A monthly expense tracker app automates the process of recording transactions, totaling expenses by category and tracking progress toward goals. While there are many resourceful apps available, the best tools are ones you actually use.
Center Expense is a free app for businesses that use CenterCard, a corporate credit card. Its founders developed the app after realizing that the traditional system of batch-based expense processing no longer worked for many businesses.
Best Free Expense Manager Software
Digits offers a free version that can track expenses and generate reports for up to five clients. Don't confuse this app with the similarly named Digit app, which automatically transfers money from a user's checking to savings account.
Expensify is another app that makes it easy to scan receipts and capture expense data. Plus, its pricing is more affordable than other options. The app allows 25 free SmartScans of receipts each month, or for $4.99 a month, individual users can scan an unlimited number of receipts. Data is stored indefinitely, and the app will track mileage as well.
Group plans have additional features such as expense approval functions and integration with accounting software. Expensify gets strong reviews online, and aside from affordable pricing, it appeals to users looking to monitor GPS mileage. The only caveat: The interface isn't intuitive for all users.
Using the best expense tracker apps and software can help you stay on top of your spending. They allow quick and easy tracking of your finances no matter if you're working from the office, at home or on the move.
If you're in business, one of the trickiest issues can be managing your accounts effectively. However, using the power of the best expense trackers on the market can streamline how you record your income, expenditure and more.
Even with the use of accounting software (opens in new tab), it's one thing to keep up with your billing and invoicing (opens in new tab), but another to manage irregular expenses such as store receipts and travel tickets.
QuickBooks - Get 50% off (opens in new tab)Save time, track money, and get important insights from one of the best expense tracking packages on the market. Better still, you can currently explore the power of QuickBooks with a free 30-day trial. From there, enjoy savings of up to 50% off (opens in new tab) the normal price.
Expensify - Save up to 50% (opens in new tab)Get up to 50% off Expensify, which is one of the leading lights in the expense tracking software marketplace. Businesses will find the likes of the Collect option, which is priced from $5 per user per month or the Control package from $9 per user per month when you enroll for the Expensify Card a real boon.
SAP Concur Expense - Powerful reporting on tap (opens in new tab)Say goodbye to manual expense reporting and lost receipts with the power and precision of a SAP Concur Expense account. Test drive the software (opens in new tab) for free or arrange for a demo to see how it ticks and then tailor a package to suit your business size.
Hurdlr - Try it free (opens in new tab)Hurdlr automatically tracks all of your mileage, expenses, income streams, and tax deductions in real-time. There are plans to suit all business needs, with Premium from $8.34 a month (opens in new tab) and Pro for $16.67 a month (opens in new tab). Alternatively, there's a completely free edition or an Enterprise package with many extra features.
Zoho Expense - Comprehensive expense management (opens in new tab)For over 5 years Zoho Expense has helped tens of thousands of businesses streamline corporate travel, automate expense reporting, gain complete control over spending, and get crucial financial insights to stay two steps ahead. Enjoy a free trial (opens in new tab) or get a demo to see how it all works.
Pocketguard - Simple expense tracking (opens in new tab)PocketGuard makes it easy to take control of your money, optimize your spending and grow your savings automatically. Better yet, it's easy to sign up and try the software for yourself. Even in its most basic guise the package has plenty of features, but get the best from Pocketguard by heading for the Plus edition (opens in new tab).
On top of that we've also taken a look at what levels of support are available with expense tracking software. Ensuring that you'll have someone on hand to help you through any issues further down the line is always a bonus and in many ways one of the most important aspects to think about.
First and foremost, we look for ease of use because simplifying the process of managing your finances is the whole point of an expense tracker. We look for versatility, flexibility and how well the package integrates with things like the best tax software (opens in new tab).
In addition, being able to use the same data from the best expense tracker apps and software with the best accounts software (opens in new tab) is vital too. Knowing that you can amalgamate all of your figures, quickly and easily is a large part of the appeal of software like this.
Tracking expenses is vital when it comes to the overall financial planning of the company. Many companies end up overpaying for their employees' travel and entertainment expenses due to lack of accuracy in expenses management and reporting. Unavailability of systematic expense management software also increases the frustration of the employees as the time consumed and the effort required by them to report their expenses can otherwise be utilized in acquiring more business and revenue for the company.
In this context, using an expense management software becomes important as it helps in tracking, controlling, and monitoring the expenses of the employees while saving their time so that they can do their core job without any distractions.
But, before you go through the details of each software, we would like to brief you about what exactly is an expense management software, how does it work, its benefits, and tips to pick the one for your business.
Expense management software is a solution that is used by businesses to manage travel costs, business calls, lodging, meals, shipping of documents or work-related items, incurred by the employees, managers, officers, etc.during their business trips or within office hours. The expense management software cannot be confused with spend management that takes care of different expenses of an organization like procuring raw materials, investments, and availing services.
The expense management software simplifies, and automates the entire expense reimbursement and reconciliation process. It helps in eliminating paperwork and reducing manual errors. The employees don't have to juggle with paper receipts to get reimbursed. Also, the finance team doesn't have to spend hours calculating the expenses of each employee manually.
Every business traveler would agree to this fact that it is time-consuming and cumbersome to calculate expenses and submit receipts and spreadsheets after completing their trip. After that, it is much more difficult to wait for the approvals and to get accurate reimbursements. An expense management software can solve these issues and lead to happy employees resulting in improved productivity and business profitability.
As there is a plethora of expense management software available, it might become confusing to choose the software that suits your business requirements. So, here you go with a simple checklist to look for while choosing an expense management software.
User-friendliness is the most important criteria you need to check in your expense management software. If the system is not easy to use, your business travelers will not use it. This will again make things difficult for your finance team despite deploying the software.
The most important question you need to ask yourself before selecting an expense management software is - can this tool adjust with the growing team. An expense management tool which works for only 5 employees and is not capable of scaling as the number of employees grows, is of no use to you.
You might be using several other tools for accounting, business traveling, attendance & reporting, etc. The expense management software you choose should integrate well with the other tools time tracking software, travel management software, payroll software, accounting software, or workforce management software you have deployed, to make your business processes quick and easy.
Now, in this digital era, everything from shopping to banking is done using the smartphone. The expense management software you select should allow your business travelers to upload receipts and download the expense reports on the go using a smartphone.
Last but not least the cost matters a lot for a business, and you would agree to this. Here, we have listed free software, but if you are planning to buy expense management software for advanced functionality, just ensure that the tool you select is worth its price.
Features of expense management software is a significant aspect which depends on your business requirements, and the way expenses are processed. Still, there are some standard features, as given below, which you can look for in an expense management software while selecting one -
Below-mentioned is a list of the top 8 free and open source expense management software with a detailed overview of their features which can help you in choosing one which suits your business processes.
Invoice Ninja is a free and open-source invoicing and expense management software. It can help you in storing and managing all your earnings, expenses, client & vendor details in one system. It streamlines your invoicing system with a click of a mouse, supporting multiple currencies. Get a complete overview of your business expenses with extreme simplicity and ease. 2ff7e9595c
Comments