Running a small business means keeping a close eye on every dollar that comes in and goes out. With so many responsibilities on your plate, it can be tough to manage your finances manually. That’s where expense tracking tools come in handy. These tools make it easier to keep tabs on your expenses, ensuring that you always know where your money is going. Here’s a rundown of some of the top apps and software designed to help small business owners stay on top of their finances.
1. QuickBooks Online
QuickBooks Online is a go-to choice for many small business owners. It’s a comprehensive accounting software that offers powerful expense tracking features. You can easily link your bank accounts and credit cards, making it simple to categorize and track your expenses. QuickBooks also allows you to snap photos of receipts and attach them to transactions, ensuring you have all your records in one place. Plus, with its mobile app, you can manage your expenses on the go.
2. Expensify
Expensify is known for making expense tracking as painless as possible. It’s particularly useful for businesses that deal with a lot of employee expenses. The app allows employees to scan receipts, automatically create expense reports, and submit them for approval—all from their phone. Expensify also integrates with accounting software like QuickBooks, making it a solid choice if you’re looking to streamline your financial processes.
3. Wave
For small businesses on a tight budget, Wave offers a free and user-friendly solution for tracking expenses. This software allows you to connect your bank accounts and automatically import transactions. It’s easy to categorize expenses and keep track of where your money is going. Wave also offers features like invoicing and receipt scanning, all within a straightforward platform that won’t overwhelm you with unnecessary bells and whistles.
4. Zoho Expense
Zoho Expense is another great option, particularly if you’re already using other Zoho products. It’s designed to simplify the process of expense reporting and tracking. You can categorize expenses, set spending limits, and even automate approvals. The mobile app makes it easy to snap pictures of receipts and log expenses on the spot. Zoho Expense also integrates well with other Zoho apps, making it a great fit for businesses already in the Zoho ecosystem.
5. Xero
Xero is a popular choice among small businesses and accountants alike. It’s a full-featured accounting software that offers robust expense tracking capabilities. You can easily track and categorize your expenses, and the mobile app allows you to manage everything on the go. Xero also offers a variety of integrations with other business tools, making it easier to sync your financial data across different platforms.
6. FreshBooks
FreshBooks is another strong contender in the world of expense tracking tools. It’s particularly well-suited for service-based businesses. FreshBooks allows you to track expenses, time, and even send invoices—all from one platform. You can snap photos of receipts, log expenses, and categorize them with ease. FreshBooks also provides detailed reports, giving you a clear picture of your business’s financial health.
7. PocketGuard
If simplicity is what you’re after, PocketGuard is worth a look. This app is more basic than some of the other options on this list, but it’s great for small business owners who want a no-fuss way to track expenses. PocketGuard links to your bank accounts and categorizes your transactions automatically. It’s a straightforward way to see where your money is going, without getting bogged down in complex features.
Choosing the Right Tool for Your Business
Selecting the right expense tracking tool comes down to your business’s specific needs. If you’re already using a particular accounting software, it might make sense to choose an expense tracker that integrates well with it. On the other hand, if you’re just starting out and need a budget-friendly option, there are plenty of free or low-cost tools that can help you stay organized.
No matter which tool you choose, the key is to pick one that makes it easier to keep track of your expenses, so you can focus more on growing your business and less on worrying about where your money is going.
