correlates your purchase with your expense report – meaning that ink fades don’t matter and you’ll always know which receipt is for what.
You could save time by following this simple practice. When you have a business expense, always scan your receipts and store them digitally so that they can be sorted later.
1. Have a dedicated business bank account and card
When looking to get your finances in order, it’s much easier and faster to use a separate business bank account. This makes it easy to track and categorize your expenses as well as make sure that you’re not just blindly trusting accounting errors.
Business bank accounts offer specific features, like the ability to write checks and send invoices for your small business.
You don’t have to have a business name tied to the account. If you are just receiving checks, but not writing any, you can use your personal account as your business account.
If you have multiple credit cards, keep one credit card for business purchases. You’ll never have to separate the purchases if they are on the same receipt- it’s a time-saving and simple process.
2. How to use banking software to automatically import transactions
Automatic transactions import into a user’s accounting software when they link their bank account to the system. Using a finance software that tracks your spending will help you stay accountable. The job is just too big to do on your own.
If you have any new transactions and purchases, they will be automatically tracked on your account, and you can categorize them accordingly.
3. Reviewing and Categorizing your Business Expenses
Regularly review your transactions to ensure you’re classifying them correctly. When reviewing your expenses, be sure to categorize them into the proper category. Doing this will ensure accountability across reporting.
If you come across something you’re not sure how to categorize, be sure to make a note of it and go back to it when you’re doing your monthly or quarterly reviews. Creating a system that categorizes your expenses means you will be able to see a financial snapshot of your business at any point in the year.
You’ll be able to see exactly how much you’re spending if you’re profitable or not, and make any necessary course corrections as you go.
List of the 15 best expense tracking software for small business
Keeping track of the expenses your company spends is an important step in running a healthy and profitable business. If you need help managing these expenses, These are 15 top-rated expense tracking software for your small business to choose from.
Divvy is an all-in-one expense management solution, one with a credit line of any size. Business owners can only apply for a credit line, open with Copymatic in minutes, and start spending with Divvy cards.
Divvy automatically categorizes and tracks expenses, minimizing human effort. Collecting information from employees is easy as it only takes a few clicks. Divvale also helps you maintain budgets, providing accurate and instant analytics for your company.
FreshBooks is a way to keep track of small and medium size business expenses. People can connect their bank account and credit card, and every day you’ll be updated on any new transactions.
You can upload any image or scanned copy of a bill, document or spreadsheet to this AI-powered service and it will generate the information that you need. It helps you track the amount of work done during the day from anywhere. You only need to focus on nurturing your business as everything is automated.
Zoho is a technologically excellent, user-friendly app that can account for all your expenses and digitally store them. It’s praised globally, with advanced features. It doesn’t matter where you are in the world: Zoho handles any currency type with ease.
Mintoffers tailored solutions and can automatically track your expenses. The app allows you to set your budget, ensuring that you adhere to it by sending timely notifications if overspent.
It also gives recommendations on saving money and reaching your financial goals possibly faster. The account opening process is safe and secure and is available on all devices.
Expensify automatically tracks your expenses, saving you time during tax season. It also enables you to calculate what the tax will be for a particular expense policy. Instead of scanning receipts, you can submit your expenses online using tangible items such as a credit card instead.
you can have the benefits of software paired with the know-how of an accountant. They focus on small businesses and have a main emphasis on financial statements.
With a dedicated team of tax experts, you don’t have to worry about bookkeeping tasks. They do everything for you and make sure that your business is financially ready for the unsurprising taxes.
Shoeboxed provides users with document digitizing services. It integrates apps to make it easier to manage important documents and simplify the workflow.
Keeping certain files on your phone for easy access is the latest trend. Copymatic has an archiving folder of sorts that helps you keep track of all your original documents effortlessly.
Dext has a quick and smart way to handle your numbers. You can easily turn paper into digital documents and quickly track your business expenses.
The Dext will extract key information from business documents and store it in its memory–saving you time when you need it most.
Concur automatically grows and adds a new features so it always meets your needs. By amending the settings according to your liking, you can help Concur adapt to your ways.
You can see the return on investment of your business in an accessible dashboard, and you can make alterations to it anytime and anywhere so you are always in control.
Certify offers insights into expenses. You can easily create reports and fund reimbursements with nothing more than a picture of your receipts.You can customize your budget and do your transactions in over 60 different languages.
11. MMC Receipt
MMC Receipt is a highly accurate scanning and tracking app for your work-related expenses.You can upload as many receipts as you want, and the app stores them for an unlimited amount of time in the cloud. It also lets you store without restrictions.
Everlance has made handling business the main priority of business owners by automating the maximum number of things. With a single nick on the screen, you can sort and manage your expenses.
Data transfer is secure and easy, organizing storage is simple, and auto-suggestions for tax deductions save time by providing timely and correct information.
Wave is a banking alternative that caters to small businesses and has an easy-to-use and secure interface.
It also enables you to track your profit and loss in real-time and keeps you ready for the tax season. The software is free to use unlimited times without limitations and hidden fees.
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You can use Pleo to automate the process of budgeting. They make it easy to set limits, customize them anytime, and suggest the best practices.
Whenever you spend money online or with your Pleo card, you will automatically get a text message and the expenditure will be added.Pleo is used by small and medium-sized businesses to help meet the unique challenges their business faces.
Veryfi helps small businesses grow faster than ever. It serves the needs of its customers and has much-untapped growth potential.This app provides estimates of project costs or business expenses.
A project manager is able to enter all the data, and it can be viewed anytime and anywhere because there’s 24/7 accessibility.Veryfi is readily available across all devices and platforms. You can download bills and receipts from your email, facilitate bill pay, and much more. It’s used in different fields of work, such as customer management.
Spenmo is an accounts payable software that also works as a business expense tracker helpful for businesses to track and monitor their payables and expenses. It also features corporate cards perfect for startups to control their spending.
In addition, it also features automated invoicing and billing, employee reimbursement tool, and local and international money transfer.
Gone are the days of hiring a bookkeeper for your business. All you need is a business expense tracker app for help with filing tax returns.
When it comes to this sort of app, however, choosing the right one that matches your needs as well as your needs and saving time, effort and energy, is also essential.
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.