Running a business is tough. There's so much to keep track of, and keeping up with expenses is one of those tasks that can quickly become overwhelming.
Have you ever faced the end-of-the-month scramble, trying to make sense of scattered receipts? Or felt the stress of tax season when your financial records are anything but organised? It's like trying to solve a puzzle without all the pieces.
That's where our guide to the top 10 business expense tracker apps for 2024 comes in.
Expense tracker apps turn receipt chaos into order, ensure you're always ready for tax season, and help you see where your money is going - all with a few taps on your phone.
Join us as we explore:
- Benefits of Using Expense Tracker Apps: Why Your Business Needs One
- Key Features to Look for in an Expense Tracker App
- Top 10 Business Expense Tracker Apps in 2024 Reviews
- Checklist for Choosing an Expense Tracker App
- Implementing an Expense Tracker App in Your Business: A Step-by-Step Guide
- Transform Your Business’s Expense Management with an Expense Tracker App
Ready to find the perfect app to streamline your financial management? Let's dive in.
Benefits of Using Expense Tracker Apps: Why Your Business Needs One
Running a business is like juggling; you've got a lot to keep in the air. But when it comes to handling money, an expense tracker app can be like having an extra pair of hands.
Let's dive into why it's a game-changer for businesses big or small:
1. Time-Saving Automation
Imagine not having to dig through piles of receipts or spend hours typing expenses into spreadsheets.
By automating the process of recording and categorising expenses, business expense tracker apps eliminate the need for manual entry, cutting hours of work to just a few clicks.
This means you can focus on the bigger picture, like growing your business.
2. Enhanced Accuracy
Manual expense tracking is prone to errors, from mistyped entries to overlooked receipts. Expense tracker apps minimise these risks by providing tools that capture and record expenses accurately at the moment of transaction.
Features like receipt scanning and automatic categorisation ensure that every entry is precise, reducing the likelihood of errors and enhancing the reliability of financial records.
3. Improved Financial Oversight
Ever feel like money just slips through your fingers?
Expense tracker apps offer detailed insights and analytics, giving businesses a comprehensive view of their financial health. This visibility supports informed decision-making, allowing businesses to:
Identify trends,
Manage budgets more effectively,
And pinpoint opportunities for cost savings.
4. Streamlined Expense Reporting
Expense reports are essential for tracking financial performance and compliance but compiling these reports can be a cumbersome process.
Expense tracker apps simplify this task by offering tools that generate detailed reports effortlessly.
With data readily available and easily accessible, businesses can produce timely and accurate reports that provide valuable insights into their spending patterns and financial status.
5. Seamless Integration
Most modern businesses use a variety of software and tools for different operational needs.
The best expense tracker apps integrate seamlessly with popular accounting software and other business tools, creating a cohesive system for managing all aspects of business finances.
This integration ensures that data flows smoothly between systems, eliminating the need for manual data transfer and reducing the potential for errors.
6. Enhanced Security
In an era where data breaches are a real and present danger, the security of financial data cannot be overstated.
Expense tracker apps employ advanced security measures, such as encryption and multi-factor authentication, to protect sensitive financial information.
This commitment to security helps businesses safeguard their data against unauthorised access and cyber threats.
Key Features to Look for in an Expense Tracker App
When diving into the realm of expense tracker apps, knowing which features matter can transform how your business handles finances.
Here’s a guide to the essential features you should look for, to ensure the app you choose meets your business needs effectively:
Receipt Scanning & Data Extraction
A top-tier expense tracker app should simplify the process of logging expenses.
Look for an app with a powerful receipt scanning feature that can capture and automatically extract relevant information - like date, vendor, amount, and category - from receipts.
This feature not only saves time but also minimises human error, making expense reporting more accurate and streamlined.
Comprehensive Expense Reporting
The ability to generate detailed and customisable reports is crucial.
An ideal app provides insights into your spending patterns, helping you make informed decisions.
Whether it’s a summary of monthly expenses or an analysis of spending by category, these reports should be easy to generate and understand, offering clear visibility into your financial health.
Seamless Integration with Accounting Software
Your expense tracker app should work hand in hand with other tools you use, especially your accounting software.
Integration with popular platforms like QuickBooks, Xero, or Sage ensures a smooth flow of financial data, reducing the need for manual data entry and allowing for real-time financial oversight.
Mileage Tracking for On-the-Go Employees
For businesses with employees who travel frequently, an app with mileage tracking is invaluable.
This feature should accurately log miles travelled, calculate reimbursements, and even track carbon emissions for those mindful of their environmental impact.
It’s all about making reimbursement claims simpler and more precise.
Robust Approval Workflows
The right app will enable you to set up customisable approval workflows that reflect your company’s hierarchy and spending policies.
This ensures that all expenses go through the proper channels for approval, maintaining control over spending and ensuring compliance with company policies.
Multi-Level Security Measures
With financial data at stake, security cannot be overlooked.
Choose an app that employs strong security measures, such as encryption, secure cloud storage, and multi-factor authentication.
This protects sensitive data from potential breaches and builds trust among users.
User-Friendly Interface
An intuitive, easy-to-navigate interface makes it simpler for everyone in your organisation to adopt the app.
The best expense tracker apps are designed with the user in mind, ensuring that tracking and reporting expenses is as hassle-free as possible.
Access Anytime, Anywhere
A cloud-based expense tracker app offers the flexibility to access financial data from any device, anytime, enhancing productivity and ensuring you’re always in the loop, even on the move.
Reliable Customer Support
Lastly, responsive and helpful customer support is essential.
Whether it’s assistance with setup, troubleshooting, or answering queries, knowing you have reliable support can make all the difference in your experience with the app.
Top 10 Business Expense Tracker Apps in 2024 Reviews
Please note: This selection is not comprehensive but aims to offer a broad overview, catering to businesses of all sizes and industries.
We picked these examples to give you a taste of the different features each platform brings to the table.
1. ExpenseIn
Best for: Businesses of all sizes seeking an all-in-one automated solution for managing expenses, from the submission of claims to approval and reporting.
ExpenseIn offers a comprehensive, user-centric platform for expense management, combining ease of use with powerful features designed to streamline the expense reporting process.
It is celebrated for transforming cumbersome, paper-based expense submission into a quick, digital process, with tools like real-time receipt scanning, automatic mileage calculations, and seamless policy enforcement.
ExpenseIn provides a smart, easy way to handle expenses, making it a preferred choice for businesses aiming for efficiency and compliance.
Features:
Automated expense claims: Automates every step of the expense claim process, including submission, approval, and reimbursement, significantly reducing manual effort and speeding up the workflow.
Real-time receipt scanning: Utilises state-of-the-art technology to instantly capture and categorise expense data from receipts, streamlining record-keeping and reporting.
Automatic mileage & carbon emission calculations: Simplifies mileage tracking with Google Maps integration and offers carbon emission reporting for eco-conscious organisations.
Customisable approval workflows: Allows for the creation of tailored approval hierarchies to suit any organisational structure, ensuring efficient and accurate expense oversight.
Integrated policy enforcement: Automatically checks each submission against company policies, flagging discrepancies and ensuring compliance.
Real-time reporting & analytics: Provides detailed insights into spending patterns, enabling data-driven financial decisions and budget optimisations.
Seamless software integration: Easily syncs with leading ERP and accounting systems, facilitating a unified financial management ecosystem.
HMRC compliant & secure UK data storage: Ensures adherence to tax regulations and provides top-tier data security, offering peace of mind for businesses and finance teams.
Strengths:
Saves time: Streamlines expense claims, approvals, and processing, cutting down manual work.
Increases VAT recovery: Easy VAT calculation on all expenses, in line with HMRC guidelines.
Improves compliance: Features designed to keep you in line with both company policies and tax laws.
Enhances visibility: Offers clear insights into spending, enabling better financial decisions.
Exceptional support: Quick response times and high customer satisfaction rate for any assistance needed.
Pricing:
ExpenseIn offers flexible plans that charge only for active users each month, which can be particularly attractive for businesses with varying expense claim needs.
For detailed info, visit ExpenseIn’s plans page.
2. Expensify
Best for: Companies seeking a robust set of features to enhance operational efficiency.
Expensify offers a comprehensive solution for managing business expenses, catering to both small and large companies.
It includes AI-powered receipt scanning, customisable reporting, and integrations with accounting software, aimed at simplifying the expense reporting process and improving financial oversight.
Features:
One-click receipt scanning: Use SmartScan to automatically capture receipt details.
Credit card import: Merge and code transactions automatically.
Customisable workflows: Tailor approval workflows and expense policy rules.
Corporate card reconciliation: Manage corporate spending within the app.
Accounting integrations: Sync with your accounting system for easier audits and tax prep.
Tax tracking: Customise tax rates and policies.
Audit and compliance: AI-powered auditing for duplicates and exchange rates.
Strengths:
Strong AI-powered receipt scanning, automated expense reporting, and broad multi-currency support.
Pricing:
For the latest pricing information, visit Expensify’s pricing page.
3. Zoho Expense
Best for: Medium to large enterprises looking for a solution to manage their expense processes.
Zoho Expense is part of Zoho's multi-tool suite, designed to streamline both expense management and broader organisational processes like sales and marketing.
It simplifies managing travel bookings, expense reporting, and reimbursements, and integrates seamlessly with other Zoho applications, supporting a cohesive workflow across different business functions.
Features:
Receipt management: Auto-scans and digitally stores receipts for efficient organisation.
Expense management: Automates the creation of various expense types, simplifying expense tracking.
Corporate card reconciliation: Streamlines reconciliation between expenses and corporate card transactions.
Expense report automation: Eases the process of creating and submitting expense reports automatically.
Audit and compliance: Ensures compliance with tax laws and audit readiness with digital receipts and reports.
Strengths:
Offers a limited free plan for small businesses and freelancers to track expenses and mileage claims.
Pricing:
For the latest pricing information, visit Zoho Expense’s pricing page.
4. QuickBooks Online
Best for: Small businesses seeking to save time and streamline financial management without hidden fees.
QuickBooks Online is primarily an accounting tool that also incorporates an expense management feature to streamline financial tasks.
It is designed to save small businesses approximately 8 hours per week by efficiently managing their finances, including compliance with HMRC's Making Tax Digital requirements.
The platform integrates expense tracking within its broader suite of financial tools, offering transparent pricing and free expert support.
Features:
Invoice creation directly from your phone with automatic reminders for overdue payments.
Easy bank and credit card data integration for real-time cash flow visibility.
Insights into cash flow and profitability by project, job, or location.
Automated expense tracking and categorisation.
Strengths:
Saves approximately 8 hours per week on business financial management.
Pricing:
For the latest pricing information, visit QuickBooks Online’s pricing page.
5. Xero
Best for: Small businesses in need of straightforward, cloud-based accounting software to streamline financial tasks.
Xero offers a robust online accounting solution tailored for small businesses, focusing on streamlining bookkeeping and ensuring compliance.
It not only automates invoicing and bank reconciliation but also integrates expense management within its platform. This centralises financial data and supports real-time collaboration with advisors.
Additionally, Xero enhances its functionality with customisable app integrations to meet specific business needs.
Features:
Consolidates invoices, contacts, and accounts online for easy access.
Syncs with bank accounts for secure, automated transaction import.
Enables real-time online collaboration with financial advisors.
Offers customisation by connecting with a wide range of third-party apps.
Strengths:
Automates routine financial tasks like invoicing and bank reconciliation, and it’s customisable with add-ons and a vast selection of apps from the Xero App Store.
Pricing:
For the latest pricing information, visit Xero’s pricing page.
6. Wave
Best for: Small business owners and freelancers who prioritise simplicity and cost-effectiveness in managing their finances.
Wave transforms expense management for small businesses and freelancers, offering a robust system that captures, organises, and reports your financial data with ease.
Now featuring an advanced mobile receipts function, Wave simplifies expense tracking even further. Just snap a photo with your phone, and Wave's optical character recognition (OCR) technology does the rest.
This automates the entry of receipt information and makes tax time easy by maintaining detailed records of every transaction.
Features:
Mobile receipts: Easily scan and organize receipts with your mobile device or desktop, using Wave’s powerful OCR technology.
Cloud storage: Back up your receipts in the cloud for secure and easy access, anytime and anywhere.
Bulk import options: Import up to 10 receipts at once for efficient expense management.
Expense tracking: Monitor business spending automatically, reducing the need for manual bookkeeping.
Tax preparation made easy: Automated expense records help prevent tax season stress by providing accurate and comprehensive financial data.
Multiple upload methods: Choose from mobile, desktop, or email to upload your receipts to Wave.
Strengths:
Free access to essential tools like invoicing and accounting for managing finances efficiently.
Pricing:
For the latest pricing information, visit Wave’s pricing page.
7. FreshBooks
Best for: Small business owners, freelancers, and self-employed professionals seeking an intuitive accounting software for streamlined financial management.
FreshBooks provides a user-friendly accounting solution geared towards small business owners and accountants, emphasising invoicing, expense tracking, and time management.
This integration of expense management within its accounting features helps streamline financial administration, saving users time on paperwork.
FreshBooks is renowned for its easy-to-use interface, which includes professional invoicing, automated payment reminders, and support for multi-currency transactions to enhance financial efficiency and order.
Features:
Professional invoicing that's easy to create and send to clients.
Comprehensive accounting tools that track expenses, payments, and financial reports.
Time tracking for managing billable hours and project profitability.
Seamless bank integration for up-to-date financial insights and easier tax preparation.
Strengths:
Offers risk-free trial with a 30-day money-back guarantee, demonstrating confidence in the product's value.
Pricing:
For the latest pricing information, visit FreshBooks’s pricing page.
8. Dext (formerly Receipt Bank)
Best for: Accountants, bookkeepers, and business owners who are looking to enhance the efficiency of their financial tasks through automation.
Dext offers a comprehensive accounting suite that automates data extraction from receipts and manages e-commerce transactions, enhancing overall accounting data quality.
Its key components - Dext Prepare, Dext Commerce, and Dext Precision - each support distinct aspects of financial management, including robust expense management features to streamline and integrate financial operations effectively.
Features:
Dext Prepare: Facilitates auto-extraction of financial data from documents, reducing manual entry.
Dext Commerce: Automatically fetches digital sales transactions, simplifying e-commerce accounting.
Dext Precision: Provides quality control for accounting data, ensuring accuracy and compliance.
Dext Mobile App: Offers a receipt automation app to streamline expense management.
Strengths:
Saves considerable time on manual data entry, contributing to significant productivity gains.
Pricing:
Dext has three plans to choose from. For the latest pricing information, visit each pricing page:
9. Rydoo
Best for: Companies looking for a digital solution to manage and automate their expense reporting.
Rydoo aims to streamline the expense management process for both finance teams and business owners by offering automation of expense claims, approvals, and reimbursements.
It includes functionalities such as policy customisation, receipt scanning with auto-population of expense details, instant expense approval, and detailed financial reporting.
Features:
Customisable policies: Allows for the setting of spending limits and approval workflows.
Receipt scanning: Offers the capability to quickly capture and categorise expense details from receipts.
Instant approval: Enables timely approval of expenses to maintain policy compliance.
Reporting: Provides updates and insights on spending patterns and company expenses.
Per diem management: Supports the calculation of daily allowances based on official rates and trip details.
Mileage tracking: Includes functionality for tracking and submitting mileage expenses using integrated mapping services.
Expense cards: Offers both virtual and physical corporate cards for streamlined spending management.
Strengths:
Automates various aspects of expense reporting, potentially reducing manual work for finance teams.
Pricing:
For the latest pricing information, visit Rydoo’s pricing page.
10. Shoeboxed
Best for: Businesses of all sizes, accountants, and individuals seeking a digital solution for transforming paper receipts into digitised data for expense reporting.
Shoeboxed is a receipt management application designed to assist in converting physical receipts into digitised data through various submission methods, including mail, mobile app, email, and desktop upload.
It targets the automation of expense management and tax preparation, offering features like automatic data extraction, categorisation, and integration with accounting software.
Features:
Receipt scanning: Converts paper receipts into digital form with options for mail-in, mobile capture, email forwarding, and desktop uploads.
Data extraction: Utilises OCR technology to automatically extract key information from receipts.
Expense reporting: Allows for the creation of comprehensive expense reports that include digitised receipts.
Audit readiness: Ensures that digital copies of receipts are stored in a manner compliant with IRS and CRA requirements.
Integration: Offers connectivity with various accounting and ERP systems to streamline financial workflows.
Strengths:
Provides a versatile array of options for submitting receipts to the service, catering to different user preferences.
Pricing:
For the latest pricing information, visit Shoeboxed’s pricing page.
Checklist for Choosing an Expense Tracker App
Finding the right expense tracker app for your business can seem daunting, but it doesn’t have to be. Use this handy checklist to compare and assess how each app meets your specific needs.
This guide aims to simplify your decision-making process, ensuring you select an app that aligns perfectly with your business requirements.
Basic Features:
Receipt scanning: Does the app offer quick and accurate receipt scanning and data extraction?
Expense reporting: Can you easily generate comprehensive and customisable expense reports?
User interface: Is the app’s interface intuitive and easy to navigate for all users?
Integration and Compatibility:
Accounting software integration: Does the app integrate smoothly with your current accounting software (e.g., QuickBooks, Xero, Sage)?
Multi-platform support: Is the app available and functional on various devices (iOS, Android, web)?
Functionality:
Mileage tracking: Does the app provide an efficient way to track and calculate mileage for reimbursements?
Approval workflows: Can you set up customisable approval workflows that match your company’s structure and policies?
Policy compliance: Are there features to enforce and check expenses against company policies?
Security and Data Management:
Data security: Does the app employ robust security measures to protect your financial data?
Cloud-based: Is the app cloud-based, offering secure and easy access to data from anywhere, at any time?
Data backup and recovery: Are there provisions for data backup and quick recovery in case of data loss?
Support and Assistance:
Customer support: Is there accessible and responsive customer support to assist with queries and issues?
Training materials: Does the app provide tutorials, guides, or training sessions for new users?
Cost Efficiency:
Pricing structure: Is the pricing model of the app clear, and does it offer value for money based on its features?
Free trial/version: Is there a free trial or version available to test the app before committing financially?
Additional Features:
Real-time notifications: Are there real-time alerts for new expenses, approvals needed, or policy violations?
Customisable categories: Can you customise expense categories to fit your business’s unique needs?
Multi-currency support: Does the app support transactions in multiple currencies if your business operates internationally?
Reviews and Recommendations:
Positive reviews: Does the app have positive reviews and testimonials from current users?
Recommendations: Is the app recommended by industry experts or recognised in business technology circles?
Before making your final decision, ensure the app ticks as many boxes as possible on this checklist.
Remember, the goal is to find an expense tracker app that not only simplifies financial management but also offers insights into spending, improves efficiency, and supports your business’s growth.
Implementing an Expense Tracker App in Your Business: A Step-by-Step Guide
Rolling out a new expense tracker app in your company is a great move towards financial efficiency and transparency.
Here’s a detailed plan to ensure a smooth transition, encourage user adoption, and achieve seamless integration with your existing systems:
Step 1: Select the Perfect App
Using our reviews and checklist for choosing an expense tracker app above, you should have all the necessary information to choose the perfect expense tracker app for your business.
Step 2: Develop a Detailed Implementation Plan
Creating a roadmap for integration is crucial.
Evaluate how the new app will mesh with your existing workflows and set clear goals and timelines for its rollout. Preparing for potential challenges in advance will help mitigate them more effectively when they arise.
Identify goals and set realistic timelines.
Anticipate challenges and strategise solutions.
Step 3: Designate a Champion or Implementation Team
Having a go-to person or team spearheads the app’s rollout and serves as a central point for support and customisation.
This team will be pivotal in adjusting the app to suit your unique business needs and in providing training and support to your staff.
Assign roles and responsibilities.
Customise the app for your specific requirements.
Step 4: Train Your Team
Effective training sessions that cover the app's functionalities can significantly impact its successful adoption.
Utilise various resources to cater to different learning styles, including user manuals, video tutorials, and Q&A sessions, ensuring your team feels confident and supported.
Organise comprehensive training sessions.
Provide diverse learning resources for varied needs.
Step 5: Communicate Clearly and Frequently
Transparent communication about the upcoming changes prepares your team mentally and emotionally.
Explaining the benefits of the app and how it will make their work easier can foster a positive outlook towards the transition.
Announce the implementation plan well in advance.
Highlight the benefits to address any resistance.
Step 6: Foster a Feedback Culture
Encouraging feedback is essential for continuous improvement.
Regularly collect insights on the app’s usability and effectiveness directly from your team. This feedback can be invaluable in making necessary adjustments and in reinforcing a culture of open communication.
Encourage regular feedback through surveys or meetings.
Act on the feedback to improve user experience.
Step 7: Monitor Usage and Adoption Rates
Keep an eye on how your team is adapting to the new app.
Analytics can offer a clear picture of the app’s usage patterns, helping you identify areas where additional support or training might be necessary.
Use analytics to monitor adoption rates.
Provide extra support where needed.
Step 8: Provide Ongoing Support and Training
As your team gets more familiar with the app, continue to offer support.
Updating training materials and organising refresher courses will help keep everyone up to speed with any new features or updates.
Update training materials regularly.
Organise refresher training sessions.
Step 9: Integrate with Existing Financial Systems
Ensure a seamless integration process by collaborating closely with your IT department or the app provider.
A thorough testing phase is crucial to avoid any disruptions to your existing financial management processes.
Collaborate with IT for smooth integration.
Conduct thorough testing before full implementation.
Step 10: Evaluate and Adapt
Regular evaluations of the app’s impact on your business processes will help you gauge its effectiveness.
Be open to making necessary adjustments to ensure the app continues to meet your business needs efficiently.
Regularly review and assess the app’s impact.
Be adaptable to making changes for improvement.
Step 11: Celebrate Success
Finally, recognising and celebrating the successful implementation of the app can be a great morale booster. Share success stories and acknowledge the benefits that the app has brought to your business processes.
By following these steps, you can ensure that your transition to a new expense tracker app not only enhances your financial management but also enjoys broad acceptance across your organisation.
Remember, the goal is to make financial tracking as effortless as possible, allowing your team to focus on what they do best.
Transform Your Business’s Expense Management with an Expense Tracker App
Wrapping up our journey through the top expense tracker apps, it's clear that choosing the right one can really make a difference in how smoothly your business runs.
Think about it: no more end-of-month receipt hunts or tax season panics. With ExpenseIn, you're not just getting a tool to track expenses; you're setting your business up for smarter financial management and growth.
Let's make financial stress a thing of the past.
Ready to see how ExpenseIn can fit into your business and help you keep things organised? Booking a demo is easy, and it's your first step toward taking control of your business finances. See for yourself how ExpenseIn can simplify your expense tracking and help your business thrive.
