Expense tracking is the most basic thing before going to the financial statements. Sorting receipts is not a pleasurable experience. On the other hand, the appropriate cost tracker automates the procedure and allows you to keep track of your company’s financial health.
Bookkeeping is the process of keeping track of all a company’s financial transactions.
There are three compelling reasons to keep track of your small company expenses:
- When tax season arrives, you won’t have to sift through a stack of crumpled papers to figure out whether that $13 parking fee was for a client meeting or a date. For Tax preparation and to put it another way, claiming your tax deductions will be less of a hassle.
- You’re more likely to submit an accurate tax return if you keep track of your spending correctly. Plus, if you’re audited by the IRS, providing clear proof of your costs will be a breeze.
- Every month, you’ll know precisely where your money is going, allowing you to make cuts if it’s getting out of hand.
So, in the interest of financial mastery, we’ve compiled a list of the top business expense trackers for you to monitor expenditures online (and the final one is for you if you want to track expenses manually).
Mint, a well-known personal expenditure tracker, is also a straightforward tool for smaller companies and freelancers to track where their money is going. Within the app, you can establish budgets and goals, as well as manage your credit score.
All of this information is accessible through an easy-to-read dashboard, allowing you to keep track of your progress at any time.
Android, iPhone, web browser
QuickBooks offers far more capabilities than the other cost trackers on our list. Making it work also takes the most significant amount of expertise, time, and effort. Essentially, you can use QuickBooks to manage all of your finances.
Manage your taxes, run payroll take online payments, handle bills and expenses, and more. You don’t know much about accounting, and you don’t have many hours a week to spare? Certain features of QuickBooks could irritate you.
You may get much value out of it if you’re a QuickBooks pro or have a devoted admin staff who’s ready to learn. You (and the rest of your expanding team) scan receipts with your phone and enter them as part of an expenditure report in the mobile app to keep things easy.
Reconcile them at the end of the month, keeping track of any sales tax you paid on purchases so that the amount is deducted from any sales tax you owe.
Android, iPhone, and web browser
$12.50 a month
It features a very user-friendly UI and rudimentary reporting, so you can quickly understand where your profit and loss stand. Every day, it syncs with your bank account, bringing in the most current costs from your credit card and bank account; all you have to do now is reconcile them and upload photographs of your receipts.
Android, iPhone, and web browser
$15 per month
If you work remotely or regularly attend meetings in different areas of the nation, you know how difficult it is to keep track of post-trip expenses. When you use Expensify, you won’t have to worry about packing receipts into your luggage when traveling.
Please take photographs of your paper receipts with your phone, upload them, and you’re done. It can also keep track of miles. Expensify also integrates receipts from Uber, Airbnb, and other services automatically.
Are you using a business credit card?
So you don’t have to read through your bills after each journey; import those costs immediately from your card.
Expensify translates to any currency automatically and connects with most accounting applications, making it extremely handy.
- Receipt Bank
are two excellent expenditure tracker apps. These two apps are excellent choices if all you need is an app to scan, upload, and save receipts.
Expensify, unlike the other alternatives on this list, is not a balance tracker. It’s just used to keep track of costs. However, it might be a helpful cost reimbursement tool for your staff.
It starts at $4.99/month.
Android, iPhone, and web browser
Excel spreadsheets are the tried-and-true method for cost tracking (for free). It’s not necessary to overthink it. Select a solid Excel bookkeeping template and input all of your costs once a week at the very least.
The beauty of Excel is that once you’ve recorded all of your transactions, you can produce reports and begin deducing meaning from the data. If you choose the bookkeeping pro Income Statement template,
Will transform Your transactions into a tidy income statement sheet that displays your profit and loss over a specified period.
Desktop (comes installed on most computers)
You’re ready to get started after you’ve decided on the spending tracker that best matches your needs.
So, what do you do with the crumpled receipts that have accumulated in your car, handbag, pockets, and dining room table?
Here Are Three Easy Steps to Follow:
The first step is to scan or snap photographs of your receipts. Verify that the photos are clear and that you have captured the whole ticket.
You might be able to save these files in your expenditure tracking software, or you could retain them on your computer and back them up regularly if you use Excel. Even better, we’ve prepared a list of the top small business receipt applications.
By separating your personal and business expenditures, you can quickly and easily identify business costs. In some circumstances, you may be legally obligated to keep separate accounts to shield yourself from the company’s liabilities.
In any case, keeping your personal and company revenue and spending separate is a good idea. Keeping track of business transactions is simple with a business bank account.
There are even more advantages to using a business credit card if you charge your costs on credit, such as developing company credit and receiving rewards.
Expense tracking software relieves a lot of the burden, but it’s still vital to maintain track of your expenses. Set aside time in your weekly process to look over them and assign categories to each one.
If you’re trying to monitor spending with your spouse or business partner, bear in mind that after you’ve documented your costs, you’ll be well on your way to proper accounting and controlling your small company finances.
Provides you with a professional bookkeeper who is backed up by a team of small company specialists. We’re here to remove the guesswork out of owning a business once and for all.