October 11th 2023.
Business expense tracker apps are digital tools used by small business owners, finance managers, and accountants to record and process various business expenditures. These apps help set budgets, organize receipts, compare spending vs budget, and include tools for reporting receipts for tax deductions.
Businesses with multiple employees traveling, entertaining clients, ordering supplies, or incurring other expenses can leverage these apps to track what employees spend. It also streamlines the process of reimbursing employees.
For example, if you’re sending 3-4 employees to a tradeshow or weekend conference, you can use the app to track travel and meal expenses. Then, each employee can log their expenses on the app so your bookkeeper can easily record all transactions. It then makes it easier to process reimbursements.
Most apps integrate with your accounting software or are built-in tools. You can usually keep track of receipts to submit them for tax deductions. Essential features of these apps include a user-friendly dashboard, setting a budget, mobile access, digital receipt capture, mileage tracking, automated approvals, and analytics & reporting.
The top five best business expense tracker apps include Zoho Expense, Expensify, and Rydoo. Zoho Expense stands out for its user-friendly solution and 300 integrations with Zoho and third-party apps. It includes a robust free plan for up to 3 users, although it only comes with 5GB receipt storage. Expensify, meanwhile, is best for dedicated credit card tracking and includes two free plans. Lastly, Rydoo is best for international expenses and can track mileage and tax rates for different countries or jurisdictions.
Each app has its own subscription plans and pros & cons to consider. You should choose an app that meets your business’s needs and provides the features you need to streamline your expense-tracking process.
What are Business Expense Tracker Apps?
Business Expense Tracker Apps are digital tools used to record and process various business expenditures. These apps are essential for small business owners, finance managers, and accountants to set budgets, organize receipts, compare spending vs budget, and provide tools for reporting receipts for tax deductions.
Businesses with multiple employees traveling, entertaining clients, ordering supplies, or incurring other expenses use tracking apps to see what employees spend. They also simplify the process of reimbursing employees. For example, if you are sending 3-4 employees to a tradeshow or weekend conference, you can use the app to track their travel and meal expenses. Then, each employee can enter their expenses on the app so your bookkeeper can easily record all transactions.
Most apps integrate with your accounting software or are built-in tools. You can usually keep track of receipts to submit them for tax deductions.
How does Business Expense Tracking Software Work?
Business Expense Tracking software typically includes essential core features. A user-friendly dashboard provides quick insights into spending patterns, expense reporting, and pending reimbursements. The dashboard should be visually appealing and easy to follow while providing insights and at-a-glance summarizations.
The software also allows you to set a budget, including spending limits for employees or events. You can create notifications when expenses go over budget or set up automatic denials for over-budget expenses. A mobile app allows employees to submit expenses while traveling, and digital receipt capture allows employees to scan or take a picture of paper receipts and log digital receipts directly in the app.
Mileage tracking features allow employees to enter the start and end destinations to log mileage. Automate approvals streamline the process, and analytics and reporting provide insights such as expense patterns, budget planning, and identifying fraudulent expense claims.
What are the Best Business Expense Tracker Apps?
Our list of the top five best business expense trackers includes Zoho Expense, Expensify, and Rydoo.
Zoho Expense is part of the Zoho suite of office products and includes over 300 integrations for both Zoho and third-party apps. It offers a free plan for up to 3 users, although it only comes with 5GB receipt storage. The app includes direct deposit for reimbursement, and it can produce over 25 reports on spending, travel, credit cards, and more.
Expensify is an expense tracking solution that provides real-time updates and next-day reimbursements on approved expense reports. It includes the ability to import business and personal credit cards, and the two free plans work well for freelancers. It also has one-click receipt scanning, unlimited receipt uploads, and integrations with major accounting programs.
Rydoo is an expense-tracking software option that improves expense approval. It helps managers identify expense patterns, outsource approvals, and produce reports on expenses. The program stands out for its ability to handle international business travel expenses, and you can set per diem rates for over 20 jurisdictions.
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