Our list of the top small business expense tracking tools should help narrow down which app to get. This applies to businesses and individuals alike. It’s also a comparison of how expense tracking apps deliver their service and how we keep track of business expenses. What are those, by the way? What counts as an expense and what doesn’t?
We’ll go over a few key concepts around the topic of expense tracking tools before we give you our most solid representation of today’s top small business expense tracking tools. We hope you enjoy it! Let us especially know if there were ever a reason in this world why you don’t. And thank you.
What are business expenses?
First, know there are categories to business expenses. For example, a company can’t just declare anything as a valid cost.
This is why our main piece of advice as you deal with costs is to get financial and legal assistance. This can be a service you get free at a public institution or through a network of friends, stakeholders, or any other acquaintance. Either way, top small business expense tracking tools are ALL about budgeting.
There are also options to get the ideal assistance that lets us label expenses correctly, under our state laws or other applicable jurisdictions.
Set funds aside for legal and finance
As a small business grows, expenses get more numerous. So not only are tracking tools essential to stay within budget at a startup’s start, but they’re also crucial to keep a more agile eye on employee expenses, diverse company costs, and other financials.
We also need to stay on top of our legal obligations as we sign up for services or hire various parties and enter into diverse relations. Tracking tools help ease all of these duties, which is excellent as that should free up tons of time from internal and external parties when it comes down to our figures.
Keep track of your projects.
But Legal, Finance, Accounting, and these number-driven parties get benefits from SB tracking tools. Marketing and Production, for example, can also make the best of expense tracking tools to stay within budget with their allocations or allowances.
Furthermore, members of our teams who need to engage in different costs as they travel can easily report these costs within the specific tool. So breeze through tracking whenever we take a client or investor out for lunch or rent a vehicle. And considerable spare time with digital invoices, alarms, and other features, all of which we’ll take into account to define our top SB expense tracking tools at the bottom.
Most of all, don’t miss out on write-offs and spare penalties by staying on top of your due dates and other legal and financial implications.
How to keep track of business expenses
Centralize your costs. Start by gathering all of your data over a single platform, having your physical and virtual files safe for any needs.
Think of record keeping as much as taxing, internal and external billing, and so many other reasons why we’d need to order up where and how we invest our funds. Link bank accounts with your tracker app. And include credit card statements, whether by upload or direct link with the corporate or personal account linked to it.
How do small businesses keep track of expenses?
This is how startups and SMEs stay on top of costs. First, have a main department or party responsible for being on top of your hired platforms and services. Let them deal with accounting. And have them set up every employee cost as much as corporate banking and other types of accounts as a tracked tool within a tracking app.
What’s an expense tracker app?
Also known as a money manager, expense tracking apps keep an eye on our business or individual costs, what we pay, and our cash flow by linking multiple platforms into a single location.
What’s great about these tools is how they dialogue with almost any potential app. So, tying your Airbnb account to these records can help keep track of every single sort of expense for optimum economics.
Let’s now go over the top apps to keep all transactions aligned for our companies’ better good.
Top tools for small businesses
Recurring is our leader here, of course. Designed by a robust set of entrepreneurs from the startup and information tech worlds, Recurring was designed to fix common problems in terms of tracking expenses.
Ruling as a one-stop-shop to manage it all, the tool relies heavily on slick artificial intelligence (AI) to ease how we process internal budgeting, expense paying, limiting any legal negligence, avoiding unnecessary costs, and just all around being smart about solutions to be a leading expense tracker app out there for now.
Get intelligent recommendations and a billing structure that draws an easy average of the last three months of expenses to determine your pricing. On top of that, the first $1,000/mo track for free.
We wouldn’t be speaking of expense trackers somewhat if we left Mint out of mention for you here. What’s attractive about this app is how it tracks a company or individual’s credit score.
View and monitor all you need about it and stay on top of any errors and the entire payment history.
Its dashboard is as simple as it is friendly, and there's an excellent word to pass on its alert system. The tool comes with a Touch ID for mobile access, and there’s Verisign scanning available along with multi-factor authentication.
Those working with loan repayments might find the calculator to be of great use.
The app’s compatible with iOS as much as Android.
Remote workers or companies located throughout diverse geographies can find in Expensify a go-to solution. This is so much a forte the tool will even manage mileage. That’s also most likely why the tool can deal with multiple currencies at a time.
Hook up several kinds of financial software to it and be stress-free. There’s no balance tracking to it, though, right? So that might be a determining factor for some.
Please remember to keep optimum financial health. Stay on top of your finances and do periodic checks to make the best of your initial and growth stages. Great habits are a solid way to start any project or business. We always wish you the best with that.